Crap UK System

Old Jul 13th 2007, 5:34 pm
  #1  
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Default Crap UK System

Well, a change from the 'ooh, everything in the USA is shit' type of threads, heres on about something crap in the UK

Selling/buying real estate is horrible. I'm trying to flog my flat in the UK and after speaking to the estate agent, it seems that

1. I have no contract with the buyer

2. They have no skin in the game (no earnest money)

3. They can walk away at any time until after the exchange

4. Theres no financing pre-qualification to weed out muppets

Its very frustrating :curse:

Basically I'm being pissed about by someone who has made an offer and they are now being a bit shady.

To make matters worse, my greencard is about to expire and my intention was to get over there at the last minute to manage the close of the transaction, but now that doesn't look possible... :curse::curse::curse:
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Old Jul 13th 2007, 5:44 pm
  #2  
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Default Re: Crap UK System

Info pass for a temp I-551 stamp jobby?

And yeah, being gazumped is arse.
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Old Jul 13th 2007, 5:50 pm
  #3  
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Default Re: Crap UK System

Originally Posted by Bob
Info pass for a temp I-551 stamp jobby?

And yeah, being gazumped is arse.
I have a GC, but the 2 year thing is about to come up - if I send it in to have the conditions lifted can I get somethign temporary top let me in and out?
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Old Jul 13th 2007, 6:00 pm
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Default Re: Crap UK System

Originally Posted by BritGuyTN
I have a GC, but the 2 year thing is about to come up - if I send it in to have the conditions lifted can I get somethign temporary top let me in and out?
Yes. When you file to remove the conditions you will get an extension letter that will enable you to come and go. Mine came about 10 days after they received the application.
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Old Jul 13th 2007, 6:02 pm
  #5  
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Default Re: Crap UK System

Originally Posted by Duncan Roberts
Yes. When you file to remove the conditions you will get an extension letter that will enable you to come and go. Mine came about 10 days after they received the application.
Excellent

what started as a whinging post has turned into something very useful!!! Thanks for the info!
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Old Jul 13th 2007, 6:22 pm
  #6  
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Default Re: Crap UK System

Have you seen the "how to get estate agents to actually work" thread in the Oz section?
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Old Jul 13th 2007, 6:25 pm
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Default Re: Crap UK System

Originally Posted by snowbunny
Have you seen the "how to get estate agents to actually work" thread in the Oz section?
Pokem with a big stick.
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Old Jul 13th 2007, 6:36 pm
  #8  
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Default Re: Crap UK System

Originally Posted by BritGuyTN
Well, a change from the 'ooh, everything in the USA is shit' type of threads, heres on about something crap in the UK

Selling/buying real estate is horrible. I'm trying to flog my flat in the UK and after speaking to the estate agent, it seems that

1. I have no contract with the buyer

2. They have no skin in the game (no earnest money)

3. They can walk away at any time until after the exchange

4. Theres no financing pre-qualification to weed out muppets

Its very frustrating :curse:

Basically I'm being pissed about by someone who has made an offer and they are now being a bit shady.

To make matters worse, my greencard is about to expire and my intention was to get over there at the last minute to manage the close of the transaction, but now that doesn't look possible... :curse::curse::curse:
It may be more straightforward in the US at the front-end, but once you get to the contract stage it's way simpler in the UK than in the US.

I remember sitting in our title company's office, signing a 3 inch stack of documents for at least 2 hours. To this day I have little idea of what I actually signed - there is just no way I could have read everything. I find that somewhat worrying...

Also, it works both ways - if you were buying in the UK, you would not have to commit yourself until you are absolutely 100% sure, and after you've had a proper survey done. The latter seems to be an unheard of practice here - at least in our neck if the woods.
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Old Jul 13th 2007, 6:40 pm
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Default Re: Crap UK System

Originally Posted by BritGuyTN
I have a GC, but the 2 year thing is about to come up - if I send it in to have the conditions lifted can I get somethign temporary top let me in and out?
I thought you could leave and return on a conditional GC with no additional documents?

Or are you worried about leaving and the GC expiring while you're away?

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Old Jul 13th 2007, 6:55 pm
  #10  
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Default Re: Crap UK System

Originally Posted by Elvira
Also, it works both ways - if you were buying in the UK, you would not have to commit yourself until you are absolutely 100% sure, and after you've had a proper survey done. The latter seems to be an unheard of practice here - at least in our neck if the woods.
Generally the sales agreement is rendered void if a place fails inspection, and is often used to alter the final price if there are signficant faults found. Depends a lot on your agent, but most agents add a very specific caveat to the offer documentation regarding inspection.

In my case, we added a specific caveat concerning the availability of high speed internet to the location. If we couldn't get broadband, we could have walked away from the offer we made.
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Old Jul 13th 2007, 7:02 pm
  #11  
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Default Re: Crap UK System

Originally Posted by Elvira
It may be more straightforward in the US at the front-end, but once you get to the contract stage it's way simpler in the UK than in the US.

I remember sitting in our title company's office, signing a 3 inch stack of documents for at least 2 hours. To this day I have little idea of what I actually signed - there is just no way I could have read everything. I find that somewhat worrying...

Also, it works both ways - if you were buying in the UK, you would not have to commit yourself until you are absolutely 100% sure, and after you've had a proper survey done. The latter seems to be an unheard of practice here - at least in our neck if the woods.
totally agree about the amount of paperwork, its completely ridiculous
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Old Jul 13th 2007, 7:13 pm
  #12  
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Default Re: Crap UK System

Originally Posted by Elvira
It may be more straightforward in the US at the front-end, but once you get to the contract stage it's way simpler in the UK than in the US.

I remember sitting in our title company's office, signing a 3 inch stack of documents for at least 2 hours. To this day I have little idea of what I actually signed - there is just no way I could have read everything. I find that somewhat worrying...

Also, it works both ways - if you were buying in the UK, you would not have to commit yourself until you are absolutely 100% sure, and after you've had a proper survey done. The latter seems to be an unheard of practice here - at least in our neck if the woods.
You pay a lot more in fees in a US estate agent.
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Old Jul 13th 2007, 7:18 pm
  #13  
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Default Re: Crap UK System

Originally Posted by Jerseygirl
You pay a lot more in fees in a US estate agent.
Very true...

6% vs 1.25%..........
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Old Jul 13th 2007, 7:22 pm
  #14  
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Default Re: Crap UK System

Originally Posted by Jerseygirl
You pay a lot more in fees in a US estate agent.
I would gladly pay that at this stage to get this sorted
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Old Jul 13th 2007, 7:56 pm
  #15  
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Default Re: Crap UK System

Originally Posted by Elvira
Very true...

6% vs 1.25%..........
Well you know how those health insurance premiums can be an issue.
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