Gazumping, Gazundering and Gazanging could be a thing of the past

Glaisyers Solicitors LLP, a Manchester-based law firm, has advised Tim Price on the launch of a product which is set to “revolutionise” the home buying process.

Entrepreneur, Tim Price, founder of AssuredSale, a new online platform that aims to “increase the momentum of the sales process and reduce the rate of failure for buyers, sellers, estate agents and conveyancers”, comments:

“I set-up the business after I lost £2,000 and wasted two months of my time when my seller pulled out of the house buying process. It drove me to reinvent the current process and create an online platform that adds transparency, financial protection and certainty for all parties involved.”

Glaisyers advised Price on the legalities surrounding the pre-exchange bond that is the “key to the whole system” and is submitted at the start of the procedure, also advising on the other likely areas of difficulty that might be encountered in the home-buying process.

Head of the Company Commercial Department for Glaisyers, Julian Bond, said:

“The new service will make the whole process more efficient and less likely to fail. The new pre-exchange bond is legally binding and is held safely by a third party. All progress and transactions can be viewed online by all parties, making the whole process fairer and more transparent.

The property market is incredibly stagnant and full of uncertainty at the moment; this is just the sort of new, safer model that could give it the impetus and confidence it needs.”

Price added:

“Nearly a third of all property sales, around 200,000, fail each year. This is mainly because current verbal offers are not legally binding and gazumping, gazanging and gazundering are rife!

Added to this is the fact that the whole process can be very stressful and cause significant anxiety and financial loss.”

Price, with his background in IT and considerable experience in start-up, SMEs and FTSE100 companies hopes that AssuredSale will reduce the 200,000 failed property sales each year, making the home-buying process far quicker for the 1.2 million UK buyers and sellers.

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