vickster
Legendary Member
Why not buy an older house?
In The Process Of Buying A Traded-in House, Slightly Confused?
- Thread starter Cletus Van Damme
- Start date
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OP
OP
Cletus Van Damme
Previously known as Cheesney Hawks
- Location
- Out in the sticks...
They always seem to have issues, the ones I have looked at. There's so little choice at the moment. It may be a good idea to pull out of this as I might get a bargain, due to all the uncertainty, but then again it's not much good if there is little choice to buy..
steveindenmark
Legendary Member
I have bought 22 houses and have had no problems. I work on the principle that if it doesnt feel quite right. Then it isn't right. I trust my instincts.
Also, if I dont enjoy the buying/selling process, again I feel something isn't right.
I could not happily live in a house that I was being bullied and cajoled into buying.
Hand over 100k in these circumstances
Not a hope in hell. There are too many warning flags.
Even if it all works and you move in. Its not the nicest way to buy your new home.
Also, if I dont enjoy the buying/selling process, again I feel something isn't right.
I could not happily live in a house that I was being bullied and cajoled into buying.
Hand over 100k in these circumstances
Not a hope in hell. There are too many warning flags.
Even if it all works and you move in. Its not the nicest way to buy your new home.
Beebo
Firm and Fruity
- Location
- Hexleybeef
The regulations for solicitors holding client money is tightly controlled by the SRA. Some companies refuse to hold money because it is so onerous.
Make sure that the account you pay the money in to has the word “client” in the name to ensure it is going to the client account not the general account. The money will be safe in a regulated client account.
https://www.sra.org.uk/solicitors/handbook/accountsrules/part4/content.page
Make sure that the account you pay the money in to has the word “client” in the name to ensure it is going to the client account not the general account. The money will be safe in a regulated client account.
https://www.sra.org.uk/solicitors/handbook/accountsrules/part4/content.page
Buying a house happens in four stages:
The only thing that seems odd in this case is the amount of the deposit. If it's more than 10%, ask the trainee solicitor why. If he/she can't explain in terms that you find acceptable, ask to speak to the senior partner or the head of conveyancing.
The lack of a fixed completion date is normal if buying in a traded property since the builder doesn't know for definite when the house will be ready. It's the same if you buy a new house. The occupants of the house you are buying are not going to move out for a fortnight while they wait for their new house to be ready.
If either of those points bothers you, then just walk away and pay your solicitors' costs and chalk it up to experience.
- You ind a house you want to buy.
- Your solicitor checks that it doesn't have any conditions that make it a bad buy.
- You exchange contracts at which point you are bound to buy it. Just before, you pay a deposit which is usually 10%. You don't get it back if you decide not to buy or the house burns down (for instance). The date or latest day it becomes yours (date of completion) is set.
- You complete the deal i.e. you pay the rest of the money and the property is yours.
The only thing that seems odd in this case is the amount of the deposit. If it's more than 10%, ask the trainee solicitor why. If he/she can't explain in terms that you find acceptable, ask to speak to the senior partner or the head of conveyancing.
The lack of a fixed completion date is normal if buying in a traded property since the builder doesn't know for definite when the house will be ready. It's the same if you buy a new house. The occupants of the house you are buying are not going to move out for a fortnight while they wait for their new house to be ready.
If either of those points bothers you, then just walk away and pay your solicitors' costs and chalk it up to experience.
EltonFrog
Legendary Member
I have bought and sold 10 houses, I have never paid or asked for deposit on any of them. I’d walk away from this deal.
Your solicitor is supposed to be acting for you, your paying the fees you give the instructions.
OP you need to take control of this situation or walk away from it.
Your solicitor is supposed to be acting for you, your paying the fees you give the instructions.
OP you need to take control of this situation or walk away from it.
nickyboy
Norven Mankey
- Location
- You want hills? We got hills
In all negotiations you need to work out who you're negotiating with and whether they have the ability to move their position or not
Your suggestion is to negotiate with Taylor Wimpey (the solicitor is just passing on TW's terms to the OP)
TW last year had a turnover of £4bn and made profits of £800m. Do you think they will modify their terms of sale to the OP? It's not in TW's interest to create a precedent and they'd rather walk from the deal than do that
Hicky
Guru
I went through the house buying process for the 6th time 6 months ago but the first time for my Ms. Her standing statement is we will never move again.
I tried to warn her of some of the pitfalls and problems, if truth be told it was very painless from my previous experience.
Note the house is over 100 years old, my previous house(which I still own) is 250 years old.
I echo that if something doesn't feel right then either investigate or walk, the only real question that needs answering, is it the "home" you want....if so then persevere. Good luck.
I tried to warn her of some of the pitfalls and problems, if truth be told it was very painless from my previous experience.
Note the house is over 100 years old, my previous house(which I still own) is 250 years old.
I echo that if something doesn't feel right then either investigate or walk, the only real question that needs answering, is it the "home" you want....if so then persevere. Good luck.
It sound OK to me if you want the house and are prepared to wait. Ensure your solicitor is keeping the money safe and correctly. The only thing I'd be looking at is whether there's clauses in the agreement to allow an out if TW goes bust or into administration, that kind of thing.
The solicitor I used for two house purchases, did go under for some nefarious reason, not when I was using him but someone I know was in the middle of completing a house with him. They couldn't complete because of it but did get their money back.
I think it's normal to be nervous though, it's a lot of money, a big liability if it did go wrong, which doesn't sound likely but just get some more advice if you need it, someone else to read the contract.
The solicitor I used for two house purchases, did go under for some nefarious reason, not when I was using him but someone I know was in the middle of completing a house with him. They couldn't complete because of it but did get their money back.
I think it's normal to be nervous though, it's a lot of money, a big liability if it did go wrong, which doesn't sound likely but just get some more advice if you need it, someone else to read the contract.
It's normal to pay a deposit of usually 10% on exchange of contracts. Might your memory be playing you tricks or are you the 1 in 1m housebuyers who has never had to do this?
I didn’t suggest anything if the sort.[/QUOTE]
That's a shame because TW are the vendor so there isn't any point negotiating with anyone else. You do it via your solicitor.
EltonFrog
Legendary Member
It is isn't normal in my experience, I have never paid a deposit, and do not know anyone who has. My first house I was asked if I had a deposit, I told them I didn't and that was that.
OP
OP
Cletus Van Damme
Previously known as Cheesney Hawks
- Location
- Out in the sticks...
Thanks for all the advice by the way. Always get good advice on here, not patronising like some forums can be that specialise in a certain subject.
I work with a guy from Scotland, as I live near Carlisle. He said this would never happen up there. They seem to have a way better system than England. Seller pays for survey, that is valid for 6 months, the buyer can see this before putting an offer in, once signed for, you are locked in a contract. Just seems a total minefield in England..
I work with a guy from Scotland, as I live near Carlisle. He said this would never happen up there. They seem to have a way better system than England. Seller pays for survey, that is valid for 6 months, the buyer can see this before putting an offer in, once signed for, you are locked in a contract. Just seems a total minefield in England..
