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How DO you improve the homebuying process?
BobProperty
Posts: 3,245 Forumite
Since we've easily got more brains on here than the whole of the ODPM, I thought I'd ask the question.
As I've already suggested as a start, a serious buyer has to put up 1% of the purchase price as an only-in-some-circumstance refundable deposit at the point of offer, otherwise it's an "interest" not an "offer".
Vendor pays for:
Searches. They need to be done and available quicker. Possibly with repeat fees at a much lower rate for 2nd search by owner within say 6 months. 9 times out of 10 the'll be the same anyway.
A house "service history" showing Building Regs work, Planning Permissions, Boiler service records, PIReports, previous surveys? and guarantees all in one place.
At the same time as the searches, as, most likely, this will be done by the solicitor, then a start can be made on the contract and a fixtures and fittings list. This will concentrate the mind of the vendor as to what is in and what is out. I'm not saying they can't change their minds but at least buyers will be able to see what is included pretty well up front. And there's then room for negotiation later.
As I've already suggested as a start, a serious buyer has to put up 1% of the purchase price as an only-in-some-circumstance refundable deposit at the point of offer, otherwise it's an "interest" not an "offer".
Vendor pays for:
Searches. They need to be done and available quicker. Possibly with repeat fees at a much lower rate for 2nd search by owner within say 6 months. 9 times out of 10 the'll be the same anyway.
A house "service history" showing Building Regs work, Planning Permissions, Boiler service records, PIReports, previous surveys? and guarantees all in one place.
At the same time as the searches, as, most likely, this will be done by the solicitor, then a start can be made on the contract and a fixtures and fittings list. This will concentrate the mind of the vendor as to what is in and what is out. I'm not saying they can't change their minds but at least buyers will be able to see what is included pretty well up front. And there's then room for negotiation later.
A house isn't a home without a cat.
Those are my principles. If you don't like them, I have others.
I have writer's block - I can't begin to tell you about it.
You told me again you preferred handsome men but for me you would make an exception.
It's a recession when your neighbour loses his job; it's a depression when you lose yours.
Those are my principles. If you don't like them, I have others.
I have writer's block - I can't begin to tell you about it.
You told me again you preferred handsome men but for me you would make an exception.
It's a recession when your neighbour loses his job; it's a depression when you lose yours.
0
Comments
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Things like the fixtures and fittings list should come with the property details from the estate agent / vendor (if no EA used) and should be available from day one along with the "service history" as you would with a car . Basically so before you start you know what you are looking at.
Searches should be included in the info pack by the vendor/EA and be available (certainly LA ones) online with updates available to the Buyer/Solicitor FOC for say 6-9 months after the first search.
Similarly if the Buyer needs a mortgage proof of the mortgage in principle (which should be more accurate and legally binding from the mortgage company subject to certain conditions) MUST be provided to the EA / Vendor / Solicitor at time of offer (to stop time wasters) or alternitively proof they have the funds available. If not available the offer is not accepted.
A non-refundable deposit of say £1k should be put in a pot from both vendor and buyer and only refunded in the case of a survey/valuation indicating a serious problem. (i.e. not things like noise can be heraad from the main road etc) whoever pulls out of the agreement loses their deposit and the other party refunded any costs they have lost up to the maximum of 1k. Any additional money is then given to good causes (aka lottery).
Fixed set times in which mortgage companies and solicitors have to sort out there areas. I.e. mortgage companies must be able to give a final advance offer within 7-14 days of application (if the staff are overworked they can employ more staff from there ever increasing profit margins!)0 -
dougk wrote:Things like the fixtures and fittings list should come with the property details from the estate agent / vendor (if no EA used) and should be available from day one along with the "service history" as you would with a car . Basically so before you start you know what you are looking at.
Many vendors do not know what they will be leaving in a property until they have found their next home so this will be nigh on impossible to enforce. It was for this reason it wasn't included in the HIP.0 -
Then they can air on the side of caution and say nothing is in the fixtures and fittings, offering it to the new buyers at a later date if they are interested.
I have always known the majority of items that will be left when I moved (for example built in fride, cooker etc). If the new house hasn't got built in facilities I would get new (or secondhand) ones.0 -
I'm with this one. Lender should issue a certificate of Mortgage offer saying will lend up to £x at y% LTV. Balance to come from sale of property or deposits in investments. Balance from sale of property minus mortgage(s) must be 100+z % of funds needed. Investments disclosed and Money Laundering Regs passed. There will always be borderline cases but if buyer has to pull out then they of course lose the 1% deposit.dougk wrote:......Similarly if the Buyer needs a mortgage proof of the mortgage in principle (which should be more accurate and legally binding from the mortgage company subject to certain conditions) MUST be provided to the EA / Vendor / Solicitor at time of offer (to stop time wasters) or alternitively proof they have the funds available. If not available the offer is not accepted.....A house isn't a home without a cat.
Those are my principles. If you don't like them, I have others.
I have writer's block - I can't begin to tell you about it.
You told me again you preferred handsome men but for me you would make an exception.
It's a recession when your neighbour loses his job; it's a depression when you lose yours.0
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