Vendor is pulling out. Can I get compensation for survey and legal fees?

cardinalbiggles

kingstreet wrote: »

In the Scottish system, you spend the same money on surveys and searches BEFORE you make an offer. The vendor rejects your offer and decides not to sell after all. Difference?

Em... not true.

There is already a reasonable survey done by the seller BEFORE the property can go on the market in the Scottish sytem which all interested parties can get access to before making an offer. This is the law.

Once the offer is placed and accepted by both parties (which can be extremely quick) if you back out your going to get hammered.

This is the way it should be.

JQ.

cardinalbiggles wrote: »

Em... not true.

There is already a reasonable survey done by the seller BEFORE the property can go on the market in the Scottish sytem which all interested parties can get access to before making an offer. This is the law.

Once the offer is placed and accepted by both parties (which can be extremely quick) if you back out your going to get hammered.

This is the way it should be.

So as a buyer, you rely on a survey paid for and carried out on behalf of the vendor, ie somebody who has a totally vested interest in selling it for as much money as possible.

Do people actually bid in this way, or do they obtain their own independant advice before placing a legally binding offer?

HAMISH_MCTAVISH

The buyer in Scotland no longer has to pay for surveys, the seller must include one as part of the home report pack.

It makes buying a house up here easy, quick and stress free.

kingstreet

cardinalbiggles wrote: »

Em... not true.

There is already a reasonable survey done by the seller BEFORE the property can go on the market in the Scottish sytem which all interested parties can get access to before making an offer. This is the law.

Once the offer is placed and accepted by both parties (which can be extremely quick) if you back out your going to get hammered.

This is the way it should be.

That's true, but how many mortgage lenders will accept a survey done on behalf of the vendor and not want to see a report prepared on their/purchaser's behalf? Are all surveyors accepted by all lenders in Scotland, or does "panelling" go on, like it does in England?

As you can tell, I'm not too experienced in the Scots system, hence my somewhat "thin" assertion earlier.

kingstreet

HAMISH_MCTAVISH wrote: »

The buyer in Scotland no longer has to pay for surveys, the seller must include one as part of the home report pack.

It makes buying a house up here easy, quick and stress free.

I need to update my knowledge of the Scots system as I'm out of date. Thanks.

HAMISH_MCTAVISH

JQ. wrote: »

So as a buyer, you rely on a survey paid for and carried out on behalf of the vendor, ie somebody who has a totally vested interest in selling it for as much money as possible.

Do people actually bid in this way, or do they obtain their own independant advice before placing a legally binding offer?

You can feel free to spend your own money getting another surveyor to do another survey. Chances are it'll be pretty much identical in most cases though.

HAMISH_MCTAVISH

kingstreet wrote: »

That's true, but how many mortgage lenders will accept a survey done on behalf of the vendor and not want to see a report prepared on their/purchaser's behalf? Are all surveyors accepted by all lenders in Scotland, or does "panelling" go on, like it does in England?

As you can tell, I'm not too experienced in the Scots system, hence my somewhat "thin" assertion earlier.

All the main high street banks will accept a home report valuation for mortgage purposes from the reputable local surveyors, who will all be on their panel anyway.

The valuation must be less than 90 days old. If it expires, it must be refreshed.

Niowrtt

EyesAndEars wrote: »

Why isn't the property buying process better regulated?

Vested interests.

I've lost a similar amount over the last year on a failed purchase due to buyers pulling out, usually at the last moment.

Even the slight progress made towards improving the process has been scrapped (I'm talking about HIPs) so I don't feel hopeful that the mess will be sorted in my lifetime.

adouglasmhor

kingstreet wrote: »

In the Scottish system, you spend the same money on surveys and searches BEFORE you make an offer. The vendor rejects your offer and decides not to sell after all. Difference?

Not for several years, we still have Home reports here and have done so for years which cover all that. So no survey fees for buyers.
You obviously are a bit out of date with your info, maybe you should check before posting.

bris

HAMISH there is not as many differences in our system as you think. Although the seller has to get a valuation as part of the report the lenders are still insisting (a lender will not accept a survey after a month as they say it's outdated to get round the law) on their own reports so this part is flawed for a start. The gazumping and gazundering happens as much here as it does in England and until missives are concluded the buyer or seller is free to walk away at any point. The system in Scotland would not have helped the OP in this case because he could have still pulled out as missives would not have been exchanged.
Buying a property anywhere is a risky business and even although offers are made and accepted it does not gaurentee a successful outcome every time so someone will lose out. In this case the OP.