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Davo453

The UK house selling system

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This is just a complaint about the status quo really can't do anything about it just wait.

Anyway we bought and sold homes and other property in Australia maybe 10 or 12 times before we came to the UK. It was relatively easy really and never took more than 6 weeks in some cases as little as 2 weeks.

So now we are selling up in the UK to go home, our house has been "Sold subject to Contract" for nearly 10 weeks. It sold very quickly and all looked good for a quick settlement, then the solicitors get involved and it drags and drags. It doesn't matter how much you pester them they will not be hurried. If one solicitor sends a letter to another expecting a reply it is about a week to move on to the next stage.

Then all of a sudden just as we are about to exchange contracts someone early on in the chain has their mortgage knocked back! I mean we are talking 10 weeks in here they must have applied for it sooner than this. So something else has gone on maybe a bit of gazumping or something. 

So now we wait while they apply again to another mortgage company. All of a sudden it looks a lot like we will be spending another winter in this joint something we really wanted to avoid..

Everyone here agrees that the chain system and the delay before (and practical none existence of) unconditional contracts is a terrible system but it has apparently been like this for ever. The only winners in this are the solicitors and surveyors if we pull out now we still have to pay them the full fee. Come on UK fix it it's too late for us but fix it for heaven's sake this is torture.

 

 

 

 

 

 

 

 

 

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Your absolutely right, it's utter nonsense here in the UK. You can easily end up with considerable legal costs and no guaranteed sale at the end of it.  Until you Exchange contracts anyone can do what they like.

Im dreading selling up here, so it would be nice to do it once and for all...

Wishing you the best of luck (luck as that's what it boils down to!)

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Leigh Coombs  | IT Professionals and Accountants working together

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7 minutes ago, Leighbee98 said:

Your absolutely right, it's utter nonsense here in the UK. You can easily end up with considerable legal costs and no guaranteed sale at the end of it.  Until you Exchange contracts anyone can do what they like.

Im dreading selling up here, so it would be nice to do it once and for all...

Wishing you the best of luck (luck as that's what it boils down to!)

It amazes me the UK seem to think they are world leaders in so many things, my major observation after living here for 10 years is that they are pretty rubbish at administration be that housing, social security, the law, government, Industry standards policing even politicians expenses.

Australia is a bit too good at it in many ways not perfect by very far as we are over governed but better at it generally.

I just want to go home and not feel bitter about my time in the UK but this is beginning to feel like i'm trapped.

 

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Can feel your pain @Davo453! Yes, the UK system baffles me and not sure how it has remained like this for so long.

Hope the chain comes to fruition for you soon!

Cheers
Carol


MFAA Finance Broker

Vista Financial Services Pty Ltd

P | +61 8 8381 7177 W | www.vistafs.com.au

Credit Representative No. 506912 | Centrepoint Alliance Lending Pty Ltd | Australian Credit Licence No. 377711

Please note that I don’t know absolutely all the ins and outs of your current financial situation yet, so my comments are general in nature and for educational purposes only.

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It is ludicrous. I have just bought 2 properties and it has aged me. No chain in either case but still had to ride the conveyancers like a rodeo bull!

Prefer the Australian system without a doubt. My final sale over there was the worst experience I had with property over there I must admit but overall much more structured and timely.

Good luck.

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A bit of good news today the buyer (the one holding things up) have had their mortgage approved, so with a good lump of luck maybe next week for contract exchange.

Might get my life back then 😣

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