Vendor wants £30k more

Mortgage_Mark_2

ConfusedofYorkshire wrote: »

Just thinking aloud, and I'm sure someone will give a million reasons way this shouldn't be done. But wouldn't it make some sense for the vendor to pay for a survey and for searches to be done? That way they can be used even if a buyer falls through with only one payment to the greedy money making people that make money out of house transactions.

The seller doesn't have to be out of pocket- the fees could be paid back by the buyer on exchange or completion or could be factored in to the price of the house.

That would help the vendor however it's highly likely that another survey would have to be conducted for the new buyer anyway, since the mortgage company only accept the survey report from their nominated firm (unless it's a Scottish property).

ConfusedofYorkshire

Mark_McBurney_CMME wrote: »

That would help the vendor however it's highly likely that another survey would have to be conducted for the new buyer anyway, since the mortgage company only accept the survey report from their nominated firm (unless it's a Scottish property).

Ah yes true. But this also seems like a bit of a con.I can understand why they wouldn't accept a valuation from any old person. But when it's companies like countrywide who seem to do the valuations I can't see why lenders shouldn't accept a valuation from a range of surveying companies.

Prothet_of_Doom

ognum wrote: »

Sorry to hear this. Sadly this is what happens in a fast rising market, some people just don't understand a'gentlemans agreement' and want all they can get.

I do believe in karma, if you treat people badly you will end up being treated badly. I'm not sure that is any conciliation to you though.

No not karma. these people's children end up paying more inheritance tax. That's all.

To the OP. If you think saying no is actually going to be a deal breaker anyway, and you are not prepared to up your offer, then do a smart-!!!! counter offer.

Offer formally in writting £30K less than the asking price. (Well they started it)

Or if you are really up for a laugh offer the same as you did, but with one of your children's Kidney's, and a night with your wife thrown in.

I mean if they are going to take the !!!!, you might as well do the same.

I've never seen anyone do this, but I imagine it would be funny to see if you had a hidden camera. :rotfl:

Or why not think about buying somewhere miles from London where £390K gets you 10 bedrooms and a 10 acre wood

Prothet_of_Doom

stanmoor wrote: »

This is his second property, so it's not like he's part of a chain or anything.

Really upset. I know there's nothing that can be done, but just wanted to vent to you guys.

And this is why they don't really care. If they wait 12 months, they'll 'make' another 20%, so may as well delay.

Pixie5740

googler wrote: »

Going back to the OP's situation, if a Scottish agent or solicitor acting for a seller had received an offer, accepted it, and the seller then wanted to accept an offer from another buyer, the solicitor would be obliged to disinstruct the seller (i.e. drop the seller like a hot potato). It's just not right.

What's not right about it? In Scotland once an offer has been accepted there is usually a period of negotiation between the solicitors for the buyer and the seller about the terms of the offer. During this time the sale is not legally binding and either side can break the agreement.

The sale of the property is not concluded until full agreement has been reached between the seller's solicitor and the buyer’s solicitor on the terms of the contract. This is achieved by a number of formal letters passing between the solicitors. This is technically known as ‘concluding the missives’. Once this stage is concluded neither the buyer nor the seller can break the agreement without having to pay compensation to the other party.

That seems fair to me.

googler

ConfusedofYorkshire wrote: »

Just thinking aloud, and I'm sure someone will give a million reasons way this shouldn't be done. But wouldn't it make some sense for the vendor to pay for a survey and for searches to be done? That way they can be used even if a buyer falls through with only one payment ....

With the exception of the searches, you've just described what happens in Scotland. Look up 'home reports scotland'. Works for us, and has done since Dec 2008.

rpc

getmore4less wrote: »

What constitutes a good "survey" it is possible to find something wrong with any property.

So you the buyer can withdraw or negotiate on the basis of the survey. "Good" is also usually taken as "satisfactory to my lender for the mortgage I need".

With Home Reports, subject to survey is far far less common but you can get "subject to finance" which means it's OK as long as the lender accepts it.

In Scotland, you effectively submit a draft contract as the offer. The terms are up for negotiation through a series of qualified acceptances, but by using standard terms and by giving the full contract up front the negotiation period is shorter. Until one party gives an unqualified acceptance, either party can withdraw.

There are also rules that require a solicitor to cease acting for a buyer/seller who acts immorally. Gazumping and gazundering aren't in themselves illegal in Scotland but your solicitor would have to decline to act if you tried it. That makes it rather harder to do.

googler

getmore4less wrote: »

What constitutes a good "survey" it is possible to find something wrong with any property.

>>>>> the buyer and their agents are the sole judges of what constitutes, for them, a 'good' survey.

The issue in this case is that someone has been delaying, 8 weeks in and no exchange of contracts if people have there act together should be done in <4weeks.

The issue is that the seller has committed to nothing when accepting the OP's offer. If the offer had been in writing, and an acceptance issued in writing, as part of the contract, it wouldn't have committed either party to proceed irrevocably, but it would have committed them to the terms they agreed upon in the offer and acceptance. See third para of #28, and my earlier posts.

Mallotum_X

Offer the extra, string it along for as long as possible without incurring any extra costs, and find somewhere else to buy.

googler

Mark wrote: »

That would help the vendor however it's highly likely that another survey would have to be conducted for the new buyer anyway, since the mortgage company only accept the survey report from their nominated firm (unless it's a Scottish property).

Well, if the lenders accept this scenario for Scottish properties, why wouldn't they accept the same if a similar system were adopted in E&W?