Make property offers legally binding upon acceptance in England and Wales — 9 signatures. Status: rejected.
Introduce a law where an offer on a property becomes legally binding once accepted , to prevent gazumping, gazundering and unnecessary financial losses for buyers and sellers.
In England and Wales, buyers and sellers can pull out of a property deal anytime before contracts are exchanged, leaving both sides exposed to gazumping, gazundering, and losing money on surveys, legal fees, and mortgage costs. In Scotland, an accepted offer becomes legally binding earlier through the conclusion of missives, giving more certainty, fewer fall-throughs, and a fairer, more efficient market. We want a law that requires property offers to become legally binding upon acceptance.
View this petition on the official UK Parliament website