An islander who was left back at “square one” when trying to buy his first home several years ago – after a seller withdrew at the last minute – has urged States Members to support a bid to prevent sales from collapsing before they reach the steps of the Royal Court.
Adam Le Cornu spoke to Express after Deputy Max Andrews lodged a proposition calling for all residential property transactions to include a legally binding pre-sale agreement.
If approved, Deputy Andrews’ proposal could see buyers or sellers who pull out of a property transaction process without a “legitimate” reason face a financial penalty.
A signed pre-sale agreement would establish a fixed completion period with an exclusivity clause preventing the seller from accepting other offers.
Estate agents and sellers would also be prohibited from advertising the property after an agreement is signed.
“We were back to square one”
Mr Le Cornu told Express that in 2022, he and his wife were looking to move out of their apartment and buy their first home.
“We were a week away from completion,” he explained, recalling that they had been in the process of purchasing a three-bedroom property.
“The lawyers were pretty far progressed.”
However, Mr Le Cornu said the seller changed their mind and decided to pull the house off the market to use it for rent instead.
“Basically we were back to square one,” he continued, adding that the couple had still needed to pay thousands of pounds in fees.
“Then you are on the housing market, going back to viewings and stuff like that.
“Beggars can’t be choosers – we needed a bit more room and we were ready to move on, so we ended up buying another apartment.”
He noted that this had happened during “the height of the market”, when prices were “pretty steep”.
“Should have been implemented ages ago”
Commenting on Deputy Andrews’ proposal, Mr Le Cornu said: “It’s definitely going to be a deterrent.”
He added that it “probably should have been implemented ages ago”.
“Scotland do something very similar.”
Many other islanders took to social media to voice their reaction to the proposition, with one commenting: “Cannot see any reason why this should not pass easily through the States, it’s been needed for a long long time as it happens quite often in Jersey.”
Another added: “Should have been done years ago.”
Deputy Max Andrews said the public reaction had been “overwhelming” but “expected”.
“Something has to be done to address it [gazumping and gazundering],” he added.
“We need to get this work underway and make sure it is finalised and implemented within the timeframe.”