Anti-gazumping reforms are taking too long, says Morrow
The national financial services provider said that while the proposed changes are positive, legislation is unlikely to come into force until 2029 at the earliest.
Morrow has welcomed the Government’s proposals to speed up the homebuying process but warned that reforms to reduce gazumping and failed transactions are taking too long to implement.
The national financial services provider said that while the proposed changes are positive, legislation is unlikely to come into force until 2029 at the earliest.
Amit Gupta, financial services director at Morrow, said the reforms are long overdue but questioned the timeline for implementation, arguing that the delay demonstrates a lack of urgency.
He pointed to the Scottish conveyancing system, where accepted offers become legally binding once solicitors exchange letters, as an example that could help reduce uncertainty in the English housing market.
Gupta said: “Having worked within the property finance industry for over 12 years, the proposal is well overdue and will be a much welcomed change.
“Buying a property should be a joyous life event but currently is often far from this. For too long we have seen the devastating effects on both sellers and buyers having been left vulnerable, partly because of elongated legal bureaucracy.
“There is a sense of irony around the fact changes will likely only take effect from 2029 onwards – 3 years from now!
“Hopefully, this is something that this government will recognise as a priority and not wait for three years to see it implemented.”
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