England vs Scotland House Purchase Process
Discussion
Does anyone know why England doesn't adopt the Scottish approach to house buying and selling?
My understanding is that in Scotland the survey is instructed by the seller and then the seller makes available an information pack for any potential buyers. Any offer is then legally binding.
Our chain has just collapsed (although is possibly recoverable), and I cannot fathom why England doesn't adopt the Scottish approach, it seems like common sense to me?
My understanding is that in Scotland the survey is instructed by the seller and then the seller makes available an information pack for any potential buyers. Any offer is then legally binding.
Our chain has just collapsed (although is possibly recoverable), and I cannot fathom why England doesn't adopt the Scottish approach, it seems like common sense to me?
My recent experience with Buying in Scotland is a bit mixed. In my opinion, once the sale/purchase has been agreed and signed for in Scotland, which can still take some time and be subject to numerous conditions ('get out clauses'), then it seems to work. However, in a buoyant market, the Offers Over system can lead to very aggressive bidding resulting in big gaps between first and other bids (I know, only bid what you think it is worth, etc.). Also, in our case, despite having had an offer 'accepted', we were still gazumped and ended up rebidding a few days later.
Sorry for your anguish and annoyance at being messed around. My opinion is that it seems to be par for the course in house buying/selling, irrespective of where the transaction takes place.
Good luck with future efforts.
Sorry for your anguish and annoyance at being messed around. My opinion is that it seems to be par for the course in house buying/selling, irrespective of where the transaction takes place.
Good luck with future efforts.
the scottish system does seem a bit 'better' than the english system, but as mentioned it does have its issues.
offers over being a big one- location has a big impact on this, but in edinburgh a property advertised at 'offers over' £200k, will probably have a mortgage valuation of £220k. but due to supply/demand in edinburgh, the property will sell for anything from £220k to £250k!! even though your max mortgage/lending would only be £220k.
you can pull out of a deal until 'conclusion of the missives'. usually offers are made here ' subject to.......' numerous get out clauses. so our recent house purchase only concluded missives 1.5wks before exchange date.
gazumping can still kinda happen, busy property areas will usually go to a closing date, but as mentioned people can still try and wrangle a higher bid. doesnt happen all that often, but still a possibility.
it is a slightly better system, but it does have its flaws.
offers over being a big one- location has a big impact on this, but in edinburgh a property advertised at 'offers over' £200k, will probably have a mortgage valuation of £220k. but due to supply/demand in edinburgh, the property will sell for anything from £220k to £250k!! even though your max mortgage/lending would only be £220k.
you can pull out of a deal until 'conclusion of the missives'. usually offers are made here ' subject to.......' numerous get out clauses. so our recent house purchase only concluded missives 1.5wks before exchange date.
gazumping can still kinda happen, busy property areas will usually go to a closing date, but as mentioned people can still try and wrangle a higher bid. doesnt happen all that often, but still a possibility.
it is a slightly better system, but it does have its flaws.
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