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Vendor wants £30k more
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HIPs were intended to address this problem weren't they? Getting the vendor to provide the searches, valuation etc, thereby speeding the process up and giving the buyer few reasons to pull out after offering. But they turned out to be useless, and the lenders all insisted on having it all done again from scratch by the buyer (except the bits that no-one cared about anyway, like the EPC).
Given that they were such a fiasco, I can imagine that the industry is going to be very wary about any attempts by government to try to "improve" the property selling process.Let's settle this like gentlemen: armed with heavy sticks
On a rotating plate, with spikes like Flash Gordon
And you're Peter Duncan; I gave you fair warning0 -
HIPs were intended to address this problem weren't they? Getting the vendor to provide the searches, valuation etc, thereby speeding the process up and giving the buyer few reasons to pull out after offering. But they turned out to be useless.....
Given that they were such a fiasco, I can imagine that the industry is going to be very wary about any attempts by government to try to "improve" the property selling process.
So why were HIPs a failure, yet similar changes in the Scottish market (Home Reports) were successfully introduced in Dec 2008 and are still in use today?0 -
So why were HIPs a failure, yet similar changes in the Scottish market (Home Reports) were successfully introduced in Dec 2008 and are still in use today?
HIPs were never really about the value of the property, rather the ongoing costs of the property (energy efficiency etc)I am a mortgage adviser.You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice.0 -
The agent called me yesterday to tell me that she'd told the Vendor that we weren't budging at all on our offer. He said he would call her back today - didn't say why.
I then emailed the agent stating that we wouldn't be moving on our offer due to the fact that the survey valued the property at a slightly lower amount than we offered, and the fact that no other properties in the area of the same size and standard are higher than £400k.
No response at all from the agent yet. She's an absolute sack of !!!!.
To make matters worse, I found an archive of property listings yesterday. This property was first listed last MAY for £330k. Then it was relisted in June, then again in September, then in December. I think this guy is an absolute time waster. Imagine if he's done this 5 or 6 times to other buyers, costing them £2000 in fees a go. How on earth is this legal?0 -
The agent called me yesterday to tell me that she'd told the Vendor that we weren't budging at all on our offer. He said he would call her back today - didn't say why.
I then emailed the agent stating that we wouldn't be moving on our offer due to the fact that the survey valued the property at a slightly lower amount than we offered, and the fact that no other properties in the area of the same size and standard are higher than £400k.
No response at all from the agent yet. She's an absolute sack of !!!!.
To make matters worse, I found an archive of property listings yesterday. This property was first listed last MAY for £330k. Then it was relisted in June, then again in September, then in December. I think this guy is an absolute time waster. Imagine if he's done this 5 or 6 times to other buyers, costing them £2000 in fees a go. How on earth is this legal?
My daughter has gone through the same, it is horrible and expensive. ..Good Luck, hope you get sorted out.0 -
How on earth is this legal?
I refer you to #48 and the OFT report I mentioned.
Also, previous housing ministers' statements quoted here -
http://old.estateagenttoday.co.uk/news_features/No-reforms-on-gazumping-Shapps-tells-parliament
http://old.estateagenttoday.co.uk/news_features/No-plans-to-reform-house-buying-Prisk-tells-MPs
and the Govt response to the OFT report
https://www.gov.uk/government/uploads/system/uploads/attachment_data/file/31878/11-504-government-response-to-study-home-buying-selling.pdf
The Govt doesn't feel any change is necessary, but it's clear from postings here that the OP (and other buyers in other threads) aren't ... so lobby your MP for change, if you feel the system needs to be changed.0 -
I found an archive of property listings yesterday. This property was first listed last MAY for £330k. Then it was relisted in June, then again in September, then in December. I think this guy is an absolute time waster.
Confront the agent with this, and outline again that you insist the sale goes through at the price you agreed, or else you WILL walk away.0 -
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I think this should ring massive alarm bells. Up until exchange you are vulnerable, so even if he agrees to proceed at the original offer he could do this again any time up to exchange, and by then you will have spent even more. After all, in a rising market he will always be reading stories in the paper about how much prices have increased, so he will constantly feel as if what he agreed a month, two months, three months ago is no longer sufficient.
Without wanting you to cut off your nose to spite your face, I would say that the greed of this vendor has destroyed the basic element of trust you need to proceed any further. Perhaps you need to find someone with a bit more decency to buy a house from.
You have my sympathies though. I recently bought in London and it was one of the most stressful experiences of my life. I was in constant fear of the vendor pulling out for the three months it too to get to exchange.0 -
Just to give an update, the week after I made this post the agent called me to say the vendor had had a re-think and was now prepared to accept our initial offer. As we were £2k down, we reluctantly said OK, provided the vendor went to his solicitors to answer our enquiries ASAP.
The following week, got a call from the agent to say the vendor had confirmed he had been to his solicitors and answered all the enquiries and the flat was due to be vacated by his kids in the next few weeks. Excellent.
Last week, we still hadn't heard a peep from the vendor's solicitor, so we got ours to chase. Endless voicemails left and emails sent. Then on Friday, our solicitor received a letter saying 'We would love to respond to your enquiries, but we still have not heard from the vendor!!!!!!!'.
Massive alarm bells started ringing as somebody was clearly lying to us. We told the agent and she tried to get in touch with the vendor, and apparently couldn't get hold of him (he doesn't have a voicemail).
Last night, she called me to say the vendor had gone on holiday (thanks for telling us!) and told her to remove it from the market - he doesn't want to sell it anymore.
What an absolute waste of time. No more money down, but another 6 weeks lost. The guy's a complete cretin - I've got his address and I'm half tempted to write him a letter.
I'd love to say 'lesson learnt', but I don't think I would do anything differently next time.
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