Buying or Selling?

Has your buyer or seller pulled out at the last minute before exchange of contracts?

In Scotland if an offer for a property is accepted there is a binding contract.

In England and Wales, a transaction can proceed a long way with searches and legal fees paid when one party pulls out and the chain collapses.

The Government has recognised that something needs to be done and they are making progress with research “Reservation Agreement” into a new idea.  The research has shown that half of all Buyers and 70% of all Sellers are willing to enter into a legal commitment in the form of a “Reservation Agreement” after an offer is accepted.

Under the Governments proposed system to be trialled next year Buyers or Sellers would face a financial penalty and would lose a “Reservation Deposit” if they withdraw.

Watch this space. 

If you wish to instruct a Solicitor who will move you quickly through the existing system to exchange of contacts and completion, contact us now 01606 74301.