Wording for reservation agreements has been drawn up and looks set to be used in official trials.
The Home Buying and Selling Group, set up after a call for evidence in 2017 on how to improve the process of home buying and selling, is behind the new draft reservation agreements.
The group is chaired by Kate Faulkner, a regular speaker at industry events.
Its members consist of a mix of consumer and trade organisations including Propertymark, Rightmove, the Land Registry, redress schemes and proptech companies plus some agents – which initially included Emoov – and conveyancing organisations including the Bold Group.
The Ministry of Housing, Communities and Local Government is an attendee at the group’s meetings.
The actual wording of the proposed reservation agreements has not been revealed by the Home Buying and Selling Group.
The previous government has expressed enthusiasm about reservation agreements.
Comments (2)
Why home moving takes the length of time it does? And Reservation Agreements seem to be the focus!? So frustrating.
RAs only tackle abortive/wasted deals. Which are a tiny % of the annual completed transactions across England & Wales. But RAs won’t even tackle that tiny %. They will only tackle the abortive/wasted deals that RAs themselves won’t allow (as RAs do allow a buyer out under several grounds), so RAs now only tackle a tiny % of a tiny %!!!!! Yet they are to be imposed across ALL transactions!!!!!
There really is the need to improve the pace, and quality of the home moving process (and by that I mean the conveyancing once the estate agent has put buyer and seller together).
There are loads of things that could be done.
When I saw who was involved …. I switched the light off.