Ever been gazumped or gazundered? Or lost out on a property purchase because the owner changed their mind about selling at the last minute or the buyer got cold feet on the day of exchange of contracts and pulled out leaving you footing a fortune in lawyers' costs and abandoned surveys? Perhaps you've been on the rough end of a tussle over a whether a washing machine or water butt should be left in situ? And fought about moving day being a Thursday or a Friday?
Ever since lawyers started using quill pens -- and some still do -- things have not changed when it comes to domestic conveyancing. Property law is archaic, outdated, protracted and above all frustrating. In fact, if you're unfortunate enough to be selling her home in England or Wales, you'll know what I mean when I say it's like making separate trips to the supermarket for each item on your weekly shopping list. And while walking on your hands. In this day and age the lack of protection and uncertainty that the conveyancing process causes to both buyer and seller is scandalous. Paying your mortgage product booking fee, coughing up for a survey, arranging the removal van, altering your holiday plans -- not to mention sorting out school places -- without any kind of binding contract offering any kind of security until the very last minute is, quite simply a ridiculous state of affairs.
If you sign up for a mobile phone or order a new fridge, you commit to it. You take responsibility for proceeding and to that end everyone involved knows where they stand. To approach such a significant transaction as the purchase or sale of your home without any certainty that others involved will, or indeed have any intention of completing the deal, makes for a process that, no wonder, is ranked as high as death and divorce in terms of stress levels.
In most of Europe, New Zealand, Australia, America, and Scotland there's much more certainty when it comes to the legal procedure for selling a house. And even though a recent survey of property lawyers in the Today's Conveyancer publication reveals that over three quarters of them are not in favour of such an improvement, would it not make sense to poll the long suffering public on the possibility of pre-binding contracts? These would replace months of frustration, uncertainty and even brutal ultimatum.
Tom Parker, Chairman of the E-Homebuying Forum, is calling for binding contracts to be brought in much earlier on in the conveyancing process. 'Pre-binding contracts would be a good first step in preventing gazundering and gazumping, discourage time wasters and speculative sellers and would encourage greater certainty in the market', he says. This means that with just a little consultation and a little bit of thought, years of antiquated, unnecessary aggravation could be swept away... but in the meantime, if you're moving you'll just have to take your chances.
Ever since lawyers started using quill pens -- and some still do -- things have not changed when it comes to domestic conveyancing. Property law is archaic, outdated, protracted and above all frustrating. In fact, if you're unfortunate enough to be selling her home in England or Wales, you'll know what I mean when I say it's like making separate trips to the supermarket for each item on your weekly shopping list. And while walking on your hands. In this day and age the lack of protection and uncertainty that the conveyancing process causes to both buyer and seller is scandalous. Paying your mortgage product booking fee, coughing up for a survey, arranging the removal van, altering your holiday plans -- not to mention sorting out school places -- without any kind of binding contract offering any kind of security until the very last minute is, quite simply a ridiculous state of affairs.
If you sign up for a mobile phone or order a new fridge, you commit to it. You take responsibility for proceeding and to that end everyone involved knows where they stand. To approach such a significant transaction as the purchase or sale of your home without any certainty that others involved will, or indeed have any intention of completing the deal, makes for a process that, no wonder, is ranked as high as death and divorce in terms of stress levels.
In most of Europe, New Zealand, Australia, America, and Scotland there's much more certainty when it comes to the legal procedure for selling a house. And even though a recent survey of property lawyers in the Today's Conveyancer publication reveals that over three quarters of them are not in favour of such an improvement, would it not make sense to poll the long suffering public on the possibility of pre-binding contracts? These would replace months of frustration, uncertainty and even brutal ultimatum.
Tom Parker, Chairman of the E-Homebuying Forum, is calling for binding contracts to be brought in much earlier on in the conveyancing process. 'Pre-binding contracts would be a good first step in preventing gazundering and gazumping, discourage time wasters and speculative sellers and would encourage greater certainty in the market', he says. This means that with just a little consultation and a little bit of thought, years of antiquated, unnecessary aggravation could be swept away... but in the meantime, if you're moving you'll just have to take your chances.
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