In reply to m0unt41n:
I just sold a house a few months ago and it's anything but rosy from the sellers side
> As a buyer I have to prove to the Estate Agent that I can afford to buy the house, whether from a mortgage offer and equity in a sale or proof of funds.
This is fair play, stops time wasters
> As a seller I do not even have to prove I own the house let alone whether I really want to sell it.
Land registry shows who owns it
> As a buyer I have to pay for searches and examination of whatever claims the seller is making.
I had to prove the claims I made including taking out an indemnity policy to cover a wall that was removed about 30 years ago without approval from building control.
> As a seller I can just put “not known” against anything I can’t be bothered to answer or find out.
I was unable to provide a FENCA certificate for the double glazing (lost it) so I had to track it down on the national register. Also had to pay for a full electrical inspection
> As a buyer I have to put down a 10% deposit on exchange which not only will I lose if I do not complete but I can be hammered for other sellers loses in the chain.
As far as I know my buyer didn't have to do this, I certainly didn't get it or see and reference to it
> As a seller I have to repay eventually the buyers 10% and I will have to pay my buyers actual costs but whilst they could try and take action to make me to complete they are very unlikely to do so.
See my comment above
> As a buyer it would be a disaster from which I would be stuffed. Understandable since I entered into a “binding” contract.
> As a seller I can walk away without it being a disaster and two fingers to the word “binding”.
It would have been a disaster to us too, paying a mortgage and 2 lots of council tax and 2 lots of insurance was hitting our savings hard, had the buyer dropped out and the process started again it would have come close to flattening us.
> As a buyer I am currently pretty pissed off with the whole crazy system.
Yes the entire system from both sides is crap and as a seller we got raped for fees.
> Thanks for reading
> Rant over.