Submitted on Thursday 27th June 2019
Published on Wednesday 24th July 2019
Current status: Closed
Closed: Wednesday 6th November 2019
Signatures: 25
Legally binding contract after a reasonable time from property offer acceptance
In England anyone making an offer to buy a property can pull out at any stage before exchange regardless of onward purchase offers, further plans or money and time spent. Other countries incl Scotland have a time limit in place shortly after an offer is accepted before which pull outs can happen.
Legitimate reasons for pulling out after such a deadline can be defined and accepted, such as negative findings in surveys, searches or mortgage offer issues. However, 40% of pull outs are due to ‘finding a preferred property’ once conveyancing is underway which has to be prevented and made illegal or subject to heavy penalties. This is stifling the property market and causing people to fall in to debt, stress and depression on multiple fronts. This issue affects thousands of people every week.
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