Clutton Cox Solicitors Bristol Prevent Gazumping and Gazundering

January 17, 2014
http://www.CluTToncox.co.uk Can you prevent Gazumping & Gazundering? The Housing Market in England and Wales is showing distinctly different characteristics depending on where you are buying and selling. London almost seems a law unto itself with many people chasing fewer properties. In the rest of the country, markets can vary considerably. In such fragmented markets, Gazumping and Gazundering can rear their ugly heads. Gazumping is where a Seller refuses (normally at the last minute) to authorise his or her Conveyancing Solicitor to exchange contracts on their property. The reason: They have found another Buyer at a higher price. Gazundering is where the buyer pulls out at the last moment hoping to get a lower price or threatening to pull out of the purchase. Whether or not you consider Gazumping to be a rather dastardly ploy, it inevitably ends in disappointment for the original Buyer, who by then will also have been considerably out of pocket. There is nothing legally an unsuccessful Buyer can do to force a sale, as an offer to buy land in England and Wales is not legally binding unless it is evidenced in writing and contracts are exchanged. However, the lock-out agreement may well be the answer if you want a smooth transaction...watch the video and get in touch if you want a lock-out agreement for your house purchase or sale.
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