Why do people lie!!! so upset!!!!

coal9011

I blame solicitors. They are dealing with to many clients at the same time and as a consequence the majority of matters get dealt with at the 11th. hour! Half of the time they don't know what planet they are on!

You can bet your bottom dollar that if anything needs doing for them - or for a member of their family - that it's done "right" and "in plenty of time!"

Flopsy

What happened to the 10% desposit that is usually paid when contracts are exchanged?

delboypass

Come on people...

I never never sold a house or bought a house in my life (thanks to gordon brown no more boom or bust double house prices in 10 years credit boom)

BUT

i still know that in England your house is no sold until you have exchanged...

No sympathy for the poster as everyone knows this is the case..

Example...i know 1 flat where it almost went to completion 3 times.

Irritating i know but thats the system.

Yes in Scotland it is different but doesnt really help the poster to point out the obvious between the 2 either.

DaggaDagga

There's a less delicate discussion about this thread going on here:

http://www.housepricecrash.co.uk/forum/index.php?showtopic=57991

It's a bit of a "the world is ending" cult at this site, although there is some useful information there if you can ignore the nutters.

Alternatively, for a more intelligent discussion about the impending property crash, try www.GlobalHousePriceCrash.com, also at www.ghpc.co.uk

My opinion is that you're better trying to persuade your original buyer to continue buying it, even if you need to offer a discount to persuade them. An auction would take time and would bring in less money. Try to put any emotional issues aside (although it is difficult), and treat it purely as a business issue. They won't want to buy it if you have a go at them.

Ems*Honie

delboypass wrote: »

Come on people...

I never never sold a house or bought a house in my life (thanks to gordon brown no more boom or bust double house prices in 10 years credit boom)

BUT

i still know that in England your house is no sold until you have exchanged...

No sympathy for the poster as everyone knows this is the case..

Example...i know 1 flat where it almost went to completion 3 times.

Irritating i know but thats the system.

Yes in Scotland it is different but doesnt really help the poster to point out the obvious between the 2 either.

And how is your post helpful?

It's very easy to know how something works on paper, and unless you go through it yourself then it is easy to be blase about someone elses bad luck, but even then I find it a bit cold that you would post on a thread just to point out your lack of sympathy for a situation that is very soul destroying when you actually go through it. I have never had a sale fall through but the OP has my sincere sympathy because I have emphathy for the situation she is in and the frustration and heart break and of course stress that its causing them.

Canada is an amazing place OP, I hope you get there soon. Where abouts will you be? I hope everything gets sorted for you soon x

merlinthehappypig

I keep seeing all these references to the Scottish system and how it is better. Yes it is a little different, but it's not brilliant. Broadly speaking you exchange earlier, but with less protection, at that stage, than you get in the English system. It wouldn't have avoided this situation, but it would have come to light earlier.

When your offer is accepted there is a period of two to three weeks for missives to be exchanged during which either party can pull out, without penalty, in the same way that the buyer for the OP did. Offers are not legally binding, as the English media would have you believe.

Gazumping is entirely possible. We sold at 20% over asking price after going to a closing date. The next day, one of the unsuccessful bidders upped his offer to 25% over asking price. We were advised that despite going to a closing date there was no legal barrier whatsoever to going with the increased offer, we just had to change solicitors as it was 'contrary to custom and practice'. (In the end we stayed with the original buyer)

Even after the bargain is concluded (after missives have been completed, similar to exchange of contracts in England) there is nothing to stop either party pulling out, but you can be sued for breach of contract. This isn't as easy or straightforward as it seems and, unlike in England, there is no instant compensation by way of a forfeited deposit, as deposits aren't part of the Scottish system.

Any significant change in the status of a local search after the bargain is concluded and before completion, gives a buyer the right to withdraw from the purchase penalty free.

There are elements in both English and Scottish systems which are good, but also some that are poor. The Scottish system certainly isn't the housebuying nirvana that it is widely held up to be.

brasso

DaggaDagga wrote: »

There's a less delicate discussion about this thread going on here:

...Alternatively, for a more intelligent discussion about the impending property crash, try www.GlobalHousePriceCrash.com, also at www.ghpc.co.uk

I agree that GHPC is a decent site. Much better than the nutters at the other place.

liz_bartun

worrypants wrote: »

Have thought about letting but cant really we need the equity out and wouldnt think halifax will allow us to convert to buy to let mortgage as our income mutiple is not high enough to voer mortgage( husband changed jobs since we bought this house in Feb this year, now he doesnt hae a job at all!) We have a little bit of other income but not a lot.

Hi worrypants. As far as I'm aware, income multiples don't come into the equation for buy to let mortgages. As long as the rent you can achieve covers the interest on the loan (plus a bit extra) there shouldn't be a problem. It may be worth speaking to the Halifax about this as an option.

Good luck whatever you decide to do, Liz.

PROFESSIONAL_LANDLORD

chriseast wrote: »

I keep seeing all these references to the Scottish system and how it is better. Yes it is a little different, but it's not brilliant. Broadly speaking you exchange earlier, but with less protection, at that stage, than you get in the English system. It wouldn't have avoided this situation, but it would have come to light earlier.

When your offer is accepted there is a period of two to three weeks for missives to be exchanged during which either party can pull out, without penalty, in the same way that the buyer for the OP did. Offers are not legally binding, as the English media would have you believe.

Gazumping is entirely possible. We sold at 20% over asking price after going to a closing date. The next day, one of the unsuccessful bidders upped his offer to 25% over asking price. We were advised that despite going to a closing date there was no legal barrier whatsoever to going with the increased offer, we just had to change solicitors as it was 'contrary to custom and practice'. (In the end we stayed with the original buyer)

Even after the bargain is concluded (after missives have been completed, similar to exchange of contracts in England) there is nothing to stop either ract.party pulling out, but you can be sued for breach of cont This isn't as easy or straightforward as it seems and, unlike in England, there is no instant compensation by way of a forfeited deposit, as deposits aren't part of the Scottish system.

Any significant change in the status of a local search after the bargain is concluded and before completion, gives a buyer the right to withdraw from the purchase penalty free.

There are elements in both English and Scottish systems which are good, but also some that are poor. The Scottish system certainly isn't the housebuying nirvana that it is widely held up to be.

In Scotland if you have assets you can be hunted down to make good any losses incurred ,4% above BOE rate is usual, I took £15000 (legal fees paid )from a LIAR, was a long and grinding process though.

nollag2006

DaggaDagga wrote: »

There's a less delicate discussion about this thread going on here:

http://www.housepricecrash.co.uk/forum/index.php?showtopic=57991

It's a bit of a "the world is ending" cult at this site...

Too true !
:rolleyes:

That lot have been praying for a houseprice crash since the site opened 5 years ago. Much like the Jehovah's Witnesses predicting the end of the world, one day they might be right... but I wouldn't bank on it any time soon !

:rotfl: