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This is ridiculous. Most buyers will incur abortive fees, disbursements and search costs if pulling out before exchange of contracts. I don't think it ever happen lightly and no doubt most usually happens for lack-of-funding reasons. Lets have more transparency from mortgage decision makers, or solid agreements to fund before memoranda of sale are sent out.

Having another layer of purchase deposit and agreement-to-agree is only going to lengthen an already lengthy process. The system aint broke.

What is broke: referral fees and stamp duty. How does it help the housing market to have stamp duty in the tens of thousands at one end of it and no relief for downsizers on pensions/fixed incomes often selling property still with a large mortgage?

On referral fees - most clients prefer to tell the agent which solicitor they are instructing when they find out that the cost of the agent's 'recommendation' is simply added to the legal fees they pay. I stand by every conveyancer who passes the fee to the client because the fixed-fee regime is already crippling to solicitors with huge regulatory and PI costs, meanwhile agents scoop twice in huge agency fees AND referral fees. Solicitors have the right to be frank about why those extra fees are there and who is charging them.