Gazundering

[AtW]

It is an ugly word.

It depends whether you are on a receiving end of it...

[Moscow Mule]

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AtW's comment: it cracks me up how buyers can pull out after having contract signed without massive penalty.

Gazundering occurs prior to exchange of contracts.

[AtW]

Gazundering occurs prior to exchange of contracts.

The point is that this "exchange of contracts" seems to be more important than actual agreed and signed contract - after that any pulling out of deal should incur penalty - at the very least all reasonable costs of the other party need to be fully recovered, yet that does not seem to happen in England.

[d000hg]

That would not be CUK way - I guess you are too new on here to know it

I think you'll find you are the only one who does it. Maybe you can divert some SKA time to write a bot which automatically posts newspaper articles on CUK?

[xoggoth]

Presumably between the two we had gazequalling, nobody mentions that.

[AtW]

Maybe you can divert some SKA time to write a bot which automatically posts newspaper articles on CUK?

I might do that as my next project after now imminent SKA success

[minestrone]

Cannot understand how you still continue with that legal system in England. I just looks like madness to me.

If I place a bid on a house, it's binding and if the bid is accepted they are bound.

There has never been an overall negative equity in Scotland in the last 40 years. If stability is what you want adopt the Scottish system.

[AtW]

There has never been an overall negative equity in Scotland in the last 40 years.

That must be because Scottish housing market and its legal system are very attractive to cash rich buyers from down south

[Sysman]

Cannot understand how you still continue with that legal system in England. I just looks like madness to me.

If I place a bid on a house, it's binding and if the bid is accepted they are bound.

There has never been an overall negative equity in Scotland in the last 40 years. If stability is what you want adopt the Scottish system.

There are too many vested interests who want keep the system in England and Wales as it is.

[Moscow Mule]

The point is that this "exchange of contracts" seems to be more important than actual agreed and signed contract - after that any pulling out of deal should incur penalty - at the very least all reasonable costs of the other party need to be fully recovered, yet that does not seem to happen in England.

The Exchange of Contracts is the point where the contract is agreed and signed. Anything before that is bartering. When you exchange contracts, a deposit is usually lodged with the seller's solicitor, after that point if you pull out (as the buyer) you lose your deposit.

I would not be in favour of a move to the Scottish system, as it's effectively a closed auction these days with "offers over" the asking price - sometimes 50% over the asking price.

Perhaps it would be more agreeable to move to the Australian system where practically every property is auctioned.