Government launches probe to simplify house-buying process

The government has begun its probe into the property-buying process. It is calling for evidence from estate agents, solicitors and mortgage lenders over the next eight weeks in an attempt to make buying a home "cheaper, faster and less stressful". The existing conveyancing process leaves sellers vulnerable to 'gazundering', when a property buyer lowers their offer just as contracts are about to be exchanged. Buyers also need to be aware of 'gazumping', when buyers who have already put down an offer are outbid by rival buyers. Meanwhile 'gazanging' is when sellers change their minds and decide to 'hang tight' - taking their property off the market part way through the sales process. 

Evening Standard (29/08/2022)