Most people might not be familiar with the terms gazumping and gazundering, but they are considered to be very important when it comes to selling and buying house. Your conveyancing solicitor will be well aware of these terms.
Learn about gazumping, gazundering and just how an excellent conveyancing solicitors can help you to avoid them:
What is Gazumping?
Gazumping is when the seller suddenly raises the selling price for the home at the last moment; this means that the buyer must either acknowledge the new cost or quit from the deal. Apart from this, gazumping can also occur when the seller all of a sudden decides to offer their home to another buyer, usually at a higher price.
Once the cost of the house has been fixed by both the parties, it’s then the duty of your conveyancing lawyer to conduct surveys, lookups and also pre-contract investigations in their own ways. After that the seller’s conveyancing solicitor will write a contract which is sent to the buyer for approval. There are numerous tasks and duties for the conveyancing solicitors of both the parties. All these responsibilities are to be conducted before the exchange of contracts.
Gazumping generally occurs during this period. This is particularly a stressful period of time which may extend from 10 to 12 weeks. This is a very scary period, as no legal statements are made, any changes can be made to the deal. Hence, the chances of gazumping are very high. The buyer or their solicitor can do only a very little in this regard.
What is Gazundering?
Gazundering is nearly the opposite of gazumping. Gazundering is when the buyer all of a sudden charges a lower price, at the last-minute, prior to the conveyancing solicitors completing the searches and drafting the contract. Rapidly declining real estate costs are a vital element in gazundering. It is becoming more and more popular as the property market in UK is increasingly getting volatile
How can you avoid Gazumping and Gazundering?
It is extremely tough to prevent gazumping as well as gazundering. It is very common these days and can prove to be disastrous. One way to prevent these practices would be to seek the advice of experienced conveyancing solicitors. The faster you complete the deal, the lesser are the chances for gazumping and gazundering. This provides both sides less opportunity to be timid with regards to the deal, and less time to bring changes in the price.
Finding a good conveyancing solicitor at favourable rates is not an easy thing these days. You can get quality services from experienced solicitors at Phew conveyancing! Browse through the website for more details about many other conveyancing related factors.
Photo courtesy: Cletch
