A pressure group has proposed a £ 1,000 ( $ 1,328 ) penalty for any party that pulls out of a home - ownership deal , saying it would help reduce market costs that cost consumers $ 1 m a year . Interpretation of a fall-through and any disputes should be covered by standard industry guidance, or failing agreement between the conveyancers, by the Property Ombudsman or the small claims court. The HomeOwners Alliance , which aims to represent the interests of domestic property owners and aspiring buyers , issued the proposal in response to a government review of the homebuying process . It said a £ 1,000 penalty should be paid by both parties and held by their solicitors until completion or forfeited in the event of a pulled deal .
A pressure group has proposed a £ 1,000 ( $ 1,328 ) penalty for any party that pulls out of a home - ownership deal , saying it would help reduce market costs that cost consumers $ 1 m a year . The HomeOwners Alliance , which aims to represent the interests of domestic property owners and aspiring buyers , issued the proposal in response to a government review of the homebuying process . It said a £ 1,000 penalty should be paid by both parties and held by their solicitors until completion or forfeited in the event of a pulled deal .