Make home sellers liable for costs incurred by buyers if they pull out

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Petition Action

Make home sellers liable for costs incurred by buyers if they pull out

Petition Details

Buyers can spend hundreds of pounds thinking the property sale will go ahead.

Additional Information

If the Seller pulls out before the exchange of contract, they should be liable for the these costs such as valuations and surveys which cost £100 or more and any other cost spent by the buyer thinking the sale will go ahead.

If 10 sellers pull out of the sale before contract exchange, a single buyer could potentially lose thousands on valuations, solicitors' and mortgage advisers fees etc. The buyer's bank lending the mortgage will also conduct a hard search against the buyer's credit file which can contribute to a lower credit score. It's not fair.

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