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

This is a big slap in the face for you OP.

However, it's a lesson in how society works. Nobody gives a shit about anyone but themselves. They might pretend to, but when push comes to shove, they really don't. People are immoral, selfish, greedy, the whole lot. Never trust anyone. I'm about 15 years older than you, but would have felt similarly to you at your age.

Stuff like HS2 and new roads can take whole sections of towns out.

Worse is if something like that is built in close proximity.

Omg, do you think so? Panicking because we exchanged today, finally! I think I’d tell them where to go if they did that, that would be the height of cf.

It’s been 20 years since I bought a house there but the other thing that was good was they don’t use solicitors but separate ‘escrow’ companies that just get on with it all quickly and efficiently without the ‘black hole’ that seems to happen in the UK. I’m sure there are crappy versions of escrow companies, but the two we used back then weren’t really good, just a transactional thing that they got on with.

Some-not all-searches are (imo) a bit bonkers. Like, is a motorway going to be built through this terraced street, one of dozens in a row? Obviously, some searches are extremely important. It took our buyer 6 weeks to get his searches back because it was ‘holiday season’ yet our side, despite our solicitor being on annual leave, somehow managed to keep everything going at a great pace. I know it’s not the most essential system in the UK, but it needs a serious overhaul (imo!)

Sounds to me like the booking deposit is completely pointless.

That's not true. You pay a 2%ish 'booking deposit' on sale agreed day, which is completely refundable for any reason. You pay 10% on exchange of contracts, and that's non-refundable. Then the balance on completion.

I've had the same booking deposit on 3 different houses in the last 2 months 🙄

We had our buyers email the day before exchange to knock £20,000 off or they were pulling out. Nothing wrong with the house. They were super rich, cash buyers and they knew we would be totally stuck as our tenants had moved out and we were in a chain. I was so angry - and still feel annoyed but we would have lost our lovely house if we didn’t agree.
It’s really shit that this can happen.

It's an awful system which breeds distrust on a transaction where trust would be really beneficial!

Sorry OP. I hope you get a buyer quickly.

Interesting. Thanks. 🙏🏻

It does. There are reasons and contractual clauses that allow legal options to withdraw, but people tend not to risk it just because they’ve changed their minds. They would be in a huge fight to recover their deposit, There isn’t the concept of a chain in the way we have it in the UK.

Presumably even that wouldn't be enough to stop a chain collapsing in some cases if a buyer pulls out, but does seem to be some kind of safeguard against flibbertigibbets who just withdraw at the 11th hour and wreck complete havoc.

In some American states, you risk losing the full deposit of 20%.

@Butchyrestingface
There's absolutely nothing twattish, as you so charmingly put it, about my reply. But it says something about you that that is your response.

Instead of empathising with you in a difficult situation, they’re deciding to be pernickety and superior about the specific words you used when you’re really upset. It probably makes them feel good about themselves or something.

Yup, more twattery. Not a surprise.

Absolutely agree. They should be liable for all legal costs and other sale-related costs such as surveys.

@Butchyrestingface
You could have commiserated with the OP without adding to the already numerous incorrect comments about selling property in Scotland.
And if you'd taken time to read the thread you would have known you were incorrect.
When you hear the same incorrect comments popping up on threads all the time about how much better the system is in Scotland and you've been through a really stressful selling experience, it grinds your gears. In was sheer frustration and a reminder of that bloody awful time that led me to make my sarcastic comment.
Perhaps you could commiserate with that rather than pressing your caps lock, insulting me, saying how you want to block me and that we should avoid each other. I'm sorry but calling someone who does that childish isn't an insult, it's a statement of fact.

You also have the issue of what level of survey should be commissioned ?

Some people want expensive surveys on older houses which might have big issues.

Others are cash buyers and are happy to proceed with zero survey.

Different people have different ideas of how much risk they want to take. Some people feel confident because they are good at assessing problems themselves.

I know someone who did that. Waited until the last gasp and then said they'd only proceed with sale if vendors knocked £££ off price.

I don't think there was anything wrong with the property - this was just the way he did business. And to him, the buying and selling of property was a business.

An "ill informed comment" - it was a mild qualified statement on something that I said I didn't "think" happened in Scotland, not a sworn statement in a court of law. And yet you immediately jumped in with the sarcastic, arsy comments and clearly didn't like being called out on THAT. There was no need to make ANY "point", sarcastic, exaggerated or otherwise since I commiserating with the OP and made an observation on something I didn't think happened where I live - not to imply for a moment that other stressful things in the buying/selling process don't happen here.

You think I'm childish and perhaps one of the OP's buyers and I think to you're a smug, hectoring idiot. So I suggest we just avoid each other - though doubtless you'll want the last word. 🙄

Gosh, you don't really like being called out on your ill-informed comments, do you? Straight to the nasty little insults.
I think you'll find I was exaggerating so as to make the point.
You come across as very childish to be honest. Perhaps you were one of the OP's buyers.

This.
Exchange is the point of no return, where a big deposit is paid.
Before exchange, anything you spend is at your own risk, so spend the minimum - survey, perhaps some legal fees for searches. Don't book removals.

Then after exchange, there should be 8 weeks to book your removal van, pack up, etc.

I can see the advantage of the American system of a fee of about £1000 when you make your offer, but you risk paying this and not getting it back if the survey then turns up problems.

be ready for them coming back with a lower offer @BrokenCookies

No worries, I had to go back to find where id got it!

Estate agent fees too? And photographs and stuff? Because I see your point about solicitor fees (I’m in Scotland so the survey stuff is a bit different), but estate agent fees are surely on the seller. No one asked you to list the house after all.