Differences in Buying a Home in the US vs England - Our Experience Buying a Flat in the UK

In this video we discuss some of the many differences between buying a home in the US vs. in England. We have purchased 20 houses in our 32 years of marriage… most of them were in Texas, but one was in Gloucestershire, England! Join us for a chat about what is different, difficult and surprising!
Please SUBSCRIBE for more discussions about all things British and videos of our adventures in the UK! Cheers! XX Dara and Ian
Chapters:
0:00 Intro
1:56 Making an Offer
3:38 Length of Time to Complete a Transaction
3:58 Different Terms
7:03 Professionals Involved in Transaction
9:58 Fees and Commissions
11:42 Websites of Homes for Sale
13:54 New Laws in the US
16:28 Fall-Through Rates
19:34 Advocating for the Buyer
21:16 Seller’s Disclosure
Here are links to other relevant videos:
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Why We Love Cheltenham - • Cheltenham: 10 Reasons...
Flat Tour from 2020 - • A Tour of my Flat in E...

[@maryringler2361]

Yep! I just helped my son buy a house in England. It took nine months! I could not believe it. But the good news is the home has an annex and I Can now live in England for part of the year and the USA the other part. We just moved in this past week.

[@MagentaOtterTravels]

That is so exciting! Congratulations to both of you! That sounds like an ideal set up! What part of England?

[@maryringler2361]

@@MagentaOtterTravels Sonning Common outside of Reading

[@MagentaOtterTravels]

@@maryringler2361 wonderful! I hope you really enjoy your new home ❤️

[@fizzyridertoo]

@@maryringler2361 That's a nice place and there's so much in that area. The local beer (Brakspears) is made in Henley-on-Thames which is such a picturesque town. Lots of celebrities in that area and I'm sure someone will point out George Harrison's stunning house. I'm in the process of helping my son buy his first house in Newark. Sounds like his will be a lot quicker than yours was.

[@Paul-yh8km]

There's a British comedy film called The Chain (1984) starring Alf Garnet which is all about a chain of home buyers trying to move to their new home on the same day. It centres around a crew of removal men and their truck trying to move all the furniture etc. in the chain of home buyers/sellers.

[@MagentaOtterTravels]

That is so funny! Although I am not sure I would want to watch it, as it would give me anxiety! Lol

[@Paul-yh8km]

@@MagentaOtterTravels It's been a while since I watched it. I do remember one character refused to move after a change of mind and Alf Garnet has to persuade her to move otherwise they don't get paid and no one can move. I think the chain is circular, so the last in the chain moves into the first house in the chain! Another couple take everything, including light bulbs and door handles/knobs. Apparently a TV series was made after the film release.

[@AbdulsCycles]

Thank you for sharing this outstanding footage about your Experience Buying a Flat in the UK. Wishing you an incredible day ahead.

[@MagentaOtterTravels]

Thanks so much!

[@what_im_eatin_uk]

I have only ever bought 1 home here in England but from my experience it was all very quick. I was a first time buyer and the previous owner needed a quick sale so it was actually written into their acceptance of my offer that it all had to be completed in 6 weeks and it was just that. 6 weeks on the dot.

[@MagentaOtterTravels]

Well done!

[@denniswilliams160]

In the UK HM Land Registry provides data much like the MLS including the UK House Price Index (HPI) which uses house sales data from HM Land Registry, Registers of Scotland, and Land and Property Services Northern Ireland and is calculated by the Office for National Statistics. The Land Register contains more than 26 million titles showing evidence of ownership for more than 88% of the land mass of England and Wales. Anyone buying or selling land or property, or taking out a mortgage, must apply to them to register: - unregistered land or property - any new owner of registered land or property - an interest affecting registered land or property, such as a mortgage, a lease or a right of way

[@ians3586]

Interesting. I didn't know about that.

[@MagentaOtterTravels]

Thank you for all that information! I had no idea!

[@wencireone]

Survey is a must, it's always been " buyer beware " . We had a full survey when we bought our house all those years ago, so we would know any defects before buying. Luckily enough the house is still standing

[@MagentaOtterTravels]

Yeah, we lived to regret that decision!

[@ians3586]

It's funny, for years and years I've been insisting that my clients get an inspection (survey) but, when it came to one of my own transactions, I didn't follow my own advice. Lesson learned!

[@WanderingwithWatto]

Really enjoyed the chat guys. A good subject and soo different between here and the states. Take care both and have a great weekend. 👍🏻🚶🏻‍♂️🚶‍♀️

[@MagentaOtterTravels]

Thank you so much! Yes, I was shocked at how different the process is!

[@welshrarebit1153]

Wow!! 20 times omg!! You are experts indeed. This is my go to now for anywhere I want to travel.

[@MagentaOtterTravels]

@@welshrarebit1153 what is even more amazing is that we never pay for our flights! We always use air miles because we have so many! We did pay cash once, but that was in 2020 when no one was making the trip, so the flights were incredibly cheap! 🤑

[@gallivantinggalantes]

Hello Dara and Ian, really enjoyed your video, there are so many differences between the US and the UK very interesting x Julie and Tony x

[@MagentaOtterTravels]

Thanks so much for watching, friends! I say just travel around in your van and don't hassle with any real estate transactions ;-)

[@ianprince1698]

my late father was a solicitor in England and he had chains ten twenty long nightmares!

[@MagentaOtterTravels]

Oh man, I can't even imagine! That's madness 😱

[@ians3586]

Wow, I didn't realise they could get that long.

[@jamesbeeching6138]

Yes!! Always get a full survey done.In English law there is a thing called Caveat Emptor or buyer beware...I worked in insurance and had 2 horror stories about new buys. 1-Lovely house on a hill overlooking a river...In the basement (which was beautifully decorated) the new buyers had a huge flood a few feet deep!! The water even came through the plug sockets!!! When I did my investigation I worked out that the house was built on a natural spring and that flooding would happen EVERY TIME it rained!! The sellers had merely painted over the damp and quickly sold it during the good weather!!😮😮😮😮😮 2-New Build cottage in Cornwall was completely rotten with damp..And would effectively need 100k+ rebuild...The builders had basically filled the breathing gap required under the floor with backfilled rubble and so the damp proof course was ineffective.....The owner didn't have a leg to stand on as they hadn't had a survey done before they bought it... * Also damp and mould is usually NEVER covered by house insurance in Britain😮😮😮😮😮...

[@MagentaOtterTravels]

Yes, absolutely we should have had a survey. Lesson learnt! Caveat emptor definitely applies! That story of the house with feet of flood water built over a spring is horrid... in the states, the seller would have definitely been sued! Nasty to hear that builders would do that rubble backfilling! How disappointing! I'm sure you have seen loads of interesting cases in your years of insurance work!! Thanks for your comment. Dara

[@jamesbeeching6138]

@@MagentaOtterTravels but chatting with Ian it seems even a Surveyor would probably have missed the damp proof issues...

[@NBNatureTrailvan]

That’s just amazing!! So easy in the US compared to here. We’ve bought five properties here in the Uk and every one has had its problems. Chains collapsing, sellers gazumping, sellers pulling out. Great vid guys. Our last house we sold had three buyers - two fell through for different reasons House buying / selling her in the UK is one of the most stressful things we have to do. But we have no choice. Mess of a system Hope you guys are well. 👍👍👍

[@MagentaOtterTravels]

You sound like you've had more than your share of transaction hassles! Now you can just live in your trailvan if you have any home purchase transactions that fall through ;-) Looking forward to your report on Mull, Dave & Sue! XX

[@ians3586]

I'm sorry you've had to go through all that. I'm sure things will change eventually but it will probably take government involvement to make it happen.

[@NBNatureTrailvan]

@@ians3586 and that will probably never happen Ian 😃. Safe travels.

[@ItsArtByDonna]

That was quite interesting Dara and Ian quite an eye opener for sure...so very unfair too...makes you feel like not really wanting to purchase in the UK honestly! Thanks for the interesting info about the changing laws in the USA too!

[@MagentaOtterTravels]

Things are changing A LOT here... will be interesting to see what happens. I think fewer people will want to be realtors for sure. Reminds me of when there were a lot of headhunters/recruiters... and then the internet made job hunting so accessible to people directly. So they don't feel the need to have a human help them. Feels like that is happening with real estate too.

[@RichardWells1]

Wow! What a stressful experience for you both! Thank you Ian for explaining what sounds like a much more secure and stress-free way to buy and sell property in Texas: it beats the frustrating (and expensive) system in England and Wales. I hope you managed to get the rising damp problem solved: not a pleasant surprise! Looking forward to the "ones that got away".

[@MagentaOtterTravels]

Thanks, Richard! We did get the rising damp problem totally addressed in the bedroom. Unfortunately, as we were getting ready to move back to Texas at the end of the summer, we saw a new spot of rising damp in the hallway... UGH! 😩

[@ians3586]

Thanks for that feedback Richard. I really hope that eventually the way that transactions are handled in England and Wales changes so that it's much easier to buy and sell property.

[@RichardWells1]

@@ians3586 I'm with you there, Ian. And it can't come too soon!

[@fizzyridertoo]

Much more frustrating, yes. Expensive? Not compared to buying and selling in America. Not even close.

[@Nick_r]

We’ve bought about a dozen properties in England and they’ve never taken longer than 60days to complete, many just 30days. I will caveat that by saying we only buy chain free, already vacant properties. To be fair a lot can take months.

[@MagentaOtterTravels]

You are very smart! And very lucky! Buying without a chain and paying cash definitely will expedite the process!

[@Nick_r]

@@MagentaOtterTravels 4 were our family homes the others were for rental etc. We sell before buying and go into rental to bridge the gap. That way we are always cash buyers, also we buy property that needs complete refurbishment and less attractive to a lot of buyers. We also make our offers conditional on immediately taking property off the market and make it plain we will not get into a bidding battle.

[@ians3586]

@@Nick_r that's a smart way to do things within the system you are dealing with. I bought most of our homes with mortgages and I never could have done what I was able to do with property, if there hadn't been a system in place where a contract was signed on day 1 (the day the offer was made and accepted) and there were real consequences to the parties involved for not fulfilling their obligations under the contract. This system allowed me to have 11 homes at once. Having all those mortgages was extremely stressful but ultimately worthwhile. Another difference I didn't mention is that in the US the interest rate for a mortgage is typically fixed for 30 years and if mortgage rates go down you can typically refinance to the lower rate. My son, for example, has a mortgage on his home with a rate of 3% and he knows that the payment on the home will stay the same for the next 27 years (the term left on the mortgage).

[@Nick_r]

@@ians3586 To be honest I prefer your system to the English one but had to find the best way of handling an awkward system. Yours mostly is much better and better for first time buyers too. The amount of deposit required to get a mortgage is way out of reach for most youngsters due to the higher like for like property prices here. You did well and used the system to your advantage efficiently. Thankfully only our first few had mortgages, one at 17% !! Using the gains then funded the others as cash purchases which certainly focuses the sellers attention. Rents here are ridiculous and are mostly more expensive than a mortgage for the same property. Our system really needs a major overhaul but I doubt it will happen.

[@littleannie390]

I have bought in England, Scotland and Wales. We found the Scottish system much better in some ways but also it is a sealed bids system, which meant we had to have a survey done every time we found a house we wanted to buy, with no idea whether our bid would be accepted. This meant we had to pay for surveys on 3 different properties before we finally had a bid accepted. It was much easier when we came to sell our house as there was quite a lot of interest. We received 4 sealed bids and just accepted the highest, which was then a binding contract and you also have to agree timelines. The English system is far more disorganised and there are no guarantees of anything until you have exchanged contracts.

[@Dapursri_]

Thank you for sharing my friend👍👍👍💕💕💕

[@top40researcher31]

OK Daylight Saving has finished in some australian states now your on at 1AM instead of 3AM so that means i can stay up for this one

[@MagentaOtterTravels]

Wait a minute, daylight savings doesn't happen in all areas of Australia at the same time? How crazy! I was hoping that by now the world would've all caught up daylight savings time finally... it took the US in the UK a month to get it done this year 🙄 No need to stay up till 1 AM! Get some sleep and catch up later 😉

[@top40researcher31]

@@MagentaOtterTravels interesting fact when a plane leaves sydney on its destination to Los Angeles it leaves sydney and arrives at LAX the previous day that means the day you left you be arriving the day that you already have left lol

[@MagentaOtterTravels]

@@top40researcher31 oh, that's fantastic! Lol

[@top40researcher31]

@@MagentaOtterTravels it may sound strange but there you go lol

[@dinger40]

Just sold STC, Estate Agent fee 0.8%.(3% if I sold privately while under contract). New place 18 months old and Land Registry have only just registered it, going to be another couple of months before we move. Started the process in September.

[@MagentaOtterTravels]

That sounds like a long process, but hopefully it will complete smoothly 🤞

[@ms.kayak7seas]

Hi Dara Congratulations to you on marking another milestone 11KKKKKKKKKKKKKKK Wow...I thought there is some differences in purchasing a house between the US and the UK... I am not familiar with real estate laws I just thought the high honest money works in the US hahahah well done. Love listening to Ian(?) his explanation. He is credited for Thank you both for bring up this challenging content and always educating me. Ta -Ta enjoy tea time...

[@MagentaOtterTravels]

Thanks so much for your support! I think Ian is very good at explaining things like this! I'm so glad that he agreed to film this video with me!💖🙌

[@ians3586]

Ms. K7s. Thank you. I'm hoping that they eventually change how real estate transactions are done in the UK.

[@wencireone]

Well done Ian, you certainly know your stuff 👍

[@MagentaOtterTravels]

I think that is the most animated and comfortable I've ever seen him be whilst filming a video!

[@ians3586]

Thanks, I'm pretty well-versed in how things are done in the US but am still learning new things, especially when it comes to UK real estate.

[@wencireone]

@@ians3586 you probably still have a better understanding than I have, haven't been in the market for over 20 years

[@cornwallglory]

Love this, as an English homeowner totally get your pain at the endless chains and time taken. However it depends on the agents as some do very little for their money, post photos on Rightmove and that’s it, you show potential buyers around, chase the solicitors, constantly stress about the chain!!! It’s a hard way to buy and sell property compared to your US way 😂

[@MagentaOtterTravels]

Yes, I understand that not all agents work very hard to earn their commission!😉 The whole process seems overly stressful for everyone involved! How are things in Cornwall,Clare? Our daffodils still in bloom?

[@cornwallglory]

@@MagentaOtterTravels oh yes it is very stressful, in top 3 most stressful things in the UK! And damp a huge issue too, sorry you’ve got that! Daffodils have gone, tulips just waning but camellias and magnolias still out and rhododendrons just appearing! Always beautiful in spring 🌼😍

[@fizzyridertoo]

I can agree with most of what you said. I've bought houses in England, Scotland and the USA, Including 2 in Texas. I didn't know the law had changed about not having to pay the buyer's agent so I'm happy to hear that. My wife and I will be selling both of our Austin properties next year when we move to England. It always annoyed the hell out of me that I was expected to hand over 6% of my money to agents who did little more than put the property on the MLS and arrange for viewings. You didn't mention the pure torture that is dealing with the title company. This is another occasion to be fleeced by the real estate industry, as they will nickel and dime you to oblivion while you are forced to sign a stack of papers 2 inches thick, most of which are about protecting them rather than you. Be prepared for writer's cramp by the time you get to the end of this hours long marathon of misery. In contrast, the system in the UK is easy and highly streamlined, whether you are in England or Scotland. In the latter's case, you are often dealing with the same solicitor that is handling the sale of the property, as many of them are estate agents. I don't think I took longer than 15 minutes for the whole process. Another thing to note is that sellers in the UK are obliged to provide a basic survey. This prevents the situation of multiple buyers paying for the same information for a property that interests them and often provided by the same inspector. Of course you would normally get a more detailed survey if you are deep into buying a property. Anything like your rising damp situation then becomes something that your surveyor can be held responsible for and sued if necessary. In the UK you also have something called a search. This is carried out by the local authority and ensures that the seller is legally allowed to sell the property and that the borders of the plot are accurately recorded. This takes a little time too. My son is currently in the process of buying his first house in Newark (UK, not USA) and so far, touch wood, everything has been very smooth. It was empty and the seller took it off the market as soon as she accepted his offer, which makes a big difference. My wife and I had to jump through a few hoops as we provided his mortgage deposit and they check to make sure that we didn't come by it through nefarious means. Incidentally, there are far more options on what kind of mortgage you can have over there compared to the US. Anyway, I'm glad you're finally sorted and that stress has been lifted. We're probably going to rent in England as the wife needs to commute into London and we have no desire to spend a huge amount for some hovel. Our plan is to buy our retirement home in France and I'm sure that comes with it's own set of problems.

[@MagentaOtterTravels]

Your plan sounds most interesting... keep me posted on your progress! Yes the trip to the title company is quite tedious indeed. Thanks for telling me about the seller providing a survey... that was news to me! Would that "basic" survey include something like evaluating damp?

[@fizzyridertoo]

@@MagentaOtterTravels I don't think so. The new rule came into effect after I left the country. I think it's basic to the point of counting the number of walls and confirming that it has a roof! Certainly not detailed enough to get you a mortgage, but it's better than nothing. My other son is at uni in Cheltenham. If we have time after the TT we might pop over to see him.

[@MagentaOtterTravels]

@@fizzyridertoo send me an email if you head to Cheltenham!

[@fizzyridertoo]

@@MagentaOtterTravels I definitely will, and I'll bring you some Lammes Candy.

[@Waspy50]

The last time we moved the chain broke at the last minute and so to keep our buyer we moved out, put the furniture in storage and we lived on the living room floor of my mother-in-law's tiny one-bedroomed flat for months (we REALLY didn't want to lose our buyer). It all worked out in the end though. I have no idea why the system is so bad in England and Wales, it sounds so much better in Texas.

[@MagentaOtterTravels]

UGG, that sounds like a very inconvenient experience! I wish we could say that was really rare, but I think that type of problem happens far too frequently in England and Wales!

[@fizzyridertoo]

Don't be fooled. Texas has plenty of issues too.

[@djs98blue]

I think in the uk seller disclosure isn’t a thing that can be legally enforced, it’s caveat emptor, buyer beware, so if you ask a question about a property, about say damp, via your solicitor, then the seller has to answer truthfully and they could be sued if the answer is incorrect but if you don’t ask, or dont know to ask, then it’s your fault.

[@MagentaOtterTravels]

Good to know! We really made a mistake skipping the survey... live and learn!!

[@TravelingTramps]

We haven't done anywhere near the amount of real estate transactions as you two, Dara and Ian. We've only owned 2 homes and 1 condo. All went smoothly. All were done at a title company and except having to sign a ton of paper it went well. Hate doing it though! It does seem that at one time we had a "chain" of sorts (not personally) here in the US too. I seem to recall people who did sell, with the buyer a contingency of selling their house first? Wouldn't have been good! We did disclose asbestos being in our first home. It was an older house. Luckily the buyer wasn't concerned. Houses of that date pretty much all did. Enjoyed hearing some of the differences.

[@MagentaOtterTravels]

Thank you so much for your comment! I hope your mother is doing well 💖

[@carolineskipper6976]

Really fascinating to watch this - particularly to get Ian's expert experiences applied to the subject! You asked how you know whether you are getting the best price for a property in England. Basically, you look around at what the asking price for similar properties in the same area are, and what prices similar properties have recently sold for (using Rightmove's 'sold prices' page) then make a guess at how low you can go with your offer - which will depend on your position. If you are a first time byer, or are 'chain free' because you have already sold your property, or are a cash buyer for some other reason, without the potential pitfalls of getting a mortgage approved, then you can offer lower than someone in not such a good position. If you are not in a great position, as outlines, you would need to offer more to get the seller to take a risk on you being able to complete quickly. Once you have an offer accepted, then your survey (inspection) will tell you what the surveyor thinks is current market value for the house, and of course any major faults with the property that will need addressing. At that point you may go back to the seller and say "I will need to spend £10,000 on dealing with this issue, so I drop my offer by £10,000. The seller then decides whether they agree to that, or back out in the hopes that the next potential buyer thinks differently. Having moved house twice in England in the last 5 years, I know that it is very difficult to get an offer accepted by a seller if your house is not already 'under offer' because everyone knows that if you don't, then the whole thing drags on for months full of uncrtainty for all involved. Seling the first property I had an offer the day it was listed, from a couple who lived locally and had not even put theirs on the market- they were specifically interested in my house, and were prepared to sell theirs because mine became available. So I took the position that I heard their offer, but they should come back when theirs was sold, and I continued to market the house in the mean time. In the end, they managed to sell theirs before anyone else in a better position offered, and so they got my house in the end. I was then able to go to the seller of the house I liked and make a cheeky offer - based on the price of a similar property nearby - and had it accepted, because I had an offer on my house already. Post pandemic, when my life plans changed, I found a house I liked before selling mine, but put off formally offering until I had (although I made it clear that I intended to offer) - which worked out well, because the people who bought my house were currently renting, so I had no long chain to fall through, and so my offer was accepted gladly. My surveyor suggested I was paying slightly more than the house was worth at the time, but as it fitted my requirements so well I went ahead at that price rather than barter.

[@ians3586]

Similar to England, cash buyers are in a better position than people who have a mortgage. If there are multiple offers the cash buyer is usually on top and, if there aren't, they can usually buy the home at a discount. This is because the financing (lending) contingency where the mortgage company approves the buyer and the house (by doing a valuation) usually lasts longer than any other contingency. However, these days this contingency usually only lasts 21 days after the offer is made and accepted so that the whole transaction can complete in 30 days.

[@MagentaOtterTravels]

Sounds like you've had some house buying adventures! But you have been strategic, and it appears that everything worked out in the end. Yay! XX Dara

[@The_Brit_Girls]

Hi Dara & Ian! This was so interesting. Buying a home in the UK is a nightmare. The process is fraught with difficulties and takes so long. All very stressful. We both found it much more straightforward and speedy in the United States. The realtors work so hard over there and are far more helpful.

[@MagentaOtterTravels]

As you know, it's very different! I was shocked how different it was...

[@The_Brit_Girls]

@@paulguise698 Hi Choppy! Thanks, we'll give it a watch...

[@The_Brit_Girls]

@@paulguise698 Oh no...she referred to them as "Bad Boys!" 😱😱 Oh dear, Choppy, hope you've managed to calm down a bit since then 🤭😂

[@paulguise698]

@@The_Brit_Girls Only Just, I wanted to put my foot through the screen, when Alanna said it

[@fizzyridertoo]

So they should be when they are charging 6%!

[@what_im_eatin_uk]

My understanding is that if a house is removed from market the Estate Agent still does get a small listing fee. This will vary from agent to agent

[@MagentaOtterTravels]

Interesting! I didn't know that!

[@theresabigwideworld2632]

It's interesting how buying and selling real estate differs, I had an idea of how difficult it was in the UK after watching some British youtubers go about buying a house. They were stuck in a chain and the whole process took months, which to me being used to the Australian system of settlement being 30 to 90 days, and most people get the keys to the new properties within 6 weeks, not having a definite move in day seemed atrocious. How can people plan and go about their lives with all that uncertainty? My slight brush with the US system of buying and selling property was when travelling with my cousin who lives in the US and at the time she was selling a property and she was dealing with phone calls from agents. That's when I found out about the 2 agents thing, one for the buyer and one for the seller, her view (having grown up in Australia, was that it was a real pain dealing with 2 agents) I found the 2 agents thing strange too, we only have one, it's up to the buyer to find the property they're interested in. Nowadays it's much easier with the internet, in the past you went to the Saturday paper which had the real estate lift out, checked out where all the open inspections were that weekend and off you went and had a look. We have also bought property with no agents, just a private sale through the owners, all the paperwork was done by the conveyancer. It worked out that the seller and us as buyers got a better deal as there was no commission by pay.

[@MagentaOtterTravels]

Yes, if you can avoid going through real estate brokers and just use attorneys for the paperwork it can go more smoothly! I agree with you... the English process is very stressful for the buyers/sellers because the can't plan their lives very well! The several months of limbo is torture!

[@tanyaansley3992]

Great video...Can't wait to see what got away. I have been looking at a flat in a former church. Wondering if you guys may have looked at former church-flats? Very informative video! I took notes😁

[@MagentaOtterTravels]

I secretly want to buy a disused church and convert it into a home... I've been looking at this for YEARS!

[@johnleonard9090]

@@MagentaOtterTravelsthere’s been a few shown on Grand Designs which airs on Channel Four in the UK over the years, not sure if you can access their catch-up services over in Texas, it might be possible as you have a British address to register with.

[@ians3586]

@@johnleonard9090 we were watching Grand Designs but can now only see the past 5 seasons if we subscribe to AppleTV+ which we aren't willing to do.

[@MagentaOtterTravels]

@@johnleonard9090 we have watched every episode of both shows that we can get access to! We are faithful viewers both in the US and UK 😉

[@lynnejamieson2063]

My brother and his wife bought a new build about a decade ago. They were not reliant on the sale of their existing home as they were mortgage free and didn’t plan on selling their existing home for at least another year. Finances were all in place, no reliance on anyone else and the house they were buying was built…the process still took a few months longer than they were first told it would. My Dad a few years ago in Scotland (just before the first lockdown) was also mortgage free, had sold his house and renting somewhere whilst looking, viewed an already vacant property in February and moved in in March. Unfortunately the first lockdown came into play a week or two later but it was all done and dusted within around 4-6 weeks. The purchase was completed via a solicitor.

[@MagentaOtterTravels]

I'm glad to hear that your family has had an easier time with real estate transactions than us and some of our friends!

[@lynnejamieson2063]

@@MagentaOtterTravels my Dad’s was plain sailing but as you were told by many it’s easier in Scotland as less can go wrong. But my brother and his wife had to deal with months of delays in England that you really wouldn’t expect when there was no chain involved and the finances were all in place before the buying process even started. If I remember correctly it was about three months of delays caused by the builders and their agents in the end…and I know that’s not a lot but I think the entire process ended up being around six months or so. So still half the time yours sadly took…though I bet the money transfer happened quick enough.

[@what_im_eatin_uk]

6% 😮 that is crazy. Dara is right its almost always 1% in the UK. However there is some online agents that just charge a flat fee usually £1000-£2000 But you pay that fee if the house is sold or not

[@ians3586]

Interesting. The only downside for the flat fee is there doesn't seem to be much of an incentive to properly market the property except maintaining reputation.

[@what_im_eatin_uk]

@@ians3586 The flat fee thing is a bit different. It's online agents that do this and for that fee they basically only list your property on their website and give some basic level of advice and support. It's almost like a step between selling the property yourself and using an agent it's somewhere in-between

[@GENerationXplorers]

👍50 can take a long time to buy an apartment in the UK, so many legal loopholes to jump through. A cash buyer with no chain on a freehold house would take a minimum of 8 weeks in England. Any variations to that can add weeks. The fees and commissions can make a huge difference.

[@MagentaOtterTravels]

We will never buy leasehold again... we have lived to regret that! But it seemed like the only option back when we bought...

[@GENerationXplorers]

@@MagentaOtterTravels I’ve been an EO for one of the UKs biggest legal firms so I know the ins and outs of conveyancing backwards, nowadays being a maintenance and caretaking property business I get the challenges all too well. I’ve recently seen some real success stories about people fighting back against leaseholders and owning their properties indefinitely. Several just lately. We have even missed out on properties that on,y had 70 years leasehold on them in ideal locations and the tenants in there managed to buy out the leasehold. It seems to be coming more common place..

[@Mike-lb1hx]

my boss bought a house in a week, the seller had multiple offers and said whoever can complete first gets it. I have bought in a month (December) with a mortgage. May be unusual but possible

[@ShaneNixonFamily]

Fascinating to see how buying a home in both the UK and US works. I think we have features of both, but lean slightly closer to the UK model. I don't think we have the chain issue though. Here people get bridging finance to pay for their new home while the old one is being sold. Settlement is done by conveyancers - often solicitors but conveyancing is mostly handled by professional conveyancers these days. I don't think a buyers agent is a thing either. Commision is usually between 1 and 3 percent but we have a fixed price model as well. But all this is moot for us. The two big cities I've lived in, Sydney and Melbourne, are in the top 10 list of LEAST affordable places to live in the world. Our median house prices would make you toes curl. So we've always lived where house prices were slightly out of reach. I actually don't know how people afford them? They're probably paying a bigger proportion of their income to the mortgage that we are willing to part with. Overseas holidays or buy a home? 😁 I'm pretty sure we've sunk more than one house into a few trips. 😆

[@MagentaOtterTravels]

Yes, definitely a lot of people who overstretch on their mortgages to get those big houses they can hardly afford

[@ShaneNixonFamily]

@@MagentaOtterTravels we have suburbs full of McMansions too 😂 Interestingly some family bought a new McMansion about 15 years ago for what we thought was a ridiculous $900k. They really struggled. Conservative value now is 2 to 3 million. Just a stupid outer suburb of Sydney.

[@WITYTRAVELS]

Even getting law updates!😊

[@john_smith1471]

Interesting to hear the transaction differences, in the US/Texas does the mortgage lender as in England carry out a basic valuation survey to check if the property (their security) is worth the loan figure applied for? This is not the separate and more thorough building inspection/condition survey mentioned in the video, which is normally optional in England.

[@ians3586]

Yes, the one contingency that typically exists after the 7 day due diligence period is the financing contingency. There are two parts to this contingency - the lender's approval of the buyer and the lender's approval of the home. The lender's approval of the buyer is mostly a formality because the lender will have pre-approved the buyer before they even make an offer on the home and that pre-approval is typically presented to the seller when the offer is made. The lender's approval of the home involves an appraisal (valuation) of the home where an independent appraiser determines it's value. If the appraisal value falls short of the contract price, the price is typically renegotiated to appraisal value. However, everyone, including the lender, is under the gun to get everything done quickly. The financing contingency is typically 21 days from the date the contract is signed (which is done day 1). If the lender doesn't get things done in time, the buyer can be on the hook for thousands of dollars because they can lose their earnest money (deposit) which is typically 1% of the value of the home.

[@wencireone]

As I recall when we were selling our old house we paid a one off fixed fee

[@MagentaOtterTravels]

It's nice to have a fixed fee and know what you're going to pay.

[@enerisworld]

Thank you for sharing this great video. Nice review very useful content. I enjoy listening. More success to you. New friend here

[@MagentaOtterTravels]

Thanks so much!!

[@enerisworld]

@@MagentaOtterTravels your welcome

[@richardhargrave6082]

We had a buyer pull out the day before the contract was to be signed and a week before we were expecting to move. I think she put multiple offers in and took the one that went through first. It shouldn't be allowed. The law makers profit from this type of thing, which is why it won't change

[@ians3586]

The contract should be signed on day 1 when a buyer has made an offer and the seller has accepted it and then there need to be real consequences when the parties don't follow through with their obligations under the contract.

[@MagentaOtterTravels]

That is terrible to hear! Yes, the system really needs an overhaul!

[@amandacaron8828]

So happy I found you guys .. taking notes !! I actually am applying for a Uk work visa . I’m excited.. I’m Canadian and this is all very new to me . Do you guys think that you could do a version of this video for rentals .. renting a flat instead of buying a home . Thank you !!!

[@MagentaOtterTravels]

I wouldn't really be qualified to do a video about renting a flat in England, since I haven't done it. But that sounds like a great option for you! I'm excited that you have the opportunity to work in the UK! What area will you be living in? I'm glad you found my channel! Welcome to the Magenta Otter Tribe 💖🦦XX Dara

[@what_im_eatin_uk]

I could be wrong on this second point but I think the reason for the contracts and such is to avoid gazumping I'm not sure that it's a term you have in the US. It basically means to stop somebody coming in last minute with a higher offer once everything is agreed. There was a lot of this in the 90s from what I have heard

[@MagentaOtterTravels]

It's not a term we have in the states, but a few people have mentioned that today. I think that the system we have in the US would prevent that kind of behaviour!

[@ians3586]

Gazumping can't happen here in the US because as soon as a seller has accepted an offer they are locked in and can't accept and offer from someone else.

[@what_im_eatin_uk]

​@@ians3586One thing I don't think was covered in the video was in the US do you still need to involve an attorney/lawyer for any of the steps? Going off my memory my fees for buying my apartment were about £900 but that was 12 years ago. I didn't pay anything to the Estate Agent I was buying the property through. Once the sale is completed and money transferred I then had to go to the estate agent to sign off and get the key but it was just a 10 minute process

[@john_smith1471]

Also to mention that English estate agents commission of approx 1% is plus Value Added Tax @20% and Stamp Duty a banded tax, all due from the buyer or seller at completion.

[@MagentaOtterTravels]

Yes the stamp duty was brutal for us! 😩

[@ians3586]

Those are good points. The Stamp Duty can make property transactions more expensive in the UK than in the US. If I remember correctly we paid £25,000 in stamp duty for our flat because it was a second home.

[@john_smith1471]

@@ians3586 Surely you are first time buyers in this country, you don’t have a second home in England, abroad wouldn’t count?

[@ians3586]

@@john_smith1471 abroad does count. If you have any other property anywhere else in the world you are subject to the higher stamp duty.

[@davidjones332]

Our system really is quite poor. I've never had problems personally, but I know of numerous cases where the vendor has pulled out at the last moment because they have had a better offer, or the purchaser has tried at the last minute to knock down the price on the pretext that they have a sudden financial problem, or they have suddenly discovered some supposed defect in the property which was pointed out at an early stage of negotiations. If there is a chain, this is often used to pressurise other parties to make big concessions to stop the whole chain unravelling and it's really quite immoral. We really are overdue a review of the whole way these transactions are conducted.

[@ians3586]

I really hope things will eventually change there in the UK. It's very stressful and unfair to all involved. In the US a contract is signed on day 1 and there are real consequences to anyone who doesn't fulfill their obligations under the contract.

[@MagentaOtterTravels]

Yes for sure 👍

[@155stw]

Sellers in the US will probably just give buyer credit to circumvent the new rule, that’s my guess. Most houses in my neighborhood in Sunnyvale, CA sell within 1 weekend of an open house and closes within a month or so. Very few ever fall through. Stamp duty and legal fees are expensive in the UK and most commonwealth countries. I bought and sold properties in Malaysia and these fees are high.

[@MagentaOtterTravels]

Good old Sunnyvale! I have a few friends that live there. And Ian's brother is in Mountain View. Yes, the house values are high and the properties sell fast!!

[@gerrymccartney3561]

Confusion reigns. I have had positive dealings with the Estate Agents I have used to buy and sell my properties over the years. That said, no one in the UK has ever felt sorry for an agent when a deal falls through. The first property I tried to buy, almost fifty years ago, ended up in a long chain and the seller was unable to make their move. After almost a year, I gave up and broke the chain. I felt sorry for the other sellers in the chain but not for the agents.

[@MagentaOtterTravels]

I felt sorry for the agent because we used up SO MUCH of his time. Ian has been a buyer's agent most of his career, and I'm not a fan of people having their time wasted...

[@ians3586]

I feel sorry for everyone entangled in this process. It just seems like a lot of unnecessary stress all around.

[@Poliss95]

Gazumping is where you think you've made an agreement with the seller, but they accept a higher price from a latecomer even after the seller has accepted your offer. There is a proposal to end leaseholds but it may never be made law. Nothing to do with MPs owning leases of course.

[@MagentaOtterTravels]

That is all a nasty business!

[@Poliss95]

@@MagentaOtterTravels Have you seen Anita's cake on her channel? If that layer isn't magenta I don't know what is?

[@ians3586]

No gazumping being done here in Texas. You'd be shot!

[@lennies_mindful_life]

I'm lucky that my big bro is a solicitor so that do same us some headaches and get us some extra knowledge but we had a purchase fall through after 7 mths when the seller pulled out , found out later that house got was under offer again 3 weeks later for 10 grand more, but we end up in nicer house in the end 😅

[@MagentaOtterTravels]

I'm glad your story has a happy ending, but that sounds like a 7 month nightmare and NOT FAIR to pull out to get more money!

[@lennies_mindful_life]

@@MagentaOtterTravels plus my jack was only a baby at the time so stressful

[@carolineskipper6976]

@@MagentaOtterTravels Pulling out in order to accept a higher offer is called 'Gazumping' and at times when property prices are rising rapily there is a tempation for sellers to pull this underhand trick, particularly if things are taking a long time. At present, with property prices falling from their post-pandemic height, I think more sellers are keen to hang on to a buyer once they have them, as starting again would probably mean having to list the house at a lower price.

[@janiceturton7756]

we have been married 36 years and have only bought a home twice. i am not in a hurry to do it again tbh, but we will see

[@MagentaOtterTravels]

It's stressful, so good for you! That was Ian's business... so that's why so many houses! 🤣

[@peterharridge8565]

I have purchased and sold in both England and Scotland. None fell through ever, I think 4 properties in England one in Scotland. Now the issue for me in Scotland is that the seller gets a home report , called a survey in England, and can not agree it pending changes. Meaning surveyor makes those changes or you disagree. And don't sign it off. Still pay though £500. My surveyor in Scotland was unreasonable and I had to get a structural survey to prove him wrong (another £500). Still, wouldn't change all that I wanted, so simply got another surveyor. Another £500. The issue was this surveyor had done the survey on when I bought it for the previous seller, and there was much to do by me. Which I did, but surveyor wasn't taking those changes on board. Anyway the upshot is the buyer hasn't done a survey because the seller has this home report. And the surveyor works for the seller not the buyer. If the buyer does get a survey , he likely will get exactly the same report. So waste of space. So it is to be preferred in England. This is the reason Scotland is quick, survey already done. In a lot of cases in England seller not ready to go, make sure he is. That is what a seller should do. As for going around agents, yes do that. Because that's why you pay 1%. I'd never pay 6% or even 3%. But the reason its that high in US is agents doing a lot more. But we have solicitors to act for us, in Scotland when I bought property Scotland Solicitor saved me £4000 as said to me what I should offer. So choose right Solicitors. Mine was low value, I paid £45000 and sold for £87000 3 years later.

[@ians3586]

It's good to hear you haven't had problems with your purchases and sales and having the right solicitor does seem to help. I still think that the process would be much quicker and less stressful if you had an enforceable contract on day 1 (the day the offer is made and accepted). Just like in Scotland, here in the US sellers do sometimes have an inspection (survey) done before they put the property on the market but the buyer always has the option (and is strongly encouraged by their Realtor) of having their own inspection done. It just has to be done quickly because the buyer usually only has 7 days after the contract is signed to reject the property and they have to pay for the right to do that (called the option fee).

[@peterharridge8565]

@@ians3586 I think in England would be impossible to get the survey report done in 7 days. But in any case there will be issues on the report that you need to look at. But assuming report is fine; I agree should be mandatory ,the sale. But then not all buyers ready to go, I would reference the chain. And of course mortgage co may not give them the funds. Most only apply for a mortgage after an offer made. I myself had an issue once when I was self employed. They wanted all sorts of things, had to get an accountants letter, well, didn't have an accountant as did tax myself. So they may not have played ball. And also mortgage co may not like surveyors report, even if you have a respectable report they may say no. An issue is value the report puts on house. Or if letting out how much they want the sitting tenant to pay. We had this ourselves when my Mum passed away selling her house who already had a tenant in place. The tenant wasn't going to pay what the lending Bank said, so buyer had to pull out. As although they said they would lend then tenant would only want to pay what they were paying already. So we had to evict and sell without tenant in place. So most issues are the Banks .

[@ruth1231]

I'm in the process of buying. It's a nightmare. I'm concentrating on places with No Chain.

[@MagentaOtterTravels]

Good strategy!

[@davidcoan4899]

Yep , system in England and Wales favours the seller ….but those US fees ….ouch

[@MagentaOtterTravels]

Yes I agree!

[@Mike-lb1hx]

I bought a property making the offer at the start of December and stated to the house builder I could exchange and complete by the 31st Dec their financial year end in return for a significant discount. This was done and I got over 15% off the price.

[@MagentaOtterTravels]

Well done! Very smart idea

[@RobLittleuk]

Don't forget that 1% is quite a lot of money - generally, our house prices are more than in USA although I know it depends where in the US you are. Average house price in chelt is £415k !!

[@peterharridge8565]

Not round here, I bought for £49K, and the buyer didn't even pay 1% as was an on line company . Probably a flat fee. But on line don't do a lot to sell. So wouldn't advise it.

[@MagentaOtterTravels]

1% is definitely a lot of money. But 6% is a whole lot more! haha The average home price in Dallas Texas is $450K

[@RobLittleuk]

@@MagentaOtterTravels But you get a bit more for your ££ in Dallas - by the way I visited about 15 years ago when I was visiting travel agents to support my business. Was there in January and wanted to visit the Book Repository but it was a public holiday and closed. One of my Clients took me to Southfork !!

[@ians3586]

@@RobLittleuk we've been in Dallas for 31 years now and still haven't visited the Book Depository or Southfork!

[@RobLittleuk]

@@ians3586that’s pretty standard when you live in a place. Interesting video thought thanks!

[@IamaDutch-Kiwi]

🎶🍹upon reaching 11K subscribers and I see the 2M view time looming. The Texas rules are very compatible to how I know the system to work in NL and in NZ. I was horrified when I found out how the system worked in Wales due to a recent friend's experience. The sale fell through at a very late hour - with no repercussions for the buyer at all where as the seller (friend) was left with a huge nightmare as she had made arrangements to move. Purchasing a home is a stressful process and one needs to really dig deep for information before diving in the deep. Happy weekend both of you. 👌🙋‍♀🇳🇿🥝

[@ians3586]

Good to hear that they have a good system in the NL and NZ. Here's hoping that it will eventually change in England and Wales.

[@MagentaOtterTravels]

Thank you for the congrats! I just keep plugging along, and trying to catch up with all the backlog of content I have! Next up I'm going to try to get my videos of Austria and France from two years ago edited and published!!!! 🙄 Sorry to hear about your friend's experience. That is so maddening!

[@IamaDutch-Kiwi]

@@MagentaOtterTravels dara I’ve still got our Germany and France trip (4 weeks) to edit 😂😂. Think I’ll get the Down Under videos done before o start on last year 😂😂😂

[@MagentaOtterTravels]

@@IamaDutch-Kiwi yes, I jump around all the time. Whatever it takes to keep me motivated to just get something done! Lol

[@lizbignell7813]

I don’t know anyone who thinks that our system is good. A friend of mine who was getting divorced had to sell the marital home and on the day of completion the buyers told her that they were not prepared to pay the agreed price but much less. She either had to accept the smaller amount or the sale would fall through. It is called guzzundering, not sure if that is the right spelling.

[@MagentaOtterTravels]

That's horrible! So stressful for your friend in ALL the ways!!

[@carolineskipper6976]

It used to be that there had to be at least a month between 'Exchange' when the contracts are signed and 'completion' when the chain does its elegant tumble, and everyone gets thir keys. Nowadays you can arrange to both exchange and complete on the same day - which struck me as terribly risky!

[@sarabazlinton9820]

Yes it did used to be a month between exchange and completion…when I bought a house with my ex husband in 1990, that was how it was. We eventually sold in 2018 when we separated, and the long and complicated process took 5 months, we eventually exchanged on a Tuesday with a completion date of Friday the same week, which was hugely stressful as I run a childminding business from home so had to tell families with only two days notice that I would be unable to provide childcare for several days. The delays were down to two different solicitors in the chain, the worst of whom was our buyer’s solicitor. He completed their purchase at 3pm then left the office for the weekend, leaving us hanging with the money having not appeared in the relevant account to complete our separate purchases. The estate agent (a friend of mine) who had been handling our sale and the purchase of my new property was an absolute diamond, to this day I’ve no idea what strings she pulled but I finally completed on my purchase at 5.55pm when I was able to get the keys just before their office closed. My ex husband wasn’t so lucky, and his purchase through a different agent was unable to be completed until the Monday which left him homeless for the weekend with all his belongings in a van. Very fortunately he was able to sleep on our adult son’s sofa for a couple of nights until it was resolved. The whole experience was quite frankly the most stressful thing I’ve ever been through, even discounting the major fact we were going through splitting up and selling the only home any of our three children had ever known. It’ll be a very long time before I even consider moving again.

[@ians3586]

@@carolineskipper6976 exchange should happen on day 1, when the offer is made and accepted. Then completion can happen a month later with no issues.

[@Westlec]

I bought a 1840 cottage in Somerset in 2020, I also dident have a proper survey, my logic was it’s 200 years old, limestone, without cavity walls and lime plaster, any issues would have been addressed by now, so far no problems lol. You are right it would be so much better if sellers, or buyers weren’t able to pull out of the sale so easily, like in Scotland .

[@Westlec]

As an aside, I do a lot of work in Victorian conversions as an electrician, originally the rooms had air vents near the ceiling, with introduction of central heating people usually fill them in so there’s no air circulation, there are ways round it to get rid of humidity, 90% of the time it’s not rising damp but condensation in Victorian houses.

[@MagentaOtterTravels]

We love Somerset, and an 1840 cottage sounds amazing! I'm very glad to hear that you haven't been plagued with any terrible home maintenance issues!

[@Richard500]

Personally, I would have avoided buying a flat (apartment) mainly due to all the add-ons once you've taken possession. Ground rent, then maintenance fees etc. Disclosure is very important and if a seller lies or omits to mention a known fault or actually lies about something that is clearly listed in a form that all sellers have to complete. Our Seller declared our boundary in the wrong which was not an issue but if they had said there were no problems with the electrics and there plainly were after completion. A buyer can take them to court.

[@MagentaOtterTravels]

In the future, we will not buy a leasehold property again. There were more problems than we anticipated. 😩

[@john_smith1471]

Interesting video, am I correct in saying that in the US and Canada some buyers/sellers can end up with two mortgages for a time because of fixed moving times and other reasons?

[@MagentaOtterTravels]

Yes definitely!

[@sidney4329]

Weren't buyers in the US disadvantaged if they didn't hire their own buyer's agent? The agent they would encounter would be working for the seller. The buyer would be lacking bargaining power, wouldn't they? Or, is it that realtors know each other so well that a buyer's agent is really that in name only, because they'd communicate with their selling counterpart for their own mutual benefit?

[@ians3586]

That's a good question. Buyer's aren't disadvantaged because the buyer's agent is representing them and only them. While, under the current system, the seller's agent is technically paying the buyer's agent it doesn't result in a conflict of interest because the selling agent specifies how much they will be paying a buying agent when the property is put on the market and this amount cannot be changed. As a buyer's agent, I've made plenty of seller's agents angry due to hardball negotiations but I've never had to worry that they won't pay me what I'm due because they don't have a choice. All agents are obligated to put their clients' interests over their own. This is drilled into us constantly. I'm not saying that that always happens but if it's found out that an agent isn't working in their client's best interests the penalties are severe. Not only could they be sued but they will likely lose their license to buy and sell real estate. Currently there are hundreds of agents just in our town. It's been rare that I've know the selling agent on a transaction where I was the buying agent. In any case where there could have even been the appearance of a conflict of interest, I wouldn't have been involved in the transaction. It's not worth compromising my integrity, risking getting sued, or losing my license as a realtor. The way to get more clients as a buyer's agent is to spend as long as it takes showing them homes until they find one they like, demonstrate that you are getting them that home at the lowest price possible, ensuring that they know about any problems with the home, making sure that all necessary repairs are made, finding them a lender with the lowest rates and fees, and, above all, being honest with them. If a buyer's agent does these things, the client will refer their friends to you and your business will thrive.

[@angrybob3594]

If you get a full survey and there is rising damp then the surveyor is liable. This is because they were not dilligent in their survey.

[@MagentaOtterTravels]

We really should have had a thorough survey! Lesson learnt!!

[@john_smith1471]

In the end what exactly was the cause of the damp at your flat? how was it rectified? I had a Victorian property, now sold.

[@MagentaOtterTravels]

I think the damp was caused by several things: a fireplace turned into a closet/cupboard without any waterproofing, Victorian bricks around the exterior of the building that were falling apart and allowing water to come inside, and just damp earth seeping water up the walls.

[@ians3586]

Dara is correct. And the way we rectified it is by the usual way of creating a damp proof barrier. We drilled holes in the mortar and put "dry rods" in the holes that will melt and disperse into the mortar when they come in contact with moisture. Let's hope it works. It cost us about £7000 for just one room.

[@raysouthall143]

Agree that house purchasing in England,sucks to be honest.Estate agents in England are not the most popular.Probably along with politicians..Maybe if they had a system like in the USA or Scotland their popularity may improve.I have a property next to me up for sale.It has been up for sale for 15 months.The owners did accept an offer but that fell through.The offer fell through because they can't sell their property.Their property as been on the market the same length of time.They are both using the same estate agent .To be honest the property of the prospective buyers is overvalued,and unless they drop the price,it is not going to sell.The property next to me needs at least £30.000 spent on it.maybe more.Whatever property people are interested in,whether it's a ground floor flat,or one a couple of floors up,a Victorian property,or even a brand new build,get a surveyor to do a full inspection.The money spent will be worth it.

[@MagentaOtterTravels]

Yes, absolutely we should have had a survey. Lesson learnt! Estate agents are not highly regarded in the UK... they are disparaged like used car salesmen in the US ;-)

[@MisterStuzy]

How I envy you! 30 days! Took us 6 months to buy a flat in England and we’re British. I don’t think we would ever buy a leasehold again (our leaseholder was terrible,thankfully have a freehold house now, no more management fees etc).

[@MagentaOtterTravels]

We totally agree with you! We will never buy a leasehold again. It has been a nightmare, especially because of our problems with rising damp and other issues with the overall management company! 😩

[@MisterStuzy]

@@MagentaOtterTravelslive and learn! 😅 we formed our own residents association so we could control the management. Definitely worth doing. Rising damp though is often a bit of a misnomer, it’s more caused by using modern plasters and cements in old solid brick buildings. When you need to use traditional breathable finishes like lime render (the whole drilling and injection is a scam)

[@MagentaOtterTravels]

@@MisterStuzy yes, we have learned a lot about that over the last several months!

[@MisterStuzy]

@@MagentaOtterTravels I share your pain 😄

[@john_smith1471]

@@MagentaOtterTravels Yes the leasehold system in England is terrible, you don’t own the land and someone else dictates what work is allowed.

[@djs98blue]

I wish we’d change the English system so unnecessarily stressful

[@MagentaOtterTravels]

It does seem very stressful!!

[@ians3586]

I think it will eventually change but it may require government intervention. Perhaps a PM that needs to be gazumped.

[@hiddenwiltshire]

It sounds like the MLS = Land Registry in the UK?

[@MagentaOtterTravels]

I had not heard of the land registry before, but based on what other people have said, I think you are right.

[@HAYDNBBH]

So in the USA if there is no chains, how do people buy new houses? For me to buy a new house I'd have to sell mine then be homeless for weeks untill I find a new house? Or just save up for a new house before selling mine?

[@MagentaOtterTravels]

There are chains, they just aren't called chains. It's called selling "on contingency"... and people are able to do it because the transaction time is much shorter. Often people have to carry a mortgage for a few weeks.

[@jackjames3190]

The uk way is ridiculous and we just accept it because we know no different. I’m not sold on the USA way either - I don’t think a buying agent is worth an extra 6% on the price of a home.

[@MagentaOtterTravels]

To clarify, historically it has been 6% total in the US. 3% for the selling agent and 3% for the buying agent. But no more! I think fees will be much lower in the future. But yes, I think the English real estate process is unnecessarily stressful! It also needs an overhaul ...

[@anthonyferris8912]

"Feeling sorry for estate agents" ? Now that's something you won't hear often in the UK. 😆

[@MagentaOtterTravels]

True! Y'all are not fans of estate agents... it's like Americans talking about used car salesmen ;-)

[@robertstw]

We can look at the mls

[@MagentaOtterTravels]

How?

[@robertstw]

@@MagentaOtterTravels I we live in Florida in our area we just search Space coast MLS and it comes up I think you look search for the area you want to search

[@ians3586]

@@robertstw that's interesting. You definitely can't do that in Texas unless you have membership for that specific MLS and only realtors and appraisers can get membership. As a realtor, I can't even access the MLS for other areas of Texas that I don't have membership for.

[@GENerationXplorers]

Sellers Disclosure! Best bet if you have a problem with your property don’t tell anyone about it, don’t ever discuss it and then don’t mention it when you come to sell. Never complain about neighbours! We know thousands of properties in detail and what the owners would never disclose if they came to sell!

[@MagentaOtterTravels]

Ugly business!!

[@ians3586]

Here in Texas the people and system is law-suit happy. This is good and bad but the good part of it is that most people fear a lawsuit enough to decide that they're better of disclosing and their realtor, if they know about an issue, will definitely not take the risk of not disclosing.

[@Mediawatcher2023]

Australian home is about THREE times the size of the average British home..

[@MagentaOtterTravels]

wow!

[@jamesbeeching6138]

Ian and Dara...Have you had the damp issue sorted??😢😢😢😢

[@MagentaOtterTravels]

Yes and no... after spending thousands last summer to COMPLETELY tear apart the bedroom and rebuild it with damp treatment and waterproofing... it looks great! But then we found a small area in the hallway that has rising damp! UGH!!

[@jamesbeeching6138]

@@MagentaOtterTravels it sounds like your damp proof course has come tothe end of its life (usually they last about 25 years) ...Have you got the Damp Proof Certificate?? Also is your flat leasehold or freehold?? With leasehold something like this (a dpc) should be dealt with by the building management company rather than each individual flat owner (same as the roof!)...

[@john_smith1471]

​@@MagentaOtterTravels How disappointing, if this was me rather than paying a company to cover the symptoms I’d want the actual cause investigated & located, could be root bound broken clay or cast iron pipes maybe vermin, millions of pre 1900 properties still stand without this problem, spending money on unnecessary work is dispiriting.

[@ians3586]

@@jamesbeeching6138 it is leasehold and you are correct that the building management should be sorting the problem. However, we can't get the management company to handle the most basic issues with our building so having them handle the rising damp won't happen. According to the log that they keep in the communal area, they haven't even visited our property in almost a year. When I brought the rising damp up with them (5 years ago) and said that we need to increase the reserve to cover it, they told me that with the currently economic climate an increase couldn't be afforded by the other owners, which is BS since most of the other owners are landlords renting out their flats. My retort was if the roof started leaking could I be excluded from paying for the repair since my flat is on the ground floor? To that I got no response and they've basically been nonresponsive to me for the past 2 years. The rising damp is just one issue. The Victorian brick on the outside of our flat is spalling and needs repointing and replacing but I can't get them to do anything about that either. The other owners that live there are also very upset about the management company's negligence but unfortunately we only make up a very small number of the owners of the property . Most of them are absentee landlords who aren't aware or don't care about the building's maintenance. The freeholder says that they have no responsibility in the matter so our only recourse is to hire a solicitor and see what they can do. I think it's just going to be cheaper and less hassle for me to fix the issues myself.

[@ians3586]

@@john_smith1471 there could be other issues that are contributing to the rising damp, one being the high level of the ground on one side of the building. Unfortunately that is something we can't address ourselves, since it involves huge cost and lots of flats and our management company is completely useless (see my response to James Beeching). It could also just be that the damp course has either failed or is non-existent. That was certainly the case where the damp was the worst. It was around what used to be a fireplace that is no longer used as such. As you probably know, back when the house was built they didn't need a damp course around fireplaces because they were being used.

[@WITYTRAVELS]

Ian knows more about real estate than your brother knows about DNA!

[@MagentaOtterTravels]

LOL! That is a tough contest... but I am grateful to BOTH of them for filming videos with me! Since they both know way more than me! ;-)

[@WITYTRAVELS]

@@MagentaOtterTravels 😃😀

[@oz25]

Hiya, very interesting and very different in the US to the UK. Whilst having someone professional help me find a house sounds like a nice idea, knowing that they get a back hander from the seller's agent when I buy wouldn't give me any confidence in what they tell me. This would almost certainly be illegal in the UK. Most homes in the UK are purchased with a loan. The lender will insist that their own approved valuing surveyor assess both the market value of the property and general structural integrity. Buyers will often have their own private survey completed by the professional at the same time, and these would, hopefully, pick up any significant issues, leading to either the Loan being refused, offered with conditions that work be undertaken following purchase, or giving the buyer a list of issues that they can negotiate on. I'm guessing you purchased cash so would have skipped this process. Do US mortgage companies assess the property against the loan being taken out? Is the loan held against the property as security? 🤔 Ground conditions in the UK often have high moisture contents. Older properties, unfortunately, often have no, or damaged, damp proof courses. Damp is often found on walls where the ground level changes. If the wall is a retaining wall holding back ground, then sideways moisture ingress is always a greater risk, unfortunately! Currently, there is an issue with leasehold properties in the UK and many flat buyers do not realise that they are only purchasing the rights to a property for a period of time. Whilst a 85 yr lease is readily mortgageable, if you live there for 20 yrs you are selling a house with a 65 yr lease, which isn't. This means you may have to pay a property's freeholder to extend the lease before selling it. Thankfully, older properties, in general, have less onerous ground rent charges than those built around the millennium. X

[@ians3586]

While, under the current system, the seller's agent is technically paying the buyer's agent it doesn't result in a conflict of interest because the selling agent specifies how much they will be paying a buying agent when the property is put on the market and this amount cannot be changed. As a buyer's agent, I've made plenty of seller's agents angry due to hardball negotiations but I've never had to worry that they won't pay me what I'm due because they don't have a choice. All agents are obligated to put their clients' interests over their own. This is drilled into us constantly. I'm not saying that that always happens but if it's found out that an agent isn't working in their client's best interests the penalties are severe. Not only could the be sued but they will likely lose their license to buy and sell real estate. Lenders do valuations on properties to ensure there is adequate collateral. This is part of the lending contingency. The lending contingency is the only contingency that typically lasts beyond the typical 7 day due diligence period but that contingency usually only lasts 21 days here in Texas. The lender knows that if the loan isn't approved (including having the property valued) within that 21 day period the deal will fall apart so they are very motivated to get it all done quickly. We hate the fact that our flat is leasehold. The management company has been horrible. They basically aren't doing anything to ensure the property is being properly maintained. Fortunately the ground rent is very low.

[@MagentaOtterTravels]

Very interesting to read your comment about damp. We discovered that one part of our problem is that the bedroom affected had a closet (cupboard) which had originally been a fireplace. When it was converted, it didn't have any damp proofing, so it was a moldy mess! It spread from there. At least that problem is sorted now. But we have ongoing huge issues with the management company. We will never buy a leasehold property again! Ugh.

[@oz25]

@@MagentaOtterTravels Interest about the former fireplace. Yes, can see that a Victorian builder might not put in a traditional slate damp proof course in. Any fire would keep it dry. My Mum's house was built in 1889 and her original dpc still works fine. Leaseholds are always more complex, unfortunately, but flats are almost always leasehold and freehold flats are generally not mortgageable because, despite the difficulties, the lease does normally provide a system to resolve issues/responsibilities are defined, where this is often not the case with a freehold flat. Freehold houses are normally easiest but also more expensive. Thank you both for your interesting video and thank you for taking the time to read and reply. X

[@DHenry-oo7ut]

It sounds like you stick to America. Because it's Easier

[@ians3586]

Certainly not everything is better in the US. There are things that are much better in the UK but this isn't one of them. And, as a lifelong British citizen, I think I can point out my country's failings.

[@MagentaOtterTravels]

We live most of the year in the US because it's where I am a citizen, and where our children are, and where Ian's business is. But we are grateful for the opportunity to also spend time in Britain each year.

[@enemde3025]

I can't believe you chastised the lady for pulling out of the sale of her house when her job was at risk !! SHIT HAPPENS !! It's up to the seller if they want to reduce the price of their home ....nobody else's ! The Estate Agent will not interfere because their commission would be less. You have to have a survey done or your mortgage lender won't lend you the money ! Mortgages are offered " subject to survey".

[@MagentaOtterTravels]

It wasn't true. She is notorious among the estate agents in town because she goes back and forth on transactions. Yes, we definitely should have done a survey! Buyer beware.

[@jon-ie4li]

Caveat emptor, Let the beware, always, always get a survey

[@MagentaOtterTravels]

Yes, we learnt that the hard way!