i don't understand the English system for buying houses?

Question

i live in Scotland and we sell houses " offers over " a certain value ,once your offer is agreed then thats it no backing out on the deal . also if you buy a property you own it outright . why is it you can buy a property in engalnd and still have a lease . i watch all these house buying/selling programmes and a lot of it i dont get . There is one thing i like about your way and that is you know exactly what the price is , so why if you really like the place and want it do you not just give the full asking price if you can afford it !!!!!

Answer 1

In England the Seller says what they would like for the home, the buyer makes and offer (normally below the asking but sometimes above it) and then the seller accepts the best offer - nothing is binding until contracts are exchanged at the last minute. (That's why its so stressful) freehold means you own the land, leasehold means you own the right ot live there but not the land. Eve if you have freehold you can't do what you ike as often restrictions are placed on what you can do. Basically buying in England is like ebays best offer system except that its not legally binding until the last minutes and there is no comeback if the house is bad or the sale fals though - you are better off in scotland!!

Answer 2

What your doing sounds like an Auction- I am not from England, but in America most everyone sets the asking price and allows a Real Estate agent to sell the property, he makes about 6 or 7% - he does the Advertising and arranges the Closing and "shows" the house to prospective buyers.

What you perceive as a Lease is likely a Mortgage-A lender pays the seller in full, and you make monthly payments to the Lender- It could also be a Land Contract, in which the Owner is the Lender and the buyer makes monthly payments to him- I have sold in this manner many times. Of course all lenders collect Interest on the lending.

Answer 3

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Answer 4

You can pay the full asking price if you want to, leasehold means you own the house but not the land its built on, freehold means you own both.

Answer 5

I don't live in England, or even Britain for that, so sorry I can't help you.