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Gazump
Gazumping occurs when a seller (especially of property) accepts a verbal offer (a promise to purchase) on the property from one potential buyer, but then accepts a higher offer from someone else. This can happen at any point before the sale is legally finalised. It can also refer to the seller raising the asking price or asking for more money at the last minute, after previously verbally agreeing to a lower one. In either case, the original buyer is left in a bad situation, and either has to offer a higher price or lose the purchase. The term ''gazumping'' is most commonly used in the United Kingdom and Ireland, although similar practices can be found in some other jurisdictions. England and Wales With buoyant property prices in the British residential property market of the late 1980s, gazumping became commonplace in England and Wales, because a buyer's offer is not legally binding even after acceptance of the offer by the vendor. A contract for the sale of land must be in wri ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gazanging
Gazanging is a term used in the UK to describe when a vendor pulls out of a property transaction and opts to stay put, having previously accepted an offer. Frequently, this occurs due to a change in circumstances, such that the seller no longer wishes to move, or are unable to. It has also been linked to a slowdown in housing market activity, which leads to an under-supply of property, giving the vendor less choice of properties to move to. The original buyer is left 'hanging'; hence the word gazanging, intended to echo the commonplace term gazumping. The term "gazanging" was originally coined by online conveyancing service In-Deed, following research among home buyers published in September 2011. After the 2008 financial crisis, the British residential property market became increasingly uncertain. In contrast to Scotland and the United States, the England and Wales property market's volatility stems from the fact that a seller's acceptance of the buyer's offer is not legally ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Chain (real Estate)
A chain, when used in reference to the process of buying or selling a house, is a sequence of linked house purchases, each of which is dependent on the preceding and succeeding purchase. The term is commonly used in the UK. It is an example of a vacancy chain. Each member of the chain is a house sale, which depends both upon the buyers receiving the money from selling their houses and on the sellers successfully buying the houses that they intend to move into. Where no chain exists, it is called a chain-free property but only 10% of property transactions in the United Kingdom have no chain. For example, in a four-household chain, A buys B's house, B uses the money from that sale to buy C's house, and C uses the money from that sale to buy D's house. (A chain can be circular. This example becomes circular if D buys A's house.) All sales in a chain close on the same day. On that day, all the households involved in the chain leave their former homes and move to their new homes. ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Conveyancing
In law, conveyancing is the transfer of legal title of real property from one person to another, or the granting of an encumbrance such as a mortgage or a lien. A typical conveyancing transaction has two major phases: the exchange of contracts (when equitable interests are created) and completion (also called settlement, when legal title passes and equitable rights merge with the legal title). The sale of land is governed by the laws and practices of the jurisdiction in which the land is located. It is a legal requirement in all jurisdictions that contracts for the sale of land be in writing. An exchange of contracts involves two copies of a contract of sale being signed, one copy of which is retained by each party. When the parties are together, both would usually sign both copies, one copy of which being retained by each party, sometimes with a formal handing over of a copy from one party to the other. However, it is usually sufficient that only the copy retained by each p ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
British Residential Property Market
British may refer to: Peoples, culture, and language * British people, nationals or natives of the United Kingdom, British Overseas Territories and Crown Dependencies. * British national identity, the characteristics of British people and culture * British English, the English language as spoken and written in United Kingdom of Great Britain and Northern Ireland and, more broadly, throughout the British Isles * Celtic Britons, an ancient ethno-linguistic group * Brittonic languages, a branch of the Insular Celtic language family (formerly called British) ** Common Brittonic, an ancient language Other uses *People or things associated with: ** Great Britain, an island ** British Isles, an island group ** United Kingdom, a sovereign state ** British Empire, a historical global colonial empire ** Kingdom of Great Britain (1707–1800) ** United Kingdom of Great Britain and Ireland (1801–1922) * British Raj, colonial India under the British Empire * British Hong Kong, colonial H ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
England And Wales
England and Wales () is one of the Law of the United Kingdom#Legal jurisdictions, three legal jurisdictions of the United Kingdom. It covers the constituent countries England and Wales and was formed by the Laws in Wales Acts 1535 and 1542. The substantive law of the jurisdiction is English law. The Welsh devolution, devolved Senedd (Welsh Parliament; ) – previously named the National Assembly for Wales – was created in 1999 under the Government of Wales Act 1998 and provides a degree of Self-governance, self-government in Wales. The powers of the legislature were expanded by the Government of Wales Act 2006, which allows it to pass Welsh law, its own laws, and the Act also formally separated the Welsh Government from the Senedd. There is currently no Devolved English parliament, equivalent body for England, which is directly governed by the parliament and government of the United Kingdom. History of jurisdiction During the Roman occupation of Britain, the area of presen ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
English Law
English law is the common law list of national legal systems, legal system of England and Wales, comprising mainly English criminal law, criminal law and Civil law (common law), civil law, each branch having its own Courts of England and Wales, courts and Procedural law, procedures. The judiciary is judicial independence, independent, and legal principles like Procedural justice, fairness, equality before the law, and the right to a fair trial are foundational to the system. Principal elements Although the common law has, historically, been the foundation and prime source of English law, the most authoritative law is statutory legislation, which comprises Act of Parliament, Acts of Parliament, Statutory Instrument, regulations and by-laws. In the absence of any statutory law, the common law with its principle of ''stare decisis'' forms the residual source of law, based on judicial decisions, custom, and usage. Common law is made by sitting judges who apply both United Kingdom l ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Statute Of Frauds
The Statute of Frauds ( 29 Cha. 2. c. 3) (1677) is an act of the Parliament of England. In its original form it required that certain types of contracts, wills, and grants, and assignment or surrender of leases or interest in real property must be in writing and signed to avoid fraud on the court by perjury and the subornation of perjury. It also required that documents of the courts be signed and dated. Today it is mostly repealed; only section 4 remains, which is about guarantors. History The attested date for the enactment of the Statute of Frauds is 16 April 1677 (New Style). The act is believed to have been primarily drafted by Lord Nottingham assisted by Sir Matthew Hale, Sir Francis North and Sir Leoline Jenkins. When the Statute of Frauds was originally enacted, its sections and the clauses within section 4 were not numbered. Numbers where added when the act was republished in the '' Statutes at Large''. ''The Statute at Large'', Cambridge Edition published in ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Law Of Property (Miscellaneous Provisions) Act 1989
The Law of Property (Miscellaneous Provisions) Act 1989 (c. 34) is a United Kingdom act of Parliament, which laid down a number of significant revisions to English property law. Nature of reforms The Act introduced several distinct reforms: :* The common law rules governing the form and delivery of a deed were abolished, and were replaced by requirements that: :** a deed is valid only when expressed as such, :** it is either signed by an individual in the presence of a witness who attests to it, or at his direction and attested by two witnesses, and :** it is delivered as a deed by him or a person authorised to do so on his behalf. ::Former rules of law which specified that a seal was needed for the valid execution of an instrument as a deed by an individual were abolished by section 1(1)(b). :* Contracts for the sale or other disposition of an interest in land must be made in writing, and they must incorporate all agreed terms in "one document or, where contracts are exchanged ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Dishonesty
Dishonesty is acting without honesty. The term describes acts which are meant to deceive, cheat, or mislead. Dishonesty is a basic feature of most offences defined in criminal law, such as fraud, which relates to the illicit acquisition, conversion, or disposal of property, tangible or intangible. English law Dishonesty has had a number of definitions. For many years, there were two views of what constituted dishonesty in English law. The first contention was that the definitions of dishonesty (such as those within the Theft Act 1968) described a course of action, whereas the second contention was that the definition described a state of mind. A clear test within the criminal law emerged from ''R v Ghosh'' (1982) 75 CR App. R. 154. The Court of Appeal of England and Wales, Court of Appeal held that dishonesty is an element of ''mens rea'', clearly referring to a state of mind, and that overall, the test that must be applied is hybrid, but with a subjective bias which "looks into ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Scots Law
Scots law () is the List of country legal systems, legal system of Scotland. It is a hybrid or mixed legal system containing Civil law (legal system), civil law and common law elements, that traces its roots to a number of different historical sources. Together with English law and Northern Irish law, it is one of the three legal systems of the United Kingdom.Stair, General Legal Concepts (Reissue), para. 4 (Online) Retrieved 2011-11-29 Scots law recognises four sources of law: legislation, legal precedent, specific academic writings, and custom. Legislation affecting Scotland and Scots law is passed by the Scottish Parliament on all areas of devolved responsibility, and the United Kingdom Parliament on reserved matters. Some legislation passed by the pre-1707 Parliament of Scotland is still also valid. History of Scots law, Early Scots law before the 12th century consisted of the different legal traditions of the various cultural groups who inhabited the country at the time ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Law Society Of Scotland
The Law Society of Scotland () is the professional governing body for Scottish solicitors. Its goal is to promote excellence among solicitors through the support and regulation of its members. It is also committed to promoting the interests of the public in relation to the profession. The Society seeks to contribute to the shaping of the law for the benefit of both the public and the profession. The Society was established by statute in 1949 and its rules are set out in the Solicitors (Scotland) Act 1980. All practising solicitors, currently around 13,000, are members. The Society is funded by its members and has an annual budget of almost £8 million. History Lawyers in Scotland have been organised in professional bodies since at least the sixteenth century. The Faculty of Advocates was established as the body for practising advocates in 1532, though its origins are thought to date from even earlier. Other lawyers were represented by associations and faculties of procurat ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
