Fed up of house chain nightmare!

(45 Posts)
vanessakellie Wed 29-Jan-14 16:34:42

We put our house on the market in October 2012, but it took until October 2013 to get our first offer! Fortunately it was a good one and we accepted. Then started the chain nightmare! We found a place to buy, took 3 weeks to agree a price and since then it has been one problem after another with layers and layers adding themselves onto our supposed 'no forward chain' purchase. As of yesterday it looked like the whole chain would collapse, but we finally exchanged today. If you want to see the system changed to the Scottish system where vendors and buyers are legally bound to the deal at acceptance of the offer, sign my petition at epetitions.direct.gov.uk/petitions/59504

PrimalLass Wed 29-Jan-14 16:59:52

You're not legally bound here at the point of offer. You are not legally bound until the missives are concluded.

PrimalLass Wed 29-Jan-14 17:01:20
PrimalLass Wed 29-Jan-14 17:05:05

Actually, the difference is that we don't really have estate agents and everything goes through solicitors. Far less fannying about.

pinkdelight Wed 29-Jan-14 23:14:41

But if you only got an offer in Oct and then found a place and tool three weeks to agree a price (well into Nov then), and you've exchanged in Jan, that's not bad at all. Am I missing something? Sorry you've had stress with unexpected chain but still, taking Xmas into account it seems pretty swift to me by any standard.

Pinkandwhite Wed 29-Jan-14 23:32:51

We've literally just bought our first house and OMG was the process stressful! It's left me and DH also questioning whether it would be better if England had the same system as Scotland... We sold a flat a year ago and that was bloody stressful too. Both times the stress came down to whether or not the seller/buyer was going to pull out - threatened in both cases. The person who bought our flat threatened to pull out if we wouldn't throw in all of the (very expensive) curtains and blinds we had up free of charge. We had really wanted to take two pairs with us but he had us over a barrel to an extent because this was just before exchange. This time the seller threatened to pull out because our mortgage lender was taking too long. That was stressful because we'd already spent loads of money on a survey, mortgage arrangement fee and solicitors. We would have been £3000 out of pocket if he'd pulled out.

The system in England is far from perfect and sometimes estate agents can really add to the stress.

Sorry, there is no way I would sign your petition to have us moved to the scottish system. Both systems are far from perfect but I would rather stick with it.

PrimalLass Fri 31-Jan-14 10:38:34

Why is that HaveToWearHeels?

specialsubject Fri 31-Jan-14 10:47:42

I also prefer the English system - more stress but less money as you don't have to survey before offering.

people who dick about over curtains would always find something to be vicious over. Anyway isn't that what the fixtures and fittings form is for?

PrimalLass Fri 31-Jan-14 10:54:45

You don't survey before offering here. The seller pays for a home report, which is usually available for download from the solicitor's website.

PrimalLass Fri 31-Jan-14 10:55:18

And you never needed to before either. We always offered 'subject to survey'.

I just don't like it, too much money can be wasted as specialsubject says. And the "offers overs" system just stinks.

offblackeggshell Fri 31-Jan-14 14:15:26

Havetowearheels We're currently selling in Scotland and buying in England.

In most areas of Scotland offers are not often "over" these days. Most offers are based on the HR value. Conversely, where we are buying in England, they almost always are over asking price. At least with the Scottish system, thanks to the Home Report, you have a some idea of the house's actual value before you place an offer.

PrimalLass Fri 31-Jan-14 14:23:05

I don't understand how too much money can be wasted when the seller pays for the survey and most house sales do not fall through and indeed complete in approx 8 weeks. You are not liking it based on old and inaccurate assumptions.

Offers over was never any different really to the overpricing to expect a negotation.

noddyholder Fri 31-Jan-14 14:24:46

No to the scottish system!

PrimalLass Fri 31-Jan-14 14:27:12

But why? No-one is giving any decent accurate detail on why they wouldn't want a quicker and less stressful system. I read so many complaints on here about chains, estate agents, sellers/buyers mucking about.

MrsBungle Fri 31-Jan-14 14:32:25

We'll I would prefer the Scottish system. I've bought in Scotland and England. The Scottish one was far quicker and much less stressful. In my experience, anyway.

Maybe so PrimalLass, but they are my assumptions and I am allowed to have them. I do not want the Scottish system here, no one will change my mind, and for that reason I'm out !
Oh and I don't think signing a petition that no one will take any notice of (as it would cost to much tax payers money to change the laws of this country) is good use of my time sorry.

PrimalLass Fri 31-Jan-14 15:58:20

But you haven't said why. It is odd that you don't want something because of reasons that aren't applicable any more (no surveys, no offers over). Why join a discussion then refuse to discuss t?

All I said was I wouldn't sign a petition to change a law that doesn't need changing. I am happy with the UK system, maybe because the dozen or so house purchases I have made have all gone OK. I could say the Turkish System is better for numerous reasons (easiest house purchase I have ever made) however I would not want the UK to adopt this system.

PrimalLass Fri 31-Jan-14 20:17:19

No, you said there was too much money wasted in the Scottish system (untrue these days because we did keep home reports unlike the Conservative Govt, so it is a great saving for buyers and sellers have to be realistic) and that you don't like the offers over system (that has been mostly negated for the same reasons as the money wasted survey point).

Underthemountain Fri 31-Jan-14 20:36:17

I totally agree primal.

OK explain the Scottish System to me then ?

PrimalLass Sat 01-Feb-14 11:10:57

I haven't sold for 5 years, but I think this is how it goes at the moment. Anyone please jump in to correct me if I've got it wrong.

Buyer:
- Find a solicitor to act for you.
- View property. (Buying in Edinburgh is great because there is usually open viewing on Thursday nights and/or Sunday afternoon, which means buyers can get round a few properties in the 2-hour slots. And if you really like one you can phone and try to view it before the Thursday.)
- Check home report, which is independent and usually available with the house details online.
- Make an offer via solicitor. This includes an entry date.
- Conclude missives. Entry date and contract is now binding.
- Move in on date agreed whether you have sold your house or finished your rental contract or not.

Seller:
- Engage a solicitor that has a property department.
- Solicitor arranges home report (survey) - by law this must be done before the house can go on the market.
- Market at HR value or round about it. Usually 'offers in the region of' or 'fixed price'. With the market picking up I suppose there may be some 'o/o' pricing coming back for top properties. We sold in 2009 when the market was shafted at 15k under the HR value.
- House goes on the area's solicitors property website (espc, aspc, tspc, gspc etc. - like Rightmove but was around long before it I think.)
- Do viewings. Most sellers do these themselves here.
- Agree price, including date.
- Conclude missives.
- Move on date agreed whether you have bought a house to go to or not.

People seem more committed to buying and selling from the outset. No testing the market (too expensive for sellers because of HR cost) and no sellers making an offer and pulling out because the legal side moves very quickly.

Underthemountain Sat 01-Feb-14 11:59:35

That's a very good summary.

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