This petition was submitted during the 2019-2024 parliament
Rejected petition Modernise the house buying process to protect participants prior to exchange
The process for how properties are bought and sold in England is outdated and doesn’t protect the Vendor or Buyer should anyone change their mind. There should be a condition in place, that once an offer has been accepted on a property, both parties should enter in to a pre-exchange contract
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The way it works at the moment is simply not fair and offers no level of protection to either party, until the exchange has been completed, by which point a lot of money has already been spent! By implementing some protection prior to the exchange it would reduce the likelihood of a person withdrawing from a sale, and would also prevent individuals reducing their offer close to exchange, as the Vendor would be protected by the pre-exchange contract.
This petition was rejected
Why was this petition rejected?
There’s already a petition about this issue. We cannot accept a new petition when we already have one about a very similar issue.
You are more likely to get action on this issue if you sign and share a single petition.
You may wish to sign this petition which calls for the same action: https://petition.parliament.uk/petitions/323521
We only reject petitions that don’t meet the petition standards.