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The government should change the law regarding buying/selling
Comments
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propertyman wrote: »At last you have thought it through
Gee, I'm so glad I got your approval. Makes my day.
Not heard of Janet and John, now I understand your naivety, you must just be barely 18
Another cheap shot. More name-calling.... Sigh....
This sort of debate has raged on since I started in property in the early 80's and no one in E & W looks to want or need to change.
The OP wants change....
You don't want the system in E&W to change at all? Not one bit?
You're perfectly happy with every aspect of it?0 -
' if both parties agree to an exchange within a month, the local authorities/other organizations/solicitors are legally bound to undertake and *complete* all their duties by the specified agreed date. If they exceed the time limit they can be prosecuted/be forced to pay compensation to the buyer/seller/or reported to the governing body (such as an Ombudsmen or the Law Society, or local MP).'
We do live in a democracy and I don't think prosecuting people because they've missed deadlines or performance targets at work is in keeping with a democratic system!Experience is simply the name we give our mistakes (Oscar Wilde)
If you tell the truth, you don't have to remember anything (Mark Twain)0 -
Surely everyone realised propertyfan was a bona fide retard or wind up merchant from his first long winded, waffly, pointless post?!0
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Who can be sure.Surely everyone realised propertyfan was a bona fide retard or wind up merchant from his first long winded, waffly, pointless post?!
I think he has asked for genuine help elsewhere because he's selling and stuff keeps stalling and it's taking ages.
Hence he sat and spent probably 3 or 4 hours thinking up a 'fix' for the system when anyone else could have thought of a better one in 5 minutes.
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Captain compensation, to the rescue!Propertyfan wrote: »The new conveyancing law will require relevant local authority departments to honour the time frame determined within the contract. In other words, if both parties agree to an exchange within a month, the local authorities/other organizations/solicitors are legally bound to undertake and *complete* all their duties by the specified agreed date. If they exceed the time limit they can be prosecuted/be forced to pay compensation to the buyer/seller/or reported to the governing body (such as an Ombudsmen or the Law Society, or local MP).
Oh, but I forgot...Propertyfan wrote: »In Scotland everything is wonderful and all EAs and buyers/sellers are honourable and never lie or delay or bullsh*t and even if they're a bit morally dubious don't worry, Scottish property law is there to help you out. Captain Compensation is at hand to zap these wicked people!
"I, Captain Compensation, will use my compensation ray to guarantee all property sales are smooth and transparent!"
"Oh, Captain Compensation, you're my hero! You can recompense me anytime, hunny-bunny!"
In England we don't have the marvel of Captain Compensation to help us out.
That wont work in England.
So, based on OP's own posts, their system wont work, because deadlines are bound to be overrun anyway (after all, the fine wont deter anyone). So, the contract between buyer and seller wont be worth the paper it's written on, because it's bound to get broken by either party as the result of the inactivity of an external party.
Unless this s purely about stopping someone pulling out of a sale, in which case a deposit which, whilst annoying to lose, would only place added pressure on struggling FTB's, and be of far less consequence to those with more money. And, I imagine it could become a nice little earner for EA's if they could somehow play a part in that- think of all the fees involved when an LA takes a deposit from tenants.If it rains, it rains.
We'll be in the street, looking thunder in the face,
Singing la la la la la,
I wont change0 -
Seems like adopting the Scottish system would work great in the rest of the UK. Dunno why propertyfan is messing around with deposits when a perfectly good system already exists north of the border.
Its as though he doesn't realise we can also use the Scottish system, I wonder if he thinks we aren't allowed because we'd be accused of copying.
Dunno, but fart wins the discussion for me by a county mile, cheers fart!0 -
Off topic, but I do find it fascinating that propertyfan genuinely seems to think that we in Scotland are not part of the UK and seems unable to comprehend that England could in many ways learn a lot from Scotland. I don't know if it is genuine ignorance or just pettiness but it is mad that a perfectly workable way of doing things could be adopted - seems to be only because 'that's what those strange Scots do'.0
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In Spain, once a deposit is paid, if the buyer pulls out, the vendor is entitled to keep it, if the seller pulls out they have to pay the buyer twice the amount. There is six months to complete after the deposit is paid.
When we sold our Spanish house, there was a load of paperwork that had to be put right (on our part) and a chance that the mortgage might not be granted (on the buyer's part). Our solicitors arranged it so that no deposit was paid until both these things were fulfilled, so that if anyone pulled out it would be through choice and not due to circumstances beyond their control.
The buyer paid his deposit after both these things were finalised and completion was a week afterwards.
It suited both parties to do it this way.
I do know a couple who accepted a deposit, then the buyer was unable to get a mortgage so they kept it, it enabled them to pay off the mortgage on their Spanish home, so they took it off the market.
Just another way of doing things.(AKA HRH_MUngo)
Member #10 of £2 savers club
Imagine someone holding forth on biology whose only knowledge of the subject is the Book of British Birds, and you have a rough idea of what it feels like to read Richard Dawkins on theology: Terry Eagleton0 -
It's the same way of doing things, that's my point.seven-day-weekend wrote: »In Spain, once a deposit is paid, if the buyer pulls out, the vendor is entitled to keep it, if the seller pulls out they have to pay the buyer twice the amount. There is six months to complete after the deposit is paid.
When we sold our Spanish house, there was a load of paperwork that had to be put right (on our part) and a chance that the mortgage might not be granted (on the buyer's part). Our solicitors arranged it so that no deposit was paid until both these things were fulfilled, so that if anyone pulled out it would be through choice and not due to circumstances beyond their control.
The buyer paid his deposit after both these things were finalised and completion was a week afterwards.
It suited both parties to do it this way.
I do know a couple who accepted a deposit, then the vendor was unable to get a mortgage so they kept it, it enabled them to pay off the mortgage on their Spanish home, so they took it off the market.
Just another way of doing things.
The contract gives you the financial protection that a deposit does.
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Propertyfan is a dreamer, it isn't that way because for all its frustrations, it's the way it is for a reason, for the most, it works.
After all who comes to MSE to say " erm it all went fine, thanks"
The problems come from people
-Not being organised
-not doing some research before putting it on the market/buying
-not begin prepared
-insisting on conveyancing fees for less than a weekend away
And being more focused on lifestyle, kitchen and Ikea catalogs, blathering to their friends and "sourcing" than the biggest investment they will ever make and the home for their family.Stop! Think. Read the small print. Trust nothing and assume that it is your responsibility. That way it rarely goes wrong.
Actively hunting down the person who invented the imaginary tenure, "share freehold"; if you can show me one I will produce my daughter's unicorn0
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