To think there should be a fine for vendors pulling out of a property buy/sell process last minute?

Personally yes it’s bloomin rude, thoughtless of them. There should be some recompense. I think it should be like Scotland, sealed bids, but also the vendors should have the house survey done (level 2) before marketing their property,I’ve spent over a grand on 2 properties now, the second I put an offer on, accepted but now they’re not sending the memo of sale until they’ve found somewhere, so I’m left in limbo.
I think there will be something and someone better out there for you OP don’t lose hope.

Okay and how many of those fall through?at what stage? I didn’t say it NEVER happens (though you’re right of all the people I know in Scotland who’ve purchased I’ve never known it to fall through). I’m saying there’s a much earlier point where you’d pay a penalty if you did pull out. And I certainly haven’t heard anyone pull out just because you’ve changed your mind in Scotland, Which I’ve known multiple people have that happen to in England. If you know so much you could just say the actual process instead of just saying I’m wrong? Maybe you just don’t know how bad it is in England?

I am afraid it is not true that chains don't collapse in Scotland
It is not yet as common as it is in England but unfortunately it does happen
(Conveyancing partner supervising 50 + transactions a week)
I am glad your friends have not been affected

Okay maybe I don’t know the ins and outs of the exact process there might be other steps but it is definitely much earlier when you have contracts and you’ll get a penalty if you pull out. It is absolutely true that offers go through solicitors not just an informal phone call with an estate agent. People know what they’re offering on because the seller has to have the home report. Unlike in England where you don’t really know what you’re offering on until you survey it yourself. I know plenty of family and friends in Scotland who’ve done it and they absolutely do not have the issue of chains collapsing a week before you’re expecting to move.

I obviously meant when offers are accepted 🙄

Absolutely there should be some penalty, however we had 2 of the type that try to beat you down in price at the last minute (they do it bc they know you are desperate to move and have spent loads on sale and purchase). We pulled out bc we don't do business like that, nor with people who behave rhat way. It did cost us dearly, but the agent was very clear after that and we didn't get timewasters (maybe we were lucky).

I'm not sure how to have a system where the person pulling out gets penalised without vendors refusing to sell for previously agreed price also being fined.

Check how much it costs compared to what it actually allows to recover though.
Maybe there are good ones, but one I saw costed around 1200 for six months, and dependently on the reasons it fell through it could end up paying too little to recover even the cost of the insurance itself.

What is done in France, and in Italy, for instance, is a preliminary contract where the buyer gives a deposit.
That way, if they decide to pull off for no justifiable reasons, they can by losing their deposit.
In Italy it is not a fixed amount, it is agreed and could be nothing at all. But often it is between 5 and 10 percent.
Given the seller is left waiting, taking the house off the market while they are still paying taxes and council on it, it is not unreasonable.
With a preliminary the seller cannot pull off either. They could, but if sued a judge would side with the buyer, forcing the sale for the established price, possibly minus legal expenses and damage.

Regarding abattoirs, deadly whatever and interests rates not going your way, that is your business and risk...
Either you want to buy and you have done your checks, or you haven't.
If you are overstretching yourself, the other part should not bear the risk for you.

The house market and estates transactions in the UK are mental and in the end favour the rich, just for a change.
People without a spare house to live in end up going through a horrible time when buying and selling.
And the inflated market prices lead to people overstretching.

The Home report is pretty good. If there are problems with say
woodworm and rot in roof timbers, failing double glazing , roof tiles, wall rendering or brickwork , down pipes , electric being out dated, fencing, garages you’ll get the warts and all. They tell when the house was built and of what it is built, if it is mortgageable, they warn where they could inspect and where they couldn’t, so you know if you want to check sub floors for example. They even comment on dated kitchens or bathrooms and decor. I didn’t even go to see this house before I bought it. I went by the Home Report and photos. First time I saw it, I was moving in at 10 pm in the dark.

Home reports available to all buyers still won’t prevent sales falling through. They might choose further survey and offer based on that, or the cost of repairs detailed in Home Report, or just be refused a mortgage or bridging loan. Seller might change their mind and some just want to see what they can get for the house, should they decide to sell in the future.

How can you bias legal searches and surveys? Surely they would be created by impartial experts and be available via the sellers' solicitor, not handed over to the seller to hide the bits they didn't like.

Stories like this make me feel glad I rent!
Buying and selling houses sounds like an absolute PITA and it's ridiculous that you can end up losing money for fees etc you've paid....if the other person pulls out through no fault of yours it should be able to be refunded :( Very unfair.

The lack of bridging finance is one of the biggest problems in today's housing market

In the US there is deposit at offer and if its not completed by being soley rescinded by buyer you lose said deposit. There are also bridge loans to keep chains from collapsing.

That is not true

Since when were you fined for not going through with it? I’ve never known that to happen. Offers are made subject to conditions and buyer and seller can both pull out before the missives are signed . Multiple people put in offers and it goes to a closing date. So the offer can’t be a contract since only one can ‘win’ . And all might be rejected. Then the seller picks an offer or rejects them all if not enough. Seller can change his/ her mind, too.

It’s not hard to back out once an offer has been made if the number of houses that come back onto the market is anything to go by. Offers tend to be made STC . Plus sellers don’t always accept offers, after a closing date has passed, I know. The house I’m in now was ‘sold’ but the buyers pulled out. I bought it when it was relisted. I’m looking to move now and see the houses that were ‘under offer’ come back on.
I won’t offer if there’s a chain. I won’t sell until I have a house to move in to so the house can be sold empty. All my purchases have taken less than 3 weeks from offer to moving in. I don’t use estate agents, either, to sell. That way more money is mine. I keep it simple.

My buyers pulled out last week 8 weeks after agreeing a price, and I was devastated. Fast forward a week and I have a new buyer. Get back on the market asap xx

I’m from Scotland but I’ve bought twice in England. In Scotland the offer is the contract! Offers go through solicitors annd you are fined if you don’t go through with it. I detest that it’s not the same in England.

They would have lost money as they would have paid for a survey.

Am sorry this has happened to you. Did you know you can buy home buyers insurance now? It covers you if the chain collapses etc. It's very reasonable too.

Solicitors etc.

Can confirm. I've seen how quickly the process went between a property lawyer who happened to be selling his house to a property lawyer.

OP, you’re right. Unfortunately, some people are just selfish and thoughtless about others. I prefer the US system where an offer to buy property has contingencies, the buyer pays a deposit and once those contingencies are met, the buyer loses the deposit if they pull out. The system should not rely on people not being dicks.

No, they're not obliged to, Strangers or not.........most house buyers are strangers to the vendors.

The system is broken. I also come from another country where you commit to buy much earlier in the process. This is shambles. Nothing will change until the property law is tackled by the government.

Happened to us. The lady we were buying off invited us round, met our kids, asked if we needed access to measure up for blinds and furniture which we did. We had sold our house and needed to move basically. She withdrew the house from the market with 3 days to go. I was so angry, anger that you can’t put into words. It was the best thing to have happened. Despite wasting our time and some money, we found a better house which was more suited to us. Anger came back when she put the house back on the market two weeks later with an additional 26k on the asking price.