If you should happen to fall prey to a property purchase that falls through, blame Henry VIII.
Because the legal process that is undertaken in England and Wales in transacting home sales dates back to the 16th century and has changed little since.
Indeed, your wasted survey costs, legal disbursements and abortive legal fees in such instances when a seller decides not to sell after all, or a buyer has a tantrum and pulls out, can be attributed to when Henry himself decided to hop between the beds of Catherine, his wife and the young Anne, his mistress.
The resulting attempt to divorce his first spouse led to a war with the Catholic Church and them the Dissolution of the Monasteries. Which is where the term ‘conveyancing’ was born.
Roll forward 500 years and what has changed in the process? Well, apart from some lawyers (perhaps not all) dispensing with their quill and parchment, the system of shuffling multiple bits of paper from numerous sources via Royal Mail and it taking months to conclude is as archaic as chamber pots.
Perhaps, after half a millennia, it might be time for change? As a consumer you should certainly think so given that the equivalent of a King’s ransom is lost each and every year in surveys and legal fees that come to nothing because a chain breaks down or a seller or buyer withdraws from a sale. eMoov.co.uk research via MORI this month establishes that some Â£800 million per annum is spent on transactions that fall through. Never to be recovered. This is because one on three fail to complete.
eMoov.co.uk have begun a campaign to change the home buying and selling process and you can read al about it and sign the petition to Government here [URL]http://getamoveon.emoov.co.uk/[/URL]
[FONT=arial]Russell Quirk, Director, eMoov.co.uk[/FONT]