1% deposit on purchasing a property prior to offer acceptance to avoid pull outs

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Petition Action

1% deposit on purchasing a property prior to offer acceptance to avoid pull outs

Petition Details

Make it a legal requirement for 1% of a property deposit paid upfront on offer acceptance to ensure people don’t pull out
If the buyer were to pull out then the 1% laid down upfront is to go to the vendor
If the vendor was to pull out then the 1% should go to the buyer.

Additional Information

The stress would reduce when purchasing/selling a property. It would offer continuity to the seller/buyer that people are serious about the property.
It would stop people pulling out last minute.
Less chance in a delayed chain.
Better mental health
Less anxious about selling / buying a property
The above would enable a smoother running of the UK/England housing market.

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