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Government to ban gazumping?

The government are now looking at how to make the home buying process cheaper, faster, and less stressful. They are calling for evidence through questionnaires, which is asking consumers their views on different aspects of buying and selling a home.

It was estimated 400,000 sales fell through last year, which lead to buyer and seller occurring cost of over £800 in legal’s and surveyor fees. Buyers also have high concerns about sellers continuing marketing the property once an offer had been accepted with the off chance of a higher offer being put forward.

When buyers where asked about other delays in the homebuying process, it was apparent that issues regarding the survey which was delaying the process in England and Wales as it was “too slow”.

In England and Wales it can take couple of months to complete a sale, but in Scotland a purchase of a property without a mortgage can be complete within days. Move On properties have sold many properties around the UK and have found once you have found a buyer for a Scottish property the process is a lot quicker.

If the government does put laws in place to quicken up the process of buying a property it would help both the buyer and the vendor.  As well as a seller looking for a higher offer in the more buoyant areas like London, there is also an issue of a buyer pulling out or asking for a price reduction off the property just before exchange of contract, in areas where there isn’t a great demand for a property or they know if the vendor is in financial difficulty.