In front of me there are 7 yellow envelopes "House of Commons" from our former MP, in answer to heartfelt pleas to have the law changed to bring it in line with the rest of the world. Nowhere is the system so archaic, unreliable and open to abuse as in England.
Mr Google will inform you that up to 40% of sales "fall through" {ridiculous phrase} for a variety of reasons. We have begged that the law be changed, so far to no avail, but if Scotland can have a fail-safe method, why not England?
Vendors accept an offer, the buyer has 7 working days to retract but if not, 10% is paid to the solicitor, which is then forfeited if the buyer pulls out for no reason. "Changing your mind" does not exist in the 6 countries, 3 Continents where we have previously lived, Transfer takes place 90 days after the 10% paid, when everyone, buyers and sellers [or their PoAs] meet to sign. Works unfailingly. Everyone satisfied.
On the day of Exchange of Contract, half an hour before signature, our miserable buyer insisted on a £15,000.00 reduction otherwise she would not sign. Blackmail!