Require compensation when a buyer or seller withdraws from an agreed house sale — 22 signatures. Status: open.
Introduce a law requiring a buyer or seller who withdraws from an agreed house sale without a reasonable cause to reimburse the other party for reasonable costs already incurred, including solicitor fees, property searches and surveys.
In England and Wales, buyers and sellers can withdraw from a property sale before contracts are exchanged, even after the other party has spent hundreds of pounds on legal costs. We have experienced this twice. After having offers accepted on two homes, we paid £450 and £500 in solicitor and search fees, only for both sellers to decide not to proceed. We lost around £950 through no decision of our own. We believe that if a buyer or seller withdraws without reasonable cause after costs have been incurred, they should reimburse the other party's reasonable costs. We think this would create greater accountability and protect people from unnecessary financial loss.
View this petition on the official UK Parliament website