Change laws on house buying/selling make "accepted offer" legally binding

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Change laws on house buying/selling make "accepted offer" legally binding

Petition Details

Currently there is no law or anything legally binding once an offer is accepted, if the buyer pulls out at any time. Which can cause the loss of survey fees and solicitors fees to the buyer. An there is nothing the buyer can do to recoup these costs or any impact on the seller currently.

Additional Information

If this happens a few times this can result in the buyer losing thousands of pounds. A house is one of the biggest expenses and outgoings we incur in our lives. With this uncertainly in can put new buyers off as a house in not guaranteed currently until contracts are completed. An existing home movers off as they just can't take the chance of losing that additional money. Plus the seller and pull out currently with no impact to themselves currently.

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