Is the whole property buying process too complicated?

Speedbird676

The process is also much more straightforward in Australia. My partner was completely baffled about the process here, especially the part where either party can pull out without penalty (except costs incurred) up until exchange.

Over there, when you make an offer you make the offer with a settlement (their word for completion) date. You can make the offer subject to finance, in which case the only reason you can pull out is if you're unable to obtain a mortgage by a set date, and you would have to provide evidence from your lender that you've been turned down. Failing that it is a binding purchase with penalties on both sides for pulling out.

Everything moves much quicker from offer to settlement.

Sandtree

Timbosaurus said:

In Sweden, the estate agent can act as conveyancer to both sides.  They have a duty of care to both, and disclose all relevant facts to both parties.  I've completed within 14 days of offer over there.

In general you can have transaction counsel in the UK too but it means you lose having someone explicitly advising you. This can be fine in either low value transactions or where you've two experience counterparties. In commercial terms house buying typically isnt a very large transaction but for private individuals it normally is a big thing and most won't have bought the large number of properties to be happy forgoing the advice. 

Scotbot

AdrianC said:

How would you like to shorten it?
What would you choose to omit?

Yes, you could transfer some of it to the vendor... that's been tried before, with HIPs. They didn't work.

They do in other countries albeit with a different process. I have bought and sold in a system where for an offer to be accepted the deposit has to be paid within 24 hours and a legally binding completion date agreed. This shortens the timeline and removes uncertainty. However the legal contract has to be drafted before the house is put on the market and reviewed before the offer put in. The buyer pays for the surveys both parties pay legal costs up front.
It is still very stressful for buyers who can pay several hundred pounds for survey and legal review but not get the house if the offer is not accepted
 Because there is no chain the seller has the stress of buying before selling with a bridging loan or finding temporary accommodation. Usually the  latter as there are more short term rentals since there is s market for it.
On balance I prefer thst system 

davidmcn

Bear in mind another complication (compared with other countries) is the (particularly English & Welsh) obsession with chains. If the norm isn't to try to stitch together a bunch of transactions so that they all occur simultaneously, it makes things much simpler and quicker.

RelievedSheff

davidmcn said:

Bear in mind another complication (compared with other countries) is the (particularly English & Welsh) obsession with chains. If the norm isn't to try to stitch together a bunch of transactions so that they all occur simultaneously, it makes things much simpler and quicker.

There would need to be a much bigger supply of short term rental properties for chains to become a thing of the past in England and Wales.

in_my_wellies

Much simpler in NZ too.
My niece saw a property go on the market on a Thursday am, veiwed pm. Offered Friday am, accepted pm. Moved in the following Friday 

Scotbot

davidmcn said:

Dare I say it, I suspect much of the problems come from the "money-saving" attitude of the punters - if you want cheap mortgages / surveys / conveyancing, then the providers are all going to cut down their level of service (and extend their turnaround times) to match. 

It has always struck me as foolhardy to spend hundreds of thousands on a property then save a couple of hundred on conveyancing. Sometimes you get what you pay for and when it comes to such a large purchase I don't want to cut corners on the legal stuff which, although completely  boring, is extremely important IMO.

Thrugelmir

RelievedSheff said:

davidmcn said:

Bear in mind another complication (compared with other countries) is the (particularly English & Welsh) obsession with chains. If the norm isn't to try to stitch together a bunch of transactions so that they all occur simultaneously, it makes things much simpler and quicker.

There would need to be a much bigger supply of short term rental properties for chains to become a thing of the past in England and Wales.

Or property is traded through holding agents. Though penny pinching individuals would baulk at the handling fees. 

p00hsticks

Speedbird676 said:

The process is also much more straightforward in Australia. My partner was completely baffled about the process here, especially the part where either party can pull out without penalty (except costs incurred) up until exchange.

Over there, when you make an offer you make the offer with a settlement (their word for completion) date. You can make the offer subject to finance, in which case the only reason you can pull out is if you're unable to obtain a mortgage by a set date, and you would have to provide evidence from your lender that you've been turned down. Failing that it is a binding purchase with penalties on both sides for pulling out.

So at what point is the survey done ? Is the seller obliged to make a recent one available to any potential purchaser ? Or is the potential purchaser expected to have one done before offering on the property (in which case it sounds similar to the process of buying in auction over here) ?

As far as I can see, the opportunity to survey a property once an offer is made, and to potentially withdraw from the purchase or renegotiate the price if that survey throws up faults in the property that weren't obvious beforehand, is one of the main causes of purchases taking a long time and/or falling through in this country. But as a lay person, I wouldn't be prepared to buy a property without one. 

AskAsk

i find the delay is with the solicitors.  they have too many clients and so you have to wait in line for them to get round to your transaction.  it would be better if they charge more and take on more staff to work faster.