Buying and selling-how would you make it better

googler

As far as I can gather, when an offer is made in E&W, the price is agreed at this point, and everything else is decided later - fixtures, fittings and inclusions, entry date. It seems to me that the sellers can string the buyers along for ages while they go looking for somewhere to move to.

In Scotland, the offer forms part of the contract to buy, and the offer document includes the price, any extras to be included (or anything specifically excluded from the sale), and the entry date.

With all this determined at the outset, the buyer knows what they're buying, and crucially, know when they're going to be moving.

It seems to me that the process in E&W would be vastly improved by adoption of a legalised structure such as this.

Lou67

Whenever we have sold and bought, we have literally done 80% of the work: the solicitors AND Estate Agents have been ruddy useless. We have always had to chase them!!!

lessonlearned

googler wrote: »

I'm afraid you're seriously out of touch with the Scottish system.

Was your experience in Scotland over 25 years ago?

Yes so my apologies if any information is out of date.

I am always willing to learn.......

hazyjo

googler wrote: »

The vast majority of solicitors, when acting for buyers, won't charge individually for making offers, and effectively only charge the buyers for one successful offer. Many make a selling point of this.

In a closing date scenario, which you describe as 'sealed bids', all bids are submitted shortly before a set date and time, and usually the result is determined within an hour or so of that time. I honestly don't see what the problem is.

That's good that the solicitors only charge once even if it takes several attempts to buy a property.

Each to their own - I would hate to fall in love with a property and have to submit a maximum bid, not even as a bidding war, you often don't know what figure you're meant to be bidding against, then lose that property. Plus, it could happen many times before I had my bid accepted.

Jx

googler

hazyjo wrote: »

Each to their own - I would hate to fall in love with a property and have to submit a maximum bid, not even as a bidding war, you often don't know what figure you're meant to be bidding against, then lose that property. Plus, it could happen many times before I had my bid accepted.

I fear the only houses you'll ever buy will be the ones that nobody else is interested in, then, if you're unwilling to compete with others for what you want.

These days, all properties on the market in Scotland have a Home Report with a surveyor's valuation, the intention being that this is provided to the buyer's lender as the basis for what they'll lend. This determines, to a significant degree, what buyers will be able to offer.

I take it you never buy anything on eBay, then, since you never know what to bid?

zagubov

Scrapping Leasehold which AFAIK, only exists in Hawaii, England and Wales would be a good start. Also chains seem less of a feature of housebuying- is that a sign of a slack housing market?
My sister saw a house she liked in Scotland and was able to move in in three weeks.
Never heard anything like that happen down here in England. It can seem slower than continental drift sometimes.;)

googler

zagubov wrote: »

My sister saw a house she liked in Scotland and was able to move in in three weeks.
Never heard anything like that happen down here in England. It can seem slower than continental drift sometimes.;)

I refer to my previous posts. If the offer forms part of the contract, and the entry/completion date is set out in the offer and accepted along with the purchase price when the offer is accepted.....

hazyjo

googler wrote: »

I fear the only houses you'll ever buy will be the ones that nobody else is interested in, then, if you're unwilling to compete with others for what you want.

These days, all properties on the market in Scotland have a Home Report with a surveyor's valuation, the intention being that this is provided to the buyer's lender as the basis for what they'll lend. This determines, to a significant degree, what buyers will be able to offer.

I take it you never buy anything on eBay, then, since you never know what to bid?

On ebay, I know what to bid against - and, yes, I do use it. And I set a limit. If I don't 'win' a top I want, I won't lose sleep over it. I wouldn't want to buy a house on ebay, or use that system to buy a house (not that it is can be compared as you see what the highest accepted bid is on ebay). That's how I see it.

When buying most houses, you don't have to 'compete' against others. I would not get into a bidding war. My choice. I know others do/have done.

I have bought 7 houses. Am sure lots of them are ones other people didn't want for various reasons, but surely that's the same with all houses. Most people will dismiss them. It's very unusual for every single viewer to want it. I have never had to compete with others. Some were on the market for days, others for months. I have only ever once paid the asking price - after it had been reduced in price that week.

At the end of the day, no system is perfect and everyone will have their preferences. I'm not here to defend my opinion or try to swing anyone round to mine. All I was trying to point out is that the Scottish system isn't perfect either.

Jx