Offer acceptance on two properties

RS2OOO

Slinky said:

RS2OOO said:

Slinky said:

The Government may not be getting your £13K in stamp duty, but your friends will should be paying 20% VAT on their extensions, plus their builders will be are supposed to pay income tax and possibly corporation tax too.

There are many ways the Government has their hand in your pocket.

Corrected that for you.

Tongue in cheek admittedly.

I didn't pay VAT on my last extension (on the £17,500 labour), I asked about it, but the builders said they weren't VAT registered as they only do one or 2 a year (semi retired). In the months after completion I saw 3 or 4 extensions go up in my street, same builders!

Whether you paid VAT or not on the labour costs (naughty), I doubt you managed to avoid it on the materials.

Correct. I bought the materials.

googler

peterhjohnson said:

googler said:

A accepts offer.  In doing so, A accepts both the contract terms AND the entry date. 

So, does A accept the possibility that they won't find their next house in time and have to rent or be homeless?
And does B accept the possibility that they may not sell their current house in time and need a bridging loan?

There's always those possibilities, but since everyone is working toward the same end goal, i.e. completing on the agreed date of entry, there's none of the faff and delay that you get with the situation the person I quoted described.

Depending on market conditions, and the advice of their agents, sellers and buyers set entry dates appropriately; if B expects they will take longer to sell, they might make the offer to A with a "long" entry date. In a hyper-active market, where there's no difficulty selling at both ends of the transaction, 4-6 weeks is appropriate. 

There can be some to and fro to modify the terms, but the general principle is that most everything governing the transaction is set out in the offer and agreed at an early stage. 

lookstraightahead

googler said:

peterhjohnson said:

googler said:

A accepts offer.  In doing so, A accepts both the contract terms AND the entry date. 

So, does A accept the possibility that they won't find their next house in time and have to rent or be homeless?
And does B accept the possibility that they may not sell their current house in time and need a bridging loan?

There's always those possibilities, but since everyone is working toward the same end goal, i.e. completing on the agreed date of entry, there's none of the faff and delay that you get with the situation the person I quoted described.

Depending on market conditions, and the advice of their agents, sellers and buyers set entry dates appropriately; if B expects they will take longer to sell, they might make the offer to A with a "long" entry date. In a hyper-active market, where there's no difficulty selling at both ends of the transaction, 4-6 weeks is appropriate. 

There can be some to and fro to modify the terms, but the general principle is that most everything governing the transaction is set out in the offer and agreed at an early stage. 

Maybe the Scottish don't dither around in general anyway.

Slithery

googler said:

I've said this before in these forums, but E&W needs revision of the house buying and selling system to include most or all of the functionality of the Scottish system. We don't have any of this messing around up here. In short;

Party A puts property up for sale. 
Viewers look at it, and Party B puts an offer in.

This offer is in writing, and includes the offer price, the full contract terms which will apply to the the sale/purchase, and an Entry Date.  

A accepts offer.  In doing so, A accepts both the contract terms AND the entry date. 

Note that this is not their final commitment - there may be some to and fro to modify details, but I would suggest that the vast majority of sales go through without significant modification of terms, nor a change to the entry date. It's agreed in writing, right at the start. No haggling over contracts months down the line. No doubt about when each party will move. The entry date is agreed at the time the offer is accepted.     

Both parties then know exactly what is happening. A will move out and surrender the keys, and B will get the keys, on the entry date. That they both agreed on at the start.  

When does the survey happen? Can the buyer pull out without recourse of the property is falling down? Is there a 'standard' condition that a property has to be in before it can be bought and sold? Or does this depend on the age and type of property? Who decides this?

This was tried before with the HIP[1] and all we ended up with was the useless EPC[2] when the government had finished with it. Why would the major party donators want to only get paid once for a survey when they can get paid multiple times for the same thing?

[1} https://en.wikipedia.org/wiki/Home_Information_Pack

[2] https://en.wikipedia.org/wiki/Energy_performance_certificate#United_Kingdom

madurdar

The same situation here. Weird.

user1977

Slithery said:

googler said:

I've said this before in these forums, but E&W needs revision of the house buying and selling system to include most or all of the functionality of the Scottish system. We don't have any of this messing around up here. In short;

Party A puts property up for sale. 
Viewers look at it, and Party B puts an offer in.

This offer is in writing, and includes the offer price, the full contract terms which will apply to the the sale/purchase, and an Entry Date.  

A accepts offer.  In doing so, A accepts both the contract terms AND the entry date. 

Note that this is not their final commitment - there may be some to and fro to modify details, but I would suggest that the vast majority of sales go through without significant modification of terms, nor a change to the entry date. It's agreed in writing, right at the start. No haggling over contracts months down the line. No doubt about when each party will move. The entry date is agreed at the time the offer is accepted.     

Both parties then know exactly what is happening. A will move out and surrender the keys, and B will get the keys, on the entry date. That they both agreed on at the start.  

When does the survey happen? Can the buyer pull out without recourse of the property is falling down? Is there a 'standard' condition that a property has to be in before it can be bought and sold? Or does this depend on the age and type of property? Who decides this?

The survey happens before the property is marketed - it forms part of the Home Report (along with the EPC and the seller's questionnaire with other info about the property), which the buyer (and their lender) can rely on. So you can peruse the survey and other info before deciding whether to even bother viewing, and save the weeks/months which it seems to take the English to arrange valuations/surveys.

Of course it might recommend specialist reports etc, which the seller doesn't necessarily need to arrange, so you can end up with a delay if a buyer wants to get their own structural engineers etc in, but it's relatively uncommon. 

googler

Slithery said:

When does the survey happen?

Can the buyer pull out without recourse of the property is falling down?

Is there a 'standard' condition that a property has to be in before it can be bought and sold? Or does this depend on the age and type of property? Who decides this?

Before the seller puts the house on the market. Every house going to market must have a Home Report, which includes a standardised surveyor's report, seller's questionnaire, and EPC, before it can be advertised.   

A buyer can, if they wish, commission their own survey at any time before the sale/purchase is finalised, or their lender, if unfamiliar with the Scottish market, may insist on it, but in practice, the majority will go forward with acceptance of the standard Home Report

Buyer and seller may withdraw at any time before conclusion of missives, but they're unlikely to get to this point if the property is that bad. This would be apparent from both viewing and from the HR. 

 There's no 'standard' on this, any more than there is a 'standard' in E&W. Don't really get your question....

https://www.gov.scot/policies/homeowners/home-reports/

https://www.mygov.scot/buying-a-home

lookstraightahead

googler said:

Slithery said:

When does the survey happen?

Can the buyer pull out without recourse of the property is falling down?

Is there a 'standard' condition that a property has to be in before it can be bought and sold? Or does this depend on the age and type of property? Who decides this?

Before the seller puts the house on the market. Every house going to market must have a Home Report, which includes a standardised surveyor's report, seller's questionnaire, and EPC, before it can be advertised.   

A buyer can, if they wish, commission their own survey at any time before the sale/purchase is finalised, or their lender, if unfamiliar with the Scottish market, may insist on it, but in practice, the majority will go forward with acceptance of the standard Home Report

Buyer and seller may withdraw at any time before conclusion of missives, but they're unlikely to get to this point if the property is that bad. This would be apparent from both viewing and from the HR. 

 There's no 'standard' on this, any more than there is a 'standard' in E&W. Don't really get your question....

https://www.gov.scot/policies/homeowners/home-reports/

https://www.mygov.scot/buying-a-home

How does price work - do people haggle? 

user1977

lookstraightahead said:

googler said:

Slithery said:

When does the survey happen?

Can the buyer pull out without recourse of the property is falling down?

Is there a 'standard' condition that a property has to be in before it can be bought and sold? Or does this depend on the age and type of property? Who decides this?

Before the seller puts the house on the market. Every house going to market must have a Home Report, which includes a standardised surveyor's report, seller's questionnaire, and EPC, before it can be advertised.   

A buyer can, if they wish, commission their own survey at any time before the sale/purchase is finalised, or their lender, if unfamiliar with the Scottish market, may insist on it, but in practice, the majority will go forward with acceptance of the standard Home Report

Buyer and seller may withdraw at any time before conclusion of missives, but they're unlikely to get to this point if the property is that bad. This would be apparent from both viewing and from the HR. 

 There's no 'standard' on this, any more than there is a 'standard' in E&W. Don't really get your question....

https://www.gov.scot/policies/homeowners/home-reports/

https://www.mygov.scot/buying-a-home

How does price work - do people haggle? 

If you like! If there's more than one potential buyer at one time then it will generally go to a closing date ie sealed bids, but if you're the only interested party you are free to negotiate. 

F37A

eidand said:

First thing to do is to pay the £3 on land registry website and download the lease. Nobody needs to give you anything, OP.

If you're ok with what the lease says then make the offer on the second property and if accepted, tell the first vendor that you changed your mind for now and might consider their property in the near future. That's it.

Honesty and integrity above anything else. We can't control what other people do but we can control what we do. This is my advice.

Cannot find the lease on Land registry. Paid the £3 but doesn't look like a lease. I'm expecting it to be longer than a few pages. Someone else told me the lease is non public info that I have to request from vendor