Currently in England and Wales, an offer to buy a house is not legally binding until exchange of contracts. A buyer or seller is therefore free at any time up to this point to simply change their mind, reduce or increase their offer or even pull out of it all together. This will often be a period of weeks or months into the negotiations.
This results in hundreds and thousands of pounds of wasted money for individuals spent on legal costs and surveys, not to mention stress and grief at the prospect of not being able to make your often life-changing move.
This happens to thousands of individuals every year. The only people benefiting from this system are the Solicitors and Conveyancers.
Isn't it about time we said NO to this ridiculous and redundant system?
With the power of Social Media, we can work together to create such a massive number of supporters, that the British Government has to sit up and take notice!
And I don't mean by introducing a watered-down 'home information pack' which does nothing substantial to improve the system for the home owners!
Other countries systems are a lot more fair for the home owners -
In Scotland, for instance, once an offer has been accepted in full, then a legally binding contract has been entered, and neither party can withdraw without potentially being liable for the consequent losses of the other party. So, once committed, if you want to get out of the deal, you will be liable for any loss on resale and other costs.
Let's change this out-dated and unfair Housing Buying Process in England and Wales!! Please give your support now!
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