{"id":425,"date":"2017-10-24T00:00:00","date_gmt":"2017-10-24T00:00:00","guid":{"rendered":"https:\/\/taxbakv2.wpengine.com\/index.php\/2017\/10\/24\/gazumping-to-become-a-thing-of-the-past\/"},"modified":"2017-10-24T00:00:00","modified_gmt":"2017-10-24T00:00:00","slug":"gazumping-to-become-a-thing-of-the-past","status":"publish","type":"post","link":"http:\/\/taxbak.co.uk\/index.php\/2017\/10\/24\/gazumping-to-become-a-thing-of-the-past\/","title":{"rendered":"Gazumping to become a thing of the past"},"content":{"rendered":"<p>The government seems to be taking steps to streamline the process of buying and selling your home. In particular, they are seeking views on ending the practice known as gazumping: where an offer can be accepted and then disregarded when a higher offer is received.<\/p>\n<p>In many countries this is illegal, once an offer is accepted the sale is binding on both parties.<\/p>\n<p>A press release issued 22 October 2017 says:<\/p>\n<p><em>As part of a continued drive to make the housing market work better, we want to hear from everyone with an interest in home buying including estate agents, solicitors and mortgage lenders.<\/em><\/p>\n<p><em>We want to ensure that we address issues across the whole sector, from ways to tackle gazumping and reduce time wasting to increase commitment to a sale.<\/em><\/p>\n<p><em>Views will be taken on:<\/em><\/p>\n<ul>\n<li><em>Gazumping &ndash; Buyers are concerned about gazumping, with sellers accepting a higher offer from a new buyer, we will look at ways this could be tackled.<\/em><\/li>\n<li><em>Building trust &amp; confidence &#8211; Mistrust between parties is one of the biggest issues faced, we want to look at schemes including &lsquo;lock-in agreements&rsquo;. Although 1 million homes are bought and sold in England each year, around a quarter of sales fall through and hundreds of millions of pounds are wasted, we want to increase confidence in the housing chain<\/em><\/li>\n<li><em>Informing customers &#8211; How to provide better guidance for buyers and sellers, by encouraging them to gather more information in advance so homes are &lsquo;sale ready&rsquo;<\/em><\/li>\n<li><em>Innovation &ndash; You can now search for a home online, but the buying process is too slow, costing time and money so we&rsquo;re looking for innovative digital solutions including making more data available online<\/em><\/li>\n<\/ul>\n<p>If followed through into legislation this will be a popular change to the present unpredictable process where buyers are in a state of anxiety until formal contracts are exchanged.<\/p>\n<!-- -->","protected":false},"excerpt":{"rendered":"<p>The government seems to be taking steps to streamline the process of buying and selling your home. In particular, they are seeking views on ending the practice known as gazumping: where an offer can be accepted and then disregarded when a higher offer is received. In many countries this is illegal, once an offer is [&hellip;]<\/p>\n","protected":false},"author":0,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1],"tags":[],"class_list":["post-425","post","type-post","status-publish","format-standard","hentry","category-uncategorized","blog-left-layout","blog-style-postblock","","blog-alt-odd"],"jetpack_sharing_enabled":true,"jetpack_featured_media_url":"","_links":{"self":[{"href":"http:\/\/taxbak.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/425","targetHints":{"allow":["GET"]}}],"collection":[{"href":"http:\/\/taxbak.co.uk\/index.php\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"http:\/\/taxbak.co.uk\/index.php\/wp-json\/wp\/v2\/types\/post"}],"replies":[{"embeddable":true,"href":"http:\/\/taxbak.co.uk\/index.php\/wp-json\/wp\/v2\/comments?post=425"}],"version-history":[{"count":0,"href":"http:\/\/taxbak.co.uk\/index.php\/wp-json\/wp\/v2\/posts\/425\/revisions"}],"wp:attachment":[{"href":"http:\/\/taxbak.co.uk\/index.php\/wp-json\/wp\/v2\/media?parent=425"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"http:\/\/taxbak.co.uk\/index.php\/wp-json\/wp\/v2\/categories?post=425"},{"taxonomy":"post_tag","embeddable":true,"href":"http:\/\/taxbak.co.uk\/index.php\/wp-json\/wp\/v2\/tags?post=425"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}