How to improve the conveyancing process to protect your clients from gazumping (Topic of the Month – Process Management)
Low supply and high demand for housing within many areas of Britain is leading to buyers battling for the few properties that come on the market. This is often leading to a number of sealed bids being made on each home, and it seems the seller regularly goes with the highest offer on the table.
This common property transaction process is leading to more cases of gazumping within the areas that have most demand. In a recent survey carried out by online estate agent, eMoov, Brighton has been hailed the worst region for this sly but legal tactic.
As Brighton becomes the ever-popular seaside place to reside, this great demand is causing the market to become competitive and sellers are focussing on making the highest gain. According to the survey 35% of residence in the area have experienced gazumping, and when you compare this to the average of 22% across the whole of Britain, this is a significant level.
London is reported to have the second highest level of gazumping, with 32% of home buyers having it happen to them. The next most affected is outside the South East, with more than a quarter of Birmingham residents saying they’ve gone through this process.
The eMoov survey determined that consumers are more likely to experience gazumping within the buying process if the property price is higher.
The question is, this can happen at any time up until the exchange of contracts, even if surveys have been paid for and carried out – so what can conveyancers do to protect their clients from losses and disappointment?
Edward Hands & Lewis (EHL) have formulated a safety net within the property buying process to safeguard their clients against the pitfalls of gazumping.
EHL Harrow offer local property buyers a unique Gazump Package with an aim to gain the trust of those who have lost faith in the property market and help home buyers stay on the right track with their purchase.
The Gazump Package offers clients a no purchase, no fee promise and access to EHL’s panel of professionals who will assist on finding a new property. This incentive gives consumers the peace of mind that the legal professionals will be at their side during their time of need.
Although it is not guaranteed, the package also means that any searches are resold to the seller’s solicitor. When combined with gazump insurance which recovers any conveyancing fees, this means any loss of funds to the buyer are significantly minimised.
EHL Harrow remain competitive within the conveyancing market by having low cost services and offering a free initial consultation, allowing prospective clients to compare providers with no obligation.
Having clients at the forefront of service provision is integral for conveyancers and having unique selling points within your business processes such as this will allow you to stand out amongst the plethora of other legal and property professionals.