Gazumping Could Be Banned. Legally Binding Once An Offer Has Been AcceptedWritten by homebuy1
Gazumping costs in the long run. The government is looking at ways to improve the home-buying process. Reduce failed transactions and protect the consumer by introducing new laws.
Government takes their time.
2 years ago we setup the Homebuyer Conveyancing panel to make a difference to the Home Buying process. We discussed at launch that a solution was needed to reduce the amount of failed property transactions.
In business cancellations cost. It is extremely important that law firms measure their cancellations.
What happens when they do get a cancellation?
Does the Homebuyer, Investor return to them with their replacement property?
Keeping your Clients with you is the number one focus.
We at Homebuyer Conveyancing see our Buy To Let Investors and Homebuyers return to use our service. Our introduction to the members of the Homebuyer Conveyancing panel provides transparent conveyancing to both seller and buyer. Understanding what conveyancing costs to then make an informed decision on who to use without hassle is key to our success.
Improve the Home Buying Process
The Governement now sees that by improving the Home buying process they can directly save the consumer time, money and stress. Their idea to mirror the Scottish Law system makes absolute sense.
Law Firms benefit where it matters
Law firms will benefit as they will have a higher success rate. A simple change will be for the good.
It has been quoted in the Sunday Times 22 June 2016 that Consumers lose £270m a year on surveys, legal fees in failed property transactions. With the current system everyone loses out. The possible change is welcomed as all business related to property will benefit from the new updated system should it be sanctioned. They already have a test cases Scotland, so it shouldn't be too difficult to get this new system in place.
Business - Cancellations, rejects or Breakages
In any other business focus by management would be on either cancellations, rejects or breakages.
They measure the problem
Formulate a solution
Consult with findings to key Stakeholders
Implement a solution and enjoy the bottom line improvements not to mention improved Consumer confidence.
Will the change work?
The Veyo saga was a difficult one to grasp why it all went wrong. If the Government goes with the change then they do need pause and have a plan of implementation. Asking the key decision makers on how, when and who needs to know is key. We have witnessed Stamp Duty changes that were rushed in. Not easy for business to change systems overnight but that was what was expected. So when it comes to binding offers the Estate Agents will play a big part.
Sounds as if they are doing it right - using the Department of Business Innovation and Skills to consult with the National Association of Estate Agents.
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