Originally Posted by sonlymewalter

spot on. Like you say buying in Aus is streets ahead of UK - luckily we went on to buy something better and it only took two weeks as we had to be out in that time due to our contract. Also luckily the buildings and pest people said they wouldn't charge for the B & P and in stead it paid for the next house we found. The finance manager had to re-do the whole application for the new place as the old was no good and the removalists cancelled their plans and had to reschedule us in. was a right shit fest.....

Like you say a contract is in place just to suit both parties so they can make plans, which can turn out to be expensive if one party decides they've changed their mind, never mind the emotional crap that's involved

Originally Posted by Amazulu

I was gazumped a few times in the UK, as well as being asked for more money just before exchange. It's a f**ked up system that is a disgrace

Then there's their medieval era, master/serf leasehold system.........

Originally Posted by sonlymewalter

yep happened to me in UK too. it was over 20 years ago and im not sure if they've changed the law to this day in UK

Originally Posted by Amazulu

As far as I know, the system in England & Wales is still the same as 20 years ago. Scotland has a different, better, system

The leasehold system has had some minor reforms - Commonhold for new properties and leasehold can be removed with a lot of effort in certain cases. Leasehold is still the norm for existing properties

Originally Posted by roaringmouse

If I've given my word, and more so if I've signed a contract, then yes I would prefer that I would suffer rather than the other person if I subsequently feel I've made a mistake in signing it. It wouldn't be fair on the other person. I don't feel someone who has signed a legal contract should try and weasel their way out of it because they subsequently "feel they have made a mistake" - the time to think about that is before the contract is signed, or during any cooling off period.

You're talking about 2 months after you signed the contract, and possibly closer to 3 months, to tell the person you're tearing up the contract because you don't feel it's the right thing for you.

To prefer the other person suffer because you can't stick by the contract you signed after you decided to sell your property is just low.

Originally Posted by Mike at Taree

Poor old purchasers may have passed up several other properties that could have been perfect for them but stuck with yours. So if it falls through then they could be out on the street if they have already given notice on their rental, or whatever. Or they may have a contract on their house they are selling, so if yours falls through then there's possibly a whole chain of vendors / buyers going to fall in a heap if they all decided to do what you are looking to do.

I'm with the buyers.

Originally Posted by Still Game

Others morals aside, does anyone know the legalities? As someone mentioned above best to ask a solicitor direct. Do you have to use your solicitors? Can you not email or phone them and set up a teleconference to discuss and then pay the bill? Surely they'll be able to tell you immediately the legislation. You can't be the first person who's done this. Some people may have to do this from a situation that is out of their control.

Yes, I would hate to be in the buyer's shoes and I hope it never happens to me, however, it's proper advice you need http://bit.ly/1bZo77P

Originally Posted by Still Game

Others morals aside, does anyone know the legalities? As someone mentioned above best to ask a solicitor direct. Do you have to use your solicitors? Can you not email or phone them and set up a teleconference to discuss and then pay the bill? Surely they'll be able to tell you immediately the legislation. You can't be the first person who's done this. Some people may have to do this from a situation that is out of their control.

Yes, I would hate to be in the buyer's shoes and I hope it never happens to me, however, it's proper advice you need http://bit.ly/1bZo77P