Irkin Posted April 1, 2006 Share Posted April 1, 2006 Hi everyone, We love the island and have decided to relocate from the UK. We have made an offer on a property at 96% of the asking price and this was accepted a week ago according to the estate agent – so far so good. However since then we have had no written confirmation of the offer and the estate agent has become extremely difficult to get hold off. We have managed to get him to phone us back once and he seemed evasive. One thing we did learn however is that the house is still on the market and that the vendors are still taking viewings. In the meantime we are expected to spend money on a survey and conveyancing fees. Is this normal practice in the Isle of Man? Any comments appreciated Link to comment Share on other sites More sharing options...
BigDave Posted April 1, 2006 Share Posted April 1, 2006 Seems odd, if an offer has been accepted it should be taken off the market. Sounds like the agent has fucked up and is avoiding the issue. Link to comment Share on other sites More sharing options...
Diomed Posted April 1, 2006 Share Posted April 1, 2006 It would be interesting to know the name of the estate agents, but would not expect you to divulge this info at this time. You should have had the relevent documentation overnight regarding your offer. The estate agents usually market the property until the sale gets to exchange of contracts, so they have a back up in case the original offer is withdrawn. Estate agents in the IOM are very good. Certainly compared to some of their counterparts in the UK. Link to comment Share on other sites More sharing options...
Slim Posted April 1, 2006 Share Posted April 1, 2006 They dont take em off the market, they normally keep em on with an 'offer accepted' stamp on em, and if you come along with a biggerer offer, you can get it. Silly system. Link to comment Share on other sites More sharing options...
Irkin Posted April 1, 2006 Author Share Posted April 1, 2006 Thanks for the feedback. Your replies mirror discussions we have had other Isle of Man residents and it seems there is no 'standard' procedure but depends on the estate agents and the vendors - although it does seem we should have received a written acceptance of letter offer by now. We will not proceed further until we recieve a written acceptance. We are also tempted to withdraw our offer unless the vendor agrees to terminate viewings as this seems to be the fair and principled way to operate. We are however mindful of the 'come overs expecting everything to operate as per the UK' type thinking and we absolutely do not want to act in this way. Would really appreciate your thoughts on this. Thanks Link to comment Share on other sites More sharing options...
Diomed Posted April 1, 2006 Share Posted April 1, 2006 The 'system' is standard with all estate agents in IOM and they are obliged to keep marketing until exchange of contracts. However there would be a mutual agreement between parties that if a good CASH offer is accepted then the property is not pushed. However if the offer is subject to mortgage and therefore delays and worst of all if the purchaser still has a house to sell, then the vendor will keep seeking further offers. Link to comment Share on other sites More sharing options...
Ash Posted April 1, 2006 Share Posted April 1, 2006 It really depends on how you made the offer. If you just made a conditional offer to purchase the house at a sum which was accepted by the vendor, then they can quite happily keep the property on the market and would be sensible to do so. It's only when exchange of contracts is made and a deposit is paid that things start to get legal and each party has an obligation to each other. You could have madea conditional offer, such as that they stopped any other viewings and the property was taken off the market. However for the vendor to accept such an offer they would need to know that you are serious and may need proof that you have your finances in place and are able to proceed in good time. Remember the Estate Agent is acting for the Vendor and not for you. Link to comment Share on other sites More sharing options...
Irkin Posted April 1, 2006 Author Share Posted April 1, 2006 Again thank you very much for the replies – very helpful in getting a clearer picture of how it works on the island. It seems stupidly we have assumed that the Isle of Man property market worked the same way as the UK and really we should have made a conditional offer. However unless a buyer is in an exceptionally strong position any conditional offer (i.e. no further viewings) would be rejected. The sector of the market we are looking at is very slow at the moment, most properties having been on the market for 6 – 12 months - might this tempt a vendor to accept such a conditional offer or does it just not work that way? Does anyone disagree that it would be best if we had written acceptance of our offer from the estate agent before proceeding with the survey - we will be asking our advocate this but it would be good to get your views? Looks like we should go ahead with the survey (subject to written acceptance of our offer) and hope they do not receive something better. It seems the best approach is to exchange contracts as soon as possible – assuming that after exchange of contracts both parties are legally committed to the agreement and neither side can withdraw as per the UK? Sorry if these questions appear naïve but as we’ve already found if you do not ask the silly questions it is easy to make mistakes, so any further thoughts will be gratefully received. Link to comment Share on other sites More sharing options...
Juan Kerr Posted April 1, 2006 Share Posted April 1, 2006 Hi everyone, We love the island and have decided to relocate from the UK. We have made an offer on a property at 96% of the asking price and this was accepted a week ago according to the estate agent – so far so good. However since then we have had no written confirmation of the offer and the estate agent has become extremely difficult to get hold off. We have managed to get him to phone us back once and he seemed evasive. One thing we did learn however is that the house is still on the market and that the vendors are still taking viewings. In the meantime we are expected to spend money on a survey and conveyancing fees. Is this normal practice in the Isle of Man? Any comments appreciated Yes. Most of them aren't that bothered because business has been good last 10 years. What do you expect - this is the Isle of Man. Link to comment Share on other sites More sharing options...
Port Erin Posted April 1, 2006 Share Posted April 1, 2006 If you are a cash buyer with no house to sell, you should have had written confirmation within a couple of days from your Estate Agent and the vendor (if they have any courtesy), will take the house off the market if they have accepted your offer. If you have a house to sell, your offer will be 'on the table' with the vendor. However, the Estate Agent will continue to market the property on the offchance a cash buyer comes along and trumps you. It's fair to say though that the Estate Agents here have had a field day over the past 10 years, and have had to do very little work to earn a crust. Houses used to sell within hours, not months. Nobody is in any hurry to help you in this game, and you will find this aspect very frustrating if you want to get things moving. However, you are probably making a very good move, looking at the way things are now in the UK. Property prices have doubled over the past 5 years, however, it seems as though they have stabilised now. Good luck. Link to comment Share on other sites More sharing options...
Roger Smelly Posted April 1, 2006 Share Posted April 1, 2006 Well what you should have done is told the vendor that you will only buy it if they take it of the market. I myself am looking to relocate to the UK, i can not afford to buy here so i am planning on leaving within the next year or so. Wish you well with the move here but it aint that good here trust me. And the cost of living is rising faster than it is in the UK. I know a couple who moved over last year and they are now planning on going back to the UK. They didnt realise the living costs here would be that bad. Link to comment Share on other sites More sharing options...
LoneWolf Posted April 1, 2006 Share Posted April 1, 2006 Well what you should have done is told the vendor that you will only buy it if they take it of the market. I myself am looking to relocate to the UK, i can not afford to buy here so i am planning on leaving within the next year or so. Wish you well with the move here but it aint that good here trust me. And the cost of living is rising faster than it is in the UK. I know a couple who moved over last year and they are now planning on going back to the UK. They didnt realise the living costs here would be that bad. Hey Roger what planet are you living on ? Anyone who pays tax is thousands of pounds better off here than in the UK. The higher price of goods and services only nibbles away at that benefit. Agreed some people get Island fever and need to get back to a bigger place but you cant please everyone. Dont blame it on cost of living anyhow cos it just aint true B) Link to comment Share on other sites More sharing options...
Roger Smelly Posted April 1, 2006 Share Posted April 1, 2006 Haha have you ever lived in the UK ? I know the income tax is more and you have the council tax, but everything else is cheaper. Fuel is 10p a litre cheaper for a start. I don't mind paying more on tax, come to the isle of man and pay less tax is not enough of a reason for me to stay. loaf of bread here £1.14 in the UK 49p Pint of milk here 50p in the uk 52p for 2 pints I could go on and on. Link to comment Share on other sites More sharing options...
LoneWolf Posted April 1, 2006 Share Posted April 1, 2006 Haha have you ever lived in the UK ? Yes I have. Roger you do not have to be much of a mathematician to suss out its cheaper to live here. Its more expensive to buy food and clothes and anything you care to mention on the Island but overall the tax and rates situation makes it much much cheaper to live here. Im sure you can do the sums yourself but just check out the amount of tax Mr average Joe would pay on say 35K in the UK then compare it with the tax he would pay here. Then add up all your extra costs for bread milk petrol etc. Its a no brainer. Cheaper here. But as you say, it isnt all good here. Lots of folks get island fever and find it far too restricitive to live here. Me ? Id live here every time given a choice. But there again its my home B) Link to comment Share on other sites More sharing options...
Tugger Posted April 1, 2006 Share Posted April 1, 2006 It would depend on the sums involved surely? Someone who wouldn't pay tax in either the UK or the IOM would be worse off here Link to comment Share on other sites More sharing options...
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