Personally I am astonished that as a nation obsessed with house prices/ we do not have a fair system in place in 2014 that stops liars and individuals trying to protect people with legitimate complaints.
Beacause we have an economic system that is based on the best liars getting the most money. What would happen if we made everything fair? Are you some kind of commie pinko?
Quite possibly, as both my Grandfather, and father were ! I am sure some of there political ideas have rubbed off on me, and unlike quite a few of the lot on here I was born in Charlton, and lived within the roar of the Valley, on the council estate at the top of the hill. I could assume that you think I believe that 'Karl Marx famously asserted that property is theft [actually, I'm told the original of this was Pierre-Joseph Proudhon in 1843 in What is Property?' but when has a fact ever got in the way of a prejudiced point of view?
On the flip side, we had to pull out of two houses that surveys showed up issues the sellers were blatantly trying to cover up - we incurred survey costs, solicitors fees etc and were back to square one (3rd time lucky I hope as we have now exchanged and are moving on Monday) - should the seller be responsible for those fees given they knew about those issues?
It's a messed up and expensive process, Algarve's insurance point is a good one.
Absolutely.
In the scenarios where the survey showed up issues, surely this would be apparent quite some time before the point of exchange though, which was the point at which Damo's Dad was let down?
I agree - we were honest about it as soon as the surveys came back.in our cases and had good reason, feel sorry for others who are messed about.
We had an offer on our place withdrawn which was annoying but at least very early in the process and luckily got another offer quite. Soon after.
I pulled out of a deal, I had signed contracts (but not exchanged them) and was 2/3 weeks from completion. The estate agent was a bit miffed, shame. It didnt really impact on the seller to much the house was quite a nice one and was quickly bought by someone else. It cost me for all the work my solicitor had done plus the normal things. I was able to sell on the the searches and the parish church repair insurance con thing. I'm sure some would say I didn't behave correctly but I had been strung along for months by a greedy home owner and an estate agent who could never find my telephone number to return a call and generally behaved like a 1980's yuppie. (one in Chislehurst near the pond)
Bit confused here CK - what was your exact reason for pulling out?
The house was tenanted and when we made an near asking price offer, the owner then agreed to extend the tenants lease for another 6 months while knowing we had formed up a chain to her point. She had us over a barrel. She and the estate agent knew the position they wanted us in from the start and with hindsight I should have seen it coming. The agent wouldn't even talk to us until we had a chain completed with everone in it ready to move. I pulled out sold my house and rented one for 6 months until I found another house. That really cost me but it was in 2010 things were not that great in the selling house world. So not wanting to lose my buyer or collapse a chain the best thing I thought was to carry on selling. On the plus side the estate agent could then find my telephone number but I was never able to answer it.
All ended well for us in the end, I found a house and I was then a cash buyer. 4 weeks from offer to getting the keys.
I pulled out of a deal, I had signed contracts (but not exchanged them) and was 2/3 weeks from completion. The estate agent was a bit miffed, shame. It didnt really impact on the seller to much the house was quite a nice one and was quickly bought by someone else. It cost me for all the work my solicitor had done plus the normal things. I was able to sell on the the searches and the parish church repair insurance con thing. I'm sure some would say I didn't behave correctly but I had been strung along for months by a greedy home owner and an estate agent who could never find my telephone number to return a call and generally behaved like a 1980's yuppie. (one in Chislehurst near the pond)
Bit confused here CK - what was your exact reason for pulling out?
The house was tenanted and when we made an near asking price offer, the owner then agreed to extend the tenants lease for another 6 months while knowing we had formed up a chain to her point. She had us over a barrel. She and the estate agent knew the position they wanted us in from the start and with hindsight I should have seen it coming. The agent wouldn't even talk to us until we had a chain completed with everone in it ready to move. I pulled out sold my house and rented one for 6 months until I found another house. That really cost me but it was in 2010 things were not that great in the selling house world. So not wanting to lose my buyer or collapse a chain the best thing I thought was to carry on selling. On the plus side the estate agent could then find my telephone number but I was never able to answer it.
All ended well for us in the end, I found a house and I was then a cash buyer. 4 weeks from offer to getting the keys.
Sounds like you had every right to pull out then mate. Again a scenario where the seller is at fault, this time for renewing the lease.
Sorry to hear you news Damo, Sounds like the owner feel he can get more for the house if he re:market's it. Probably not a good idea to go much below the market valuation at present, as seller's probably feel that they can get another buyer tommorow. I personally think the market is not quite as mad as it was a few month's back, but looking at houses in Charlton /Blackheath you would not think it?. Of course it is alway's a matter of what someone will pay, or not..... Sometimes you do feel that estate agents are the spawn of the devil?... but they will claim that the vendor demanded this, and they act on there instruction. Today's stamp duty changes will probably stoke up the house prices again..... In your father's position it really is a difficult one.
Some legal eagles may disagree, but I presume there's nothing to stop a seller asking a buyer (having made an accepted offer) to sign a contract indemnifying them for any direct costs should they not complete on the transaction.
It would quickly sort out those who were serious and those who were playing games.
This kind of agreement is possible. When my folks bought their (empty) flat, there were some alterations which would clearly be easier to do before they moved in. The sellers were very helpful, and we agreed to change it all back if necessary, if we pulled out. The idea of a proactive estate agent, with no legal fees involved
At first glance I like the changes to stamp duty. Not only do the majority of us pay less (I'd be better off by about £3k I think if I were to buy after these changes). Also means you will get more variance in house prices as people were always desperate to avoid paying even a penny over the threshold so as to save huge amounts on stamp duty.
On the exchange date of ours a few months ago, the buyer dropped his offer by 20k saying his bank valued it less and we had no docs re the living room diner wall being removed (was removed 10 years before we even moved in).
We were stuck between a rock and hard place, as we were selling two properties and both had to go through to finance new property and the other property the purchasers were 7 months pregnant and buying first home.
we had to find 5k ourselves, got the sellers of the house we were buying to drop 10k (5k for each divorcing party so two agreements needed) and the estate agent wiped £2,500 off our purchasers fees (we sold by tender so purchaser paid the estate agent fees) so the guy basically got £17,500 off for being a tosser.
Would go back and do the windows after a reasonable period of time, but he was an investor and not the fault of the people renting there now.
not the way ive just read it . its nothing to to £125K and 2% upto the next threshold. Before it was 1% upto £250K ----if thats the case its just cost me another £2,400
not the way ive just read it . its nothing to to £125K and 2% upto the next threshold. Before it was 1% upto £250K ----if thats the case its just cost me another £2,400
Not following that. The most you could pay under either system for houses up to £250k is £2500 so how has it cost you an extra £2400?
Think there is nothing to pay up to the first £125000 then to the next level Should make a difference especially to the bottom end of the market like first time buyers On first details looks like a good deal but and there is always a but Will need to see the details
Selling a house is a nightmare. When we last moved our house was under offer with an Indian guy who dropped out after 6 weeks meaning we lost the house we were buying and incurred the cost of a full survey. It transpired he had offers on five different house, the idea was that by making an offer they come off the market while he made up his mind what one he wanted.
The solution I think is that you have to place a non-returnable deposit when you make an offer. That way people will have to think twice before making an offer in affect the offer becomes a contract. Of course you will have to protect the buyer in the event of a disastrous survey but this will stop the time wasters if they are losing a grand or t Wo
When I was selling my old flat in the mid 90s, we got an offer straight away, then put one in on a house round the corner which was at the top of our budget. Then nothing. Eventually the agent confirmed that our potential buyer was a serial time waster and they all knew about her. So it took ages to get anything sorted and I found the whole process really stressful - got there in the end, with the 4th place we put something in on. Haven't moved since and don't intend to. I appreciate people can be gits, but why didn't the estate agents warn us that she was a time waster? Agree there should be some sort of insurance, but the whole process is full of risk.
On the exchange date of ours a few months ago, the buyer dropped his offer by 20k saying his bank valued it less and we had no docs re the living room diner wall being removed (was removed 10 years before we even moved in).
We were stuck between a rock and hard place, as we were selling two properties and both had to go through to finance new property and the other property the purchasers were 7 months pregnant and buying first home.
we had to find 5k ourselves, got the sellers of the house we were buying to drop 10k (5k for each divorcing party so two agreements needed) and the estate agent wiped £2,500 off our purchasers fees (we sold by tender so purchaser paid the estate agent fees) so the guy basically got £17,500 off for being a tosser.
Would go back and do the windows after a reasonable period of time, but he was an investor and not the fault of the people renting there now.
It was completely the opposite for my best friend who bought his first property this year. At a very late stage, after he had got his mortgage, the seller decided to ask for an extra £10k because a property in the same block of flats had gone for £10k more. That far in they had no choice but to ask family for a loan.
Whereas before it would have been 3% on £260k total £7800
Looking to buy my first property in the New Year (Budget of around £150k)... this has really helped cos am looking at something for £140k... prior to the reform I'd have paid up to £2000 in Stamp Duty now I'll pay around £200 - £300
When I sold my first place the woman buying it (driven by an estate agent) decided on the day before completion to drop her offer by 20 grand. Now I'm not a violent man but I can be persuasive. The arsehole estate agent got shown up in his office and came clean. After calling the police. The police who attended were disgusted at what these two in cohorts had tried to cook up and although I had done nothing said they would have happily let me do some serious damage to him if they could! He ended up writing out a cheque there and then to me and was left in no doubt what would happen if it turned out to be rubber.
The deposit idea is a fantastic one as something needs to be done about that sort of nefarious behaviour around pulling out/dropping agreed prices/time wasting.
I hate estate agents anyway and not one dealing I have ever had with them has been positive. The sooner they are driven out of business and we all market our own houses online, the better. They truly are hellspawn. The woman I told was a snake but being a female old snake I couldn't really do anything to her. The neighbours were all filled in on what an arsehole she was though and to welcome her accordingly.
Selling and buying property in a chain is an awful experience and having recently gone through a bereavement I can say the anguish is second to moving and dealing with estate agents
When I sold my first place the woman buying it (driven by an estate agent) decided on the day before completion to drop her offer by 20 grand. Now I'm not a violent man but I can be persuasive. The arsehole estate agent got shown up in his office and came clean. After calling the police. The police who attended were disgusted at what these two in cohorts had tried to cook up and although I had done nothing said they would have happily let me do some serious damage to him if they could! He ended up writing out a cheque there and then to me and was left in no doubt what would happen if it turned out to be rubber.
The deposit idea is a fantastic one as something needs to be done about that sort of nefarious behaviour around pulling out/dropping agreed prices/time wasting.
I hate estate agents anyway and not one dealing I have ever had with them has been positive. The sooner they are driven out of business and we all market our own houses online, the better. They truly are hellspawn. The woman I told was a snake but being a female old snake I couldn't really do anything to her. The neighbours were all filled in on what an arsehole she was though and to welcome her accordingly.
Selling and buying property in a chain is an awful experience and having recently gone through a bereavement I can say the anguish is second to moving and dealing with estate agents
Following on from this, has anyone ever done a private sale without an Estate Agent? Is this a viable option, or does it create more issues?
Following on from this, has anyone ever done a private sale without an Estate Agent? Is this a viable option, or does it create more issues?
Yes, bought my second home from a private advert in the Newsshopper . Quite a easy process. We shook hands on a price, he told me he would sell to me only and he expected me to honor my side of the deal and that was that. Bloody decent man and very easy to do.
I I worked with a guy - (Bastard) - who would take a purchase to the edge and then pull out and then a relative would come in and make a low offer which they needed to to take. Now that is immoral!!
This is becoming a more and more common practice. I've heard of it happening three times this year - and on all three occasions the buyers who have pulled out and the new buyers have all been Nigerian.
On the last occasion, my colleague who is also Nigerian had to accept an offer £30k less than the original so as not to lose their dream house.
This thread is all too depressing, why has the law not been changed to stop people pulling out.
Apparently it is called the 'free market'.....in this case that means 'free' to act like a total bastard, with no regard to common decency, and 'market' bit like those folk who try and flog fake watches/perfume in certain East end areas.
Comments
We had an offer on our place withdrawn which was annoying but at least very early in the process and luckily got another offer quite. Soon after.
I pulled out sold my house and rented one for 6 months until I found another house. That really cost me but it was in 2010 things were not that great in the selling house world. So not wanting to lose my buyer or collapse a chain the best thing I thought was to carry on selling.
On the plus side the estate agent could then find my telephone number but I was never able to answer it.
All ended well for us in the end, I found a house and I was then a cash buyer. 4 weeks from offer to getting the keys.
you have found the house you want. Simples.
Sounds like the owner feel he can get more for the house if he re:market's it.
Probably not a good idea to go much below the market valuation at present, as seller's probably feel that they can get another buyer tommorow. I personally think the market is not quite as mad as it was a few month's back, but looking at houses in Charlton /Blackheath you would not think it?. Of course it is alway's a matter of what someone will pay, or not.....
Sometimes you do feel that estate agents are the spawn of the devil?... but they will claim that the vendor demanded this, and they act on there instruction. Today's stamp duty changes will probably stoke up the house prices again..... In your father's position it really is a difficult one.
We were stuck between a rock and hard place, as we were selling two properties and both had to go through to finance new property and the other property the purchasers were 7 months pregnant and buying first home.
we had to find 5k ourselves, got the sellers of the house we were buying to drop 10k (5k for each divorcing party so two agreements needed) and the estate agent wiped £2,500 off our purchasers fees (we sold by tender so purchaser paid the estate agent fees) so the guy basically got £17,500 off for being a tosser.
Would go back and do the windows after a reasonable period of time, but he was an investor and not the fault of the people renting there now.
Think there is nothing to pay up to the first £125000 then to the next level
Should make a difference especially to the bottom end of the market like first time buyers
On first details looks like a good deal but and there is always a but
Will need to see the details
0-125k - £0 stamp duty
125k-250k @2% - £2500
250k-260k @5% - £500
Total £3000
Whereas before it would have been 3% on £260k total £7800
The solution I think is that you have to place a non-returnable deposit when you make an offer. That way people will have to think twice before making an offer in affect the offer becomes a contract. Of course you will have to protect the buyer in the event of a disastrous survey but this will stop the time wasters if they are losing a grand or t
Wo
I appreciate people can be gits, but why didn't the estate agents warn us that she was a time waster?
Agree there should be some sort of insurance, but the whole process is full of risk.
any first timers buying around the £250k-£350k mark should be a few thousand better off - which if things are tight will be good
Horrible either way
http://www.rightmove.co.uk/property-for-sale/property-28861626.html
cheapest house: http://www.rightmove.co.uk/property-for-sale/property-46159597.html
a snip at £300,000
The deposit idea is a fantastic one as something needs to be done about that sort of nefarious behaviour around pulling out/dropping agreed prices/time wasting.
I hate estate agents anyway and not one dealing I have ever had with them has been positive. The sooner they are driven out of business and we all market our own houses online, the better. They truly are hellspawn. The woman I told was a snake but being a female old snake I couldn't really do anything to her. The neighbours were all filled in on what an arsehole she was though and to welcome her accordingly.
Selling and buying property in a chain is an awful experience and having recently gone through a bereavement I can say the anguish is second to moving and dealing with estate agents
On the last occasion, my colleague who is also Nigerian had to accept an offer £30k less than the original so as not to lose their dream house.
http://www.moneysavingexpert.com/mortgages/stamp-duty