In January 2023, a seller was ordered by the Court to pay legal costs and damages to his buyer in the sum £200,000 and he may have to sell his...
Gazumping and Time Wasters
Gazumping; A nightmare for Buyers and Sellers
Have you been involved in a property transaction where somebody withdraws at the last moment or the buyer accepts a higher offer when the conveyancing process has already begun? There is nothing more frustrating as often both time and expense will have been wasted. The house of your dreams may have been so close and is then, suddenly, snatched away possibly due to no fault of your own. This is known as Gazumping.
The Communities Minster, Sajid Javed has called for a review of the process of buying and selling properties with a view to creating a more streamline process. It is also hoped that a more streamline process with prevent the one quarter of transactions that fall through each year (approximately 250,000.00).
It is thought that the government will consider a sale becoming legally binding once an offer has been accepted or asking buyers and sellers to enter in to ‘confidence agreements’ such as lock-in agreements which may prevent parties to transactions from negotiating with other parties.
As well as streamlining the process, it is hoped that any changes made to the system will reduce the stress involved in buying and selling homes. Figures released by the Department for Communities and Local Government state that 46% of sellers worried that their buyers would change their minds after an offer had been accepted. Any reduction in the stress of the process will be welcomed by buyers, sellers and industry professionals alike.
If you are considering selling or buying please contact our Conveyancing team for a competitive quotation.