Could last-minute gazumping be a thing of the past?

Could last-minute gazumping be a thing of the past?
Posted by Fernando Mediavilla

According to reports in the press, government ministers are considering tougher penalty or punishment for buyers and sellers who pull out of a property deal at the last minute.

The surprise, last minute decision, which is known as gazumping or gazundering is the cause of much uncertainty and worry for many people trying to buy or sell a home.

Ministers are considering making purchases legally binding earlier in the process, something which has proven successful in Scotland.

It could mean that any property price and offer is legally binding at the point at which an offer is confirmed or agreed.

During the March Budget announcements, the Government said: “We will publish a call for evidence on how to make the process better value for money and more consumer friendly.”

Given the current economic and political situation following the EU referendum, it is unclear when any new rules would be finalised or come into effect.

 

Are you currently selling a property? Outlet has been providing property services for 20 years, helping people get the right valuation and a swift sale. Click here for more information on how we can help you. Also, take a look at our article on why it's a good move to find out what your property is worth - whether you're selling or not. 

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