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Debate House Prices


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Comments

  • pwllbwdr
    pwllbwdr Posts: 443 Forumite
    Part of the Furniture Xmas Saver!
    shortchanged wrote: »
    Yes but as far as I'm concerned acceptance of an offer should form part of a pre exchange contract

    A contract applying to the period before the contract is exchanged? Rather complicates matters doesn't it?
  • MFW_ASAP
    MFW_ASAP Posts: 1,458 Forumite
    shortchanged wrote: »
    there needs to be a recordable and traceable system in place in order to make such things as phantom offers etc illegal. At the end of the day the house buying system in this country is too cloak and dagger and far too easy to manipulate and temptation to lie is far too great.

    Opening up the discussion somewhat, would you extend your housing legislation to also cover the valuation of houses to prevent them being over or undervalued depending on the VI of the valuer?
  • shortchanged_2
    shortchanged_2 Posts: 5,546 Forumite
    pwllbwdr wrote: »
    A contract applying to the period before the contract is exchanged? Rather complicates matters doesn't it?

    Maybe. But at what point does an agreement become legally binding?

    Isn't a verbal agreement legally binding? Should the acceptance of an offer not form some part of a legal contract?
    Why are we here?......................because we are not all there.
  • MFW_ASAP
    MFW_ASAP Posts: 1,458 Forumite
    shortchanged wrote: »
    Maybe. But at what point does an agreement become legally binding?

    Erm, at the point the signed contracts are exchanged?

    It's not rocket science.
  • Carl31
    Carl31 Posts: 2,616 Forumite
    Ninth Anniversary 1,000 Posts Name Dropper Combo Breaker
    MFW_ASAP wrote: »
    Erm, at the point the signed contracts are exchanged?

    It's not rocket science.

    is that strictly true? a contract is form on acceptance of an offer, there doesnt necessarily need to be paper involved
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    shortchanged wrote: »
    Maybe. But at what point does an agreement become legally binding?

    Isn't a verbal agreement legally binding? Should the acceptance of an offer not form some part of a legal contract?



    No, a verbal agreement is not legally binding when it applies to property.

    The problem with making changes is all in the detail of how any new law would work

    -would it apply equally to buyer and seller
    -how would it work if a problem arose with survey
    -how would it work in a chain?
    -what would happen if the mortgage company did confirm the mortgage even if there was a in principle offer

    etc
  • shortchanged_2
    shortchanged_2 Posts: 5,546 Forumite
    MFW_ASAP wrote: »
    Erm, at the point the signed contracts are exchanged?

    It's not rocket science.

    Which is of course fair enough renoman if neither parties can lose out financially up to this point. However as there are costs involved up to this point there really should be more financial protection for both buyers and sellers.
    Why are we here?......................because we are not all there.
  • shortchanged_2
    shortchanged_2 Posts: 5,546 Forumite
    CLAPTON wrote: »
    No, a verbal agreement is not legally binding when it applies to property.

    I know that is currently the case. What I'm saying is that it should be to a certain extent.
    Why are we here?......................because we are not all there.
  • CLAPTON
    CLAPTON Posts: 41,865 Forumite
    10,000 Posts Combo Breaker
    shortchanged wrote: »
    I know that is currently the case. What I'm saying is that it should be to a certain extent.



    sounds similar to being a little bit pregnant


    I don't disagree in principle but the detail is all important
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