Tories slash 10,000 jobs

JasonLVC

lynzpower wrote: »

Iwould be interested to know peoples thoughts on whether buyers or prospective buyers should be protected from speculative sellers, especially in a rising market. Many moneysavers would pay fopr surveys, searches etc, vendor pulls out because they want to sell it for more. I know that seems quite far away in this climate ! But its not that long ago and there is real potential for that to happen again.

All that was needed was a simple survey with a no-gazmumping law brought in like in Scotland. HIPS just added extra costs in the process.

In France, the vendor does all the surveys but the buyer enters into a sales contract before those surveys take place. That contract must stipulate the conditions as to the buyer pulling out - such as surveys come back with negatives such as asbestos, subsidence, etc.

Buyer cannot then pull out once pre-sales contract is signed (or lose their 10% deposit), once signed, if they don't complete by the completion date set they lose their deposit and if they pull out all together for any other reason other than stated in the pre-sales contract the vendor can also force the sale through anyway and make the buyer buy.

The French system is somewhat bureaucratic (of course it would be!!) but it protects both parties and also puts responsibilities onto both parties which stems speculative sellers and jittery buyers.