Sooo fed up!
#31
Re: Sooo fed up!
There is no way I would continue with a purchase if the house was kept on the market. I am really surprised to hear that some people have been able to do this, never heard of that before. As a seller, I would also show commitment to my buyer by taking it off the market.
I bought my very first property, a flat in Wimbledon at a time when the market was absolutely booming and it was definitely a seller's market. Still they took it off the market once I had made an offer.
Yes and I also understand that an offer is not legally binding. Everybody knows this in England.
Emma - if your OH has a house now, why don't you just go out and handle the sale from over there? I sold my Wimbledon flat whilst I lived in Bermuda and two years later I bought my UK house whilst still living in Bermuda, it is quite manageable.
I bought my very first property, a flat in Wimbledon at a time when the market was absolutely booming and it was definitely a seller's market. Still they took it off the market once I had made an offer.
Yes and I also understand that an offer is not legally binding. Everybody knows this in England.
Emma - if your OH has a house now, why don't you just go out and handle the sale from over there? I sold my Wimbledon flat whilst I lived in Bermuda and two years later I bought my UK house whilst still living in Bermuda, it is quite manageable.
#32
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Joined: Aug 2008
Location: Engadine, NSW
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Re: Sooo fed up!
There is no way I would continue with a purchase if the house was kept on the market. I am really surprised to hear that some people have been able to do this, never heard of that before. As a seller, I would also show commitment to my buyer by taking it off the market.
I bought my very first property, a flat in Wimbledon at a time when the market was absolutely booming and it was definitely a seller's market. Still they took it off the market once I had made an offer.
Yes and I also understand that an offer is not legally binding. Everybody knows this in England.
Emma - if your OH has a house now, why don't you just go out and handle the sale from over there? I sold my Wimbledon flat whilst I lived in Bermuda and two years later I bought my UK house whilst still living in Bermuda, it is quite manageable.
I bought my very first property, a flat in Wimbledon at a time when the market was absolutely booming and it was definitely a seller's market. Still they took it off the market once I had made an offer.
Yes and I also understand that an offer is not legally binding. Everybody knows this in England.
Emma - if your OH has a house now, why don't you just go out and handle the sale from over there? I sold my Wimbledon flat whilst I lived in Bermuda and two years later I bought my UK house whilst still living in Bermuda, it is quite manageable.
#33
Re: Sooo fed up!
To be honest that is what I am gping to do if we do not exchange on Thursday. I have had enough of waiting around now and the OH has said the same. Plan is to exchange Thursday, Shippers in the following Monday/Tuesday and i fly with our boys a couple of days after that, So the first week of October:fingerscro ssed:
Good on ya Emma. Good luck and I hope it goes well.
#35
Re: Sooo fed up!
You take your house offf the market as that is the agreement as part of the offer. There is much paper work and survey work that takes time and money between offer and exchange. If someone didn't agree to take their house off the market when an offer was made then the people making the offer would just walk away, simples.
So the house stays on the market until the contracts are exchanged. If they don't like it then go and buy another house. Simples.
#36
Re: Sooo fed up!
There is no way I would continue with a purchase if the house was kept on the market. I am really surprised to hear that some people have been able to do this, never heard of that before. As a seller, I would also show commitment to my buyer by taking it off the market. .
#37
Re: Sooo fed up!
If they walk away as easily as tat then they don't really want it, do they? And if they don't really want it then you're wasting your time dealing with them. They, after all, can walk away from the sale any time they please with impunity, thanks to the inanities of English property law.
So the house stays on the market until the contracts are exchanged. If they don't like it then go and buy another house. Simples.
So the house stays on the market until the contracts are exchanged. If they don't like it then go and buy another house. Simples.
The Scottish system is different in that an offer is binding once it's made, so you have to do your survey, etc, in advance, as far as I know. In other words the Scottish "offer" = the English "exchange of contracts".
Other jurisdictions have developed a better system where an offer is legally binding but there are get-out clauses if the survey or finance don't work out.
#38
Re: Sooo fed up!
There is nothing fundamentally wrong with the English law as long as people understand exactly what it means. Problems arise when people start treating an offer as legally binding (and making plans on that basis) when it isn't.
The Scottish system is different in that an offer is binding once it's made, so you have to do your survey, etc, in advance, as far as I know. In other words the Scottish "offer" = the English "exchange of contracts".
Other jurisdictions have developed a better system where an offer is legally binding but there are get-out clauses if the survey or finance don't work out.
The Scottish system is different in that an offer is binding once it's made, so you have to do your survey, etc, in advance, as far as I know. In other words the Scottish "offer" = the English "exchange of contracts".
Other jurisdictions have developed a better system where an offer is legally binding but there are get-out clauses if the survey or finance don't work out.
#39
Re: Sooo fed up!
I think the English system is inadequate. Think about how advanced a sale can be - people paying out for surveys, legal fees etc., - often post-offer - only for someone to walk out and all the money is wasted. An offer should be binding - and this would have the bonus effect of stopping silly-buggers making unserious offers and also it would kill the whole gazumping/gazundering thing as well.
#40
Re: Sooo fed up!
Agreed. Right now it's precarious even with a chain of two - never mind a chain of say six or seven people - any of whom can drop out with impunity no matter who has paid what by that point in the process. Farcical, IMO.
#41
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Re: Sooo fed up!
If they walk away as easily as tat then they don't really want it, do they? And if they don't really want it then you're wasting your time dealing with them. They, after all, can walk away from the sale any time they please with impunity, thanks to the inanities of English property law.
So the house stays on the market until the contracts are exchanged. If they don't like it then go and buy another house. Simples.
So the house stays on the market until the contracts are exchanged. If they don't like it then go and buy another house. Simples.
#42
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Joined: Aug 2008
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Re: Sooo fed up!
Anyway praying quite literally all goes to plan for this Thursday
#43
Re: Sooo fed up!
And as I said, if I were the buyer, the only thing this would incentivise me to do would be to walk away. I am not going to spend thousands of pounds on surveys and solicitors if I am likely to be gazumped at any time. There are other houses out there and most people do take the house off the market once an offer is accepted.
#44
Re: Sooo fed up!
And as I said, if I were the buyer, the only thing this would incentivise me to do would be to walk away. I am not going to spend thousands of pounds on surveys and solicitors if I am likely to be gazumped at any time. There are other houses out there and most people do take the house off the market once an offer is accepted.
#45
Re: Sooo fed up!
And as I said, if I were the buyer, the only thing this would incentivise me to do would be to walk away. I am not going to spend thousands of pounds on surveys and solicitors if I am likely to be gazumped at any time. There are other houses out there and most people do take the house off the market once an offer is accepted.