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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. Following the late-2000s 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 ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gazundering
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. 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 writing, a requirement of English law that dates back to the Statute of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Gazumping
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. 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 writing, a requirement of English law that dates back to the Statute of ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
British Residential Property Market
The affordability of housing in the UK reflects the ability to rent or buy property. There are various ways to determine or estimate housing affordability. One commonly used metric is the median housing affordability ratio; this compares the median price paid for residential property to the median gross annual earnings for full-time workers. According to official government statistics, housing affordability worsened between 2020 and 2021, and since 1997 housing affordability has worsened overall, especially in London. The most affordable local authorities in 2021 were in the North West, Wales, Yorkshire and The Humber, West Midlands and North East. Housing tenure in the UK has the following main types: Owner-occupied, private rented sector (PRS), and social rented sector (SRS). The affordability of housing in the UK varies widely on a regional basis – house prices and rents will differ as a result of market factors such as the state of the local economy, transport links, and t ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Scotland
Scotland (, ) is a country that is part of the United Kingdom. Covering the northern third of the island of Great Britain, mainland Scotland has a border with England to the southeast and is otherwise surrounded by the Atlantic Ocean to the north and west, the North Sea to the northeast and east, and the Irish Sea to the south. It also contains more than 790 islands, principally in the archipelagos of the Hebrides and the Northern Isles. Most of the population, including the capital Edinburgh, is concentrated in the Central Belt—the plain between the Scottish Highlands and the Southern Uplands—in the Scottish Lowlands. Scotland is divided into 32 administrative subdivisions or local authorities, known as council areas. Glasgow City is the largest council area in terms of population, with Highland being the largest in terms of area. Limited self-governing power, covering matters such as education, social services and roads and transportation, is devolved from the Scott ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
United States
The United States of America (U.S.A. or USA), commonly known as the United States (U.S. or US) or America, is a country primarily located in North America. It consists of 50 states, a federal district, five major unincorporated territories, nine Minor Outlying Islands, and 326 Indian reservations. The United States is also in free association with three Pacific Island sovereign states: the Federated States of Micronesia, the Marshall Islands, and the Republic of Palau. It is the world's third-largest country by both land and total area. It shares land borders with Canada to its north and with Mexico to its south and has maritime borders with the Bahamas, Cuba, Russia, and other nations. With a population of over 333 million, it is the most populous country in the Americas and the third most populous in the world. The national capital of the United States is Washington, D.C. and its most populous city and principal financial center is New York City. Paleo-Americ ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
England And Wales
England and Wales () is one of the 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 devolved Senedd (Welsh Parliament; cy, Senedd Cymru) – previously named the National Assembly of Wales – was created in 1999 by the Parliament of the United Kingdom under the Government of Wales Act 1998 and provides a degree of self-government in Wales. The powers of the Parliament were expanded by the Government of Wales Act 2006, which allows it to pass its own laws, and the Act also formally separated the Welsh Government from the Senedd. There is no 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 present-day England and Wales was administered as a single unit, except f ... [...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. :* 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. :* The rule of law known as the rule in ''Bain v. Fothergill'' (where, in an action for breach of contract for the sale of land because of failure of title without fraud, the plaintiff may recover ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
English Law
English law is the common law legal system of England and Wales, comprising mainly criminal law and civil law, each branch having its own courts and procedures. Principal elements of English law Although the common law has, historically, been the foundation and prime source of English law, the most authoritative law is statutory legislation, which comprises Acts of Parliament, 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 statutory law and established principles which are derived from the reasoning from earlier decisions. Equity is the other historic source of judge-made law. Common law can be amended or repealed by Parliament. Not being a civil law system, it has no comprehensive codification. However, most of its criminal law has been codified from its common la ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Statute Of Frauds
The Statute of Frauds (29 Car 2 c 3) (1677) was an Act of the Parliament of England. 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 subornation of perjury. It also required that documents of the courts be signed and dated. 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 1770 divided the Act into 25 sections. The section on the sale of goods was section 17. In ''The Statutes of the Realm'' ... [...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 part ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Footnotes
A note is a string of text placed at the bottom of a page in a book or document or at the end of a chapter, volume, or the whole text. The note can provide an author's comments on the main text or citations of a reference work in support of the text. Footnotes are notes at the foot of the page while endnotes are collected under a separate heading at the end of a chapter, volume, or entire work. Unlike footnotes, endnotes have the advantage of not affecting the layout of the main text, but may cause inconvenience to readers who have to move back and forth between the main text and the endnotes. In some editions of the Bible, notes are placed in a narrow column in the middle of each page between two columns of biblical text. Numbering and symbols In English, a footnote or endnote is normally flagged by a superscripted number immediately following that portion of the text the note references, each such footnote being numbered sequentially. Occasionally, a number between brack ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
