Home-buying in England and Wales under review
Communities Secretary Sajid Javid has launched an eight week review into home-buying and selling in England and Wales. The process aims to make transactions “faster and less stressful” by simplifying sales and tackling gazumping.
It is estimated that hundreds of millions of pounds are wasted each year as a quarter of sales fall though. Gazumping, the most contentious of house buying practices, occurs when a seller accepts a higher offer from a new buyer, having previously accepted a lower offer.
To counteract this ministers will look at schemes such as “lock-in agreements” to instil confidence in the house buying chain, which frequently collapse leaving those involved disappointed and out-of-pocket.
Full story available from BBC News: http://www.bbc.co.uk/news/uk-41708597