Make property sales in England & Wales legally binding earlier, like in Scotland

Background

The UK Government should reform conveyancing laws in England and Wales to mirror the Scottish system, where property sales become legally binding much earlier. This would reduce stress, financial risk, and delays for buyers and sellers.

Additional details

In England and Wales, a home sale isn’t legally binding until exchange of contracts, which can happen months after an offer is accepted. This leads to frequent fall-throughs, gazumping, wasted legal fees. In Scotland, once missives are concluded, typically after mortgage approval and survey, the agreement becomes legally binding, offering certainty and protection for both sides. This approach would: - Reduce collapsed chains - Prevent gazumping - Protect buyers & sellers from financial loss