House buying

Simster · Oct 22, 2015

Can someone explain to me how, in this day and age, it is legal in England for people to be utterly f*cked over by slimey agents and greedy vendors when a deal has been agreed, and valuations and solicitors have been paid for?

For all the blather about disagreements on economic policy, why hasn't a single political party ever decided they are going to sort out this nonsense? I reckon I'd vote for any party who would make this sort of thing a priority. Surely it can't be difficult? House buying works fine in France, Italy and of course Scotland, why not here? It's a disgraceful situation which has ruined my life for 18 months now.

StonehamPark · Oct 22, 2015

I'll let you know just as soon as I can afford to buy a house in my hometown.
Give me 10-15 years.

deletebeepbeepbeep · Oct 22, 2015

The same but about parasitic BTL landlords, instant vote winner for me.

Grizz · Oct 22, 2015

Another vote winner here. Got completely ****ed over by both the vendor and their estate agent when we bought our house. I've never hated anyone in my life, it I would gladly cross the road and carry on walking if those ***** ever got done over.

nicko31 · Oct 22, 2015

I got strung along by a buyer for 6 month, held to ransom for a 5k reduction. I told them to shove it, apparently they bought the following spring in a 10% higher market. Its a shocking system whether you are gazumped or gazundered,,,

DarrenFreemansPerm · Oct 22, 2015

We've just been quoted a flat fee for selling our property, what exactly do we get for £2400?

BigGully · Oct 22, 2015

DarrenFreemansPerm said:
We've just been quoted a flat fee for selling our property, what exactly do we get for £2400?

A buyer and perhaps a higher price, your choice or do it yourself ..............

I am neither an Estate Agent or a lover of them.

theboybilly · Oct 22, 2015

If I was buying again I'd do all the work myself with the help of a solicitor. 5 times I was let down buy potential buyer in the mid-90s. I lost two purchases because of it and the added stress and cost almost made me give up. Any one can just set up an Estate Agency (as far as I'm aware) and they seem totally unregulated.

DarrenFreemansPerm · Oct 22, 2015

BigGully said:
A buyer and perhaps a higher price, your choice or do it yourself ..............

I am neither an Estate Agent or a lover of them.

I feel I'm favouring the Purple Bricks approach.

theboybilly · Oct 22, 2015

DarrenFreemansPerm said:
We've just been quoted a flat fee for selling our property, what exactly do we get for £2400?

Not that much from the Agent, and from my experience you'll be doing the chasing

Edit: I think Purple Bricks could be a good all-round option

Vegas Seagull · Oct 22, 2015

You don't have to play their game,
Insist on a £10k penalty clause if vendors pull out after a deal has been agreed.
If you are the vendor reward the Estate Agent on a tiered commission basis so they keep at higher levels and thus are on your side & again penalty clause so purchasers forgo Xk if they pull out

BigGully · Oct 22, 2015

DarrenFreemansPerm said:
I feel I'm favouring the Purple Bricks approach.

I dont really know what that is, but I am guessing buying and selling houses has an element of emotional attachment, which heightens the angst.

But isnt it like most transactions, you can back out at any time until it has been legally completed.

Triggaaar · Oct 22, 2015

Simster said:
Can someone explain to me how, in this day and age, it is legal in England for people to be utterly f*cked over by slimey agents and greedy vendors when a deal has been agreed, and valuations and solicitors have been paid for?

Because it's not been signed. The same reason that a buyer can pull out.

House buying works fine in France, Italy and of course Scotland, why not here?

Says whom? I don't know the French system (I assume it involves cheese and a road block), the Italian system no doubt involves a bribe, and I don't think the system in Scotland is any better than ours.

PS - I'm sorry it's been a complete nightmare for you though.

Notters · Oct 22, 2015

StonehamPark said:
I'll let you know just as soon as I can afford to buy a house in my hometown.
Give me 10-15 years.

Never gonna happen, hence we moved to the haven.

Triggaaar · Oct 22, 2015

Vegas Seagull said:
You don't have to play their game,
Insist on a £10k penalty clause if vendors pull out after a deal has been agreed.

Why would a seller accept such a ridiculous one sided clause that makes no sense? Thanks for the offer, but no thanks.

If you are the vendor reward the Estate Agent on a tiered commission basis so they keep at higher levels and thus are on your side & again penalty clause so purchasers forgo Xk if they pull out

'Hi, the vendor has accepted your offer, with the condition that you pay a penalty if you pull out.' 'Er, no thanks.'

desprateseagull · Oct 22, 2015

Maybe both parties should pay a bond, of say £5,000, when offer accepted- if either side pulls out for no good reason (death, bankruptcy, lost job etc), the other side gets your wedge towards their costs.. If sale goes ahead, both get money back. If a survey shows its a heap, seller loses.

Simster · Oct 22, 2015

Triggaaar said:
Because it's not been signed. The same reason that a buyer can pull out.

What a stupid truism that is. Duh. I KNOW. That's whole point. WHY isn't anything signed?

Triggaaar said:
Says whom?

I do. I have relatives in France and Scotland and two Italians in my team. They all work in the way I'll describe below.

Triggaaar said:
I don't know the French system (I assume it involves cheese and a road block), the Italian system no doubt involves a bribe, and I don't think the system in Scotland is any better than ours.

Ah, you're totally clueless on the subject. Which begs the question, why did you bother posting? Scotland has a far better system than ours. FAR better.

In all three of these countries, you agree a deal and sign a statement of intent to buy/sell the property. You then have a list of (reasonable) get-out clauses and these are the only things that can reasonably prevent the deal from going through. Things like undeclared interests (bad neighbours previously not mentioned), subsidence, previously undetected construction work, that sort of thing. A buyer can't just pull out on a whim, and a seller can't just pull out because they've had a better offer.

My post is not a rant at estate agents (although they are clearly part of the problem), but a genuine query as to why people aren't protected from unscrupulous, disgraceful behaviour.

Triggaaar · Oct 22, 2015

desprateseagull said:
Maybe both parties should pay a bond, of say £5,000, when offer accepted- if either side pulls out for no good reason (death, bankruptcy, lost job etc), the other side gets your wedge towards their costs.. If sale goes ahead, both get money back. If a survey shows its a heap, seller loses.

That couldn't work. So if the survey comes back saying it needs work doing (which it always does), who pays for that work? And what about when the surveyor is friendly with the buyer (as they often are), who decides if the survey is fair? And what about when you're in a chain (as you often are) and your house sale falls through?

It would just be a legal mess. Work for lawyers, and not much else.

Triggaaar · Oct 22, 2015

Simster said:
What a stupid truism that is. Duh. I KNOW. That's whole point. WHY isn't anything signed?

Because people don't want to sign to buy/sell when they haven't got all the information they need.

Ah, you're totally clueless on the subject. Which begs the question, why did you bother posting?

Well I've bought and sold a lot of properties, so I feel I know a fair bit, but you must know loads mode. Which begs the question, why did you bother posting?

Scotland has a far better system than ours. FAR better.

That's not a fact, it's a matter of opinion. The reason we haven't followed their system is because many experts don't think it's better than ours. Still, you aren't going to agree and you think you know it all, so I'll leave you to it.

Morvangull · Oct 22, 2015

As you say, in France you sign a 'compromis de vente'. The buyer then has a 10-day cooling-off period, during which time they can pull out of the deal for virtually any reason but then can only withdraw for valid reasons other wise they have to pay at least the normal 10 percent deposit.

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