Search
 

Housing Bill To Improve Property Market Efficiency

LONDON-New laws to speed up property transactions were promised in yesterday's Queen's Speech, which sets out the Government's legislative programme for the coming year. The move has been welcomed by property market commentators.

By Graham Parker | Updated on November 14, 2002

LONDON-Moves to cut out the practice of ‘Gazumping’ will be included as part of a Homes Bill, announced in yesterday’s Queen’s Speech, which sets out the government’s legislative programme for the coming year. At the moment, in a rising property market, it is not uncommon for vendors to withdraw from a sale after having accepted an offer, only to accept a higher offer from a rival bidder.

But the new law will aim to reduce the time it takes to get from the ‘sale agreed’ stage to exchange of contracts. It is this time–which can sometimes be many weeks–during which gazumping can take place. To do this the government plans to overturn the centuries-old tradition of ‘caveat emptor’–let the buyer beware–with the introduction of Sellers Packs.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2024 ALM Global, LLC. All Rights Reserved.