Change the law for being able to pull out of house purchases up to exchange date

Rejected 21 signatures

What the petition asks

We are currently attempting to purchase a house and sell a property at the same time. My partner and I were expecting to exchange any day now and instead, our chain fell through, as one buyer pulled out. There is no penalty to pull out at this late stage, and it results in losing a lot of money.

In some countries, for example Scotland, once the sale of a property is agreed, it then becomes a legally binding contract and the buyer is locked into the agreed deal.

In Norway, for example, there is a penalty fee which tends to be a percentage of the purchase price of a buyer is to pull out at the last minute.

We would like government to introduce a system/percentage fee that protects the seller from losing time and money through what is a very length and stressful process.

Why it was rejected

There was already a petition about this issue. Duplicates are rejected so signatures collect in one place.

We are sorry to hear about your experience, and hope you are able to move soon.

You may wish to sign this petition which calls for a similar action: Create financial penalties for property buyers who pull out of purchases

Timeline

10 Jan 2023	Petition opened for signatures
13 Jan 2023	Rejected by the Petitions Committee

Key facts

Signatures 21

Status Rejected

Rejected 13 Jan 2023

Follow this petition