House buying/selling stressful - how could we improve it?(16 Posts)
In the middle of buying and selling our house and finding it very stressful wondering whether it will all go to plan, will anyone back out, will mortgage offers come through ok, will get children into local schools etc etc.
Want to get excited about our new house but scared it will all go wrong.
Think the way we buy and sell houses is crap - other countries do it differently, what would you change to our system?
We rented between selling and buying, I was so happy with that, took the chain out of our side completely.
I come from California where it's normal to complete within 30-45 days of offer; it all seems to progress more smoothly than the British system.
In California, as soon as offer is accepted, both sides start signing contracts (Estate agents handle the paperwork, not lawyers; maybe that's the solution, get lawyers out of the process, lol; After all, when and what they get paid depends not in the slightest on how fast things progress).
There's a whole series of contracts to sign, each one binding you more and more into the sale/purchase, with higher and higher penalties if you try to back out. However, you can put all kinds of get-out clauses into whatever you agree to sign, like subject to survey, etc. It's common to knock some money off the price near the end for any major or even minor faults discovered.
Have vendors who actually WANT to sell .
Seriously though, I can't think of any way that would be stress free but feel that the HIP thing is a total waste of time and money. If that was worth something then the solicitors wouldn't have to do so much because they could use work already done.
try and have some sort of scheme whereby if one side pulls out the other can get some of their costs back.
I agree the HIP is a total waste of money - it certainly hasnt speeded things up which i think was the whole idea.
pbk - thats really interesting - does all of America do things the same or is each state different?
Scotland is a lot different as well - i think you make the offer and are bound by it - stops the messing around and the stress of worrying about whether its gonna happen or not
The Queensland Australia model! Sounds rather like the Californian model, actually:
You view a house, like it, put in an offer (price and conditions,eg survey/finance/sale of own property/length of contract before settlement- any, none or all!) ON PAPER to the EA who takes it to the vendors. They then come back with THEIR offer on paper, you modify YOURS etc then you hopefully agree on a price and conditions that reflect that price (more risk to the vendor, higher price and so on). This happens via the EA driving between your houses if you're local and takes a couple of days. Once the contract is mutually signed, a small deposit is paid (into an independent fund) then you both have 10 working days to a)cool off and b) get searches and surveys done and line up finance (it CAN be done in that time!). Usually the vendor cannot entertain any other offers during this time. Assuming all is well (and no probs that might require a price re-negotiation are encountered), the contract becomes binding and a proper deposit is paid. You then 'complete' on the allotted day- he gets the cash, you get the house. End of.
No chains, no uncertainties, little loss of cash if you decide to pull out during the 10 days grace period.
I have had UK friends say things like 'But what if the finance can't be sorted in that time? Well, in Qld, since the banks KNOW they have no more than 10 days to offer finance, they DO (otherwise they'd get no loan interest if no one was taking out mortgages!)- What if MY house sale falls through/own chain collapses? Well, how can it IF your buyer is similarly bound and there ARE no chains??
Again, in this system, the EA does most of the work, the solicitor does do searches but once again, KNOWS he has 10 days to get them sorted.
I actually think the English ENJOY the pain of it all tbh- otherwise they'd do something about it.
And peanutbutter, we are renting too- but we're now involved in SOMEONE ELSE'S 4 long chain! And feeling a little aggrieved, if I'm honest that our chain free, cashed up and renting status has been taken blatant advantage of BY the chain!
Faraday dont ACTUALLY see their is that much difference other than the 10 day period??
The big issue is after 10 days you know the house is yours!- none of this Will they pull out? Will it all go tits up on the day of exchange? Has exchange been moved AGAIN? Have I been gazumped? Will I be gazundered?
After that 10 days it is the equivalent of the English exchange thing -except it's taken 10 days not 6 weeks/months or longer (before it all falls over and you have to start again) and you've only had to sort out YOU and that house as in your finance and surveys/searches. It doesn't matter WHAT anyone else is doing, it's not your concern!
Well, we SIGN on Monday which is a turn up for the books but we understand that exchange might be weeks away! However, our solicitor tells us our vendors want completion on Sept 24th so I'd guess that we'd complete 2 odd weeks prior to that?!!
I am amassing cardboard boxes already, though!
so basically you can only proceed with buying a house if you have the money in the bank from your previous sale? ie you have to be renting/living off the goodwill of friends and family to buy a property?
if your solicitors want completion on 24th september you will complete on 24th September. you MAY exchange at any time before that.
Yes, we will complete on Sept 24th- if we get exchange before then!
Hope everything goes ok tomorrow Faraday and that exchange follows swiftly for you.
We have decided to take the attitude that there is in fact precious little was can do to hurry things along and to HOPE that the fact they want our signatures now and completion of Sept 24th means all is in order.
Coincidentally, our solicitor is also handling the sale and purchase of the folks who are no. 2 in our 4 person chain (with us being 4!) so hopefully he knows more than we do. He doesn't know that we know that, however!
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