Plans to end gazumping with binding agreements in house sales shake-up

[CushionHugger]

2029…

https://www.bbc.co.uk/news/articles/c6216g52p8wo

Home buyers and sellers can expect an end to "gazumping" in a major shake-up aimed at speeding up housing sales.
Legally binding sales agreements will be introduced earlier to stop buyers or sellers walking away at a late stage in the process without a legitimate reason.
In England and Wales, buyers can currently be outbid at a late stage of the sale and chains can fall apart months into the process, causing huge frustration for buyers as well as being expensive.
Previous attempts to improve the system have had limited success and few of the latest proposed changes will happen immediately.
The planned reforms, first announced in October last year, will be introduced at the end of this Parliament in 2029.

Apart from the people who use the services that stamp duty and other taxes finance. Which is most of us, across a lifetime.

It astonishes me that people lack the critical thinking skills to understand that taxation of any kind is not a one-way street.

Agree
although I think everyone should pay it irrespective of the cost of the property

That's a good incentive to not downsize

Isn't this the same as Hips which were tried some years ago and failed?

What do you mean by ‚failed‘. I bought at the time and found the HIP really helpful. It was repealed by the tories. Not sure if that was a political decision or a failure of the HIP

There were many complaints in the Industry at the time that it significantly increased the time needed to sell
and the cost to sellers
( amongst other things )

I can see why some sellers would complain, those that just want to test the market in particular. In principle though, if you are selling something, the onus should be on you to provide the documentation/ condition reports. I don't agree with the 'buyer beware' principle. It encourages a lot of dishonesty from agents and sellers.

The problem is
mortgage companies weren’t happy with the idea or reality that sellers surveys were being relied on

They are trying to quicken the process by picking up similarities with auction sales
When I buy in auction there is a survey usually , not always, but essentially auction buyers aren’t relying on a mortgage. So it’s fine

The problem is
mortgage companies weren’t happy with the idea or reality that sellers surveys were being relied on. Not because they were using anyone not registered but just because they thought there was a potential for conflict of interest.

Currently I’ve personally noticed huge delays due to fraud checks and I have no idea why solicitors can’t do these searches at the beginning along with everything else

Nevertheless
I agree in principle and think the process could be cut to 8 weeks with a tie in after 4.