Government proposes sensible homebuying reforms?

RelievedSheff

https://forums.moneysavingexpert.com/discussion/comment/82047096#Comment_82047096

"The problem with the current system is that every buyer has to get their own searches and survey"

This will likely be the same with the new system. Mortgage companies are most likely going to request their own searches and surveys rather then relying on ones provided by the vendor.

"Solicitors want their money even is a sale falls through"

And that will still be the case. Do you work for nothing?

"Literally everything falls on the buyer who could be £1,000's out of pocket"

When sales fall through everyone involved in the chain loses money, not just one buyer.

jez9999

https://forums.moneysavingexpert.com/discussion/comment/82047090#Comment_82047090

This is such a ludicrous sentiment. Because some people got lucky with the current system we should just ignore all its failing and the many people who've had a nightmare under it. No, the correct solution instead is to just accept how awful it is. I can't really say on this forum what my opinion is towards this attitude. All I can say is, I hope the rest of us get a reformed system despite people like you and your stubbornness.

mta999

https://forums.moneysavingexpert.com/discussion/comment/82047509#Comment_82047509

You do seem to have a strong opinion on the subject but having a strong opinion does not mean that you all right and others are wrong

Section62

https://forums.moneysavingexpert.com/discussion/comment/82046715#Comment_82046715

I wasn't suggesting that, no.

I'm suggesting that having some 'solutions' (HIPS and AI) doesn't result in good policy making unless the problem to be fixed has first been understood and a causal chain can be demonstrated which shows the 'solution' stands a reasonable chance of resolving the problem, but critically, without creating unforeseen or unwanted secondary effects.

So yes, there is a need to ask whether waiting 5 months for the average sale and 1/3rd of chains falling through are really problems which need fixing.

Why do 1/3rd of chains fall through? The answer is likely to be "for all kinds of reasons". In which case, is the proposed solution going to do more harm than good?

user1977

Mortgage companies are most likely going to request their own searches and surveys rather then relying on ones provided by the vendor.

Why would they, when the same lenders accept them in Scotland?

jez9999

https://forums.moneysavingexpert.com/discussion/comment/82047585#Comment_82047585

At least earlier commitment to the purchase would stop the reason of "some idiot getting cold feet", a reason I'd be more than willing to prohibit by law.

Section62

https://forums.moneysavingexpert.com/discussion/comment/82047597#Comment_82047597

The problem is one person's "some idiot getting cold feet" could be another person's "vulnerable person being pressured to sell" or "suddenly bereaved person for whom the move no longer makes sense".

If you want to lump somebody in distressing circumstances into the category "some idiot getting cold feet" then you can probably produce some workable legislation. If not, you need to devise legislation which allows for different circumstances.

So what percentage of the 1/3rd chains that fall through do so as a result of "some idiot getting cold feet"?

jez9999

https://forums.moneysavingexpert.com/discussion/comment/82047611#Comment_82047611

Other Countries Make This Work Just Fine.

That's all the evidence I need to bat away anyone raising objections to it.

Section62

https://forums.moneysavingexpert.com/discussion/comment/82047624#Comment_82047624

Other countries have different legal systems.

If you were arguing that the English/Welsh property ownership and transaction system should be replaced in its entirety by the Sottish system then you might have a point.

But arguing that something which works elsewhere - where the law, custom and practice are different - and can simply be grafted onto the English/Welsh system without grounds for objection, suggests a possible lack of understanding of legal systems that renders the batting a duck.

sheramber

Egland and Wales introducd the Home Information Pack in 2007 but it was abandoned in 2010.