Stephensons reduces burden of gazumping

Stephensons Solicitors with offices across the North West has developed and launched a service to help home buyers mitigate the costs associated with gazumping. 

Stephensons are not only a CQS firm, they are also member of Quality Solicitors and very active in seeking to grow their business.  

Stephensons website says they will reimburse buyers for specific costs they have incurred if the property if withdrawn from sale by the vendor for reasons beyond the buyer’s control. They will also re-imburse the client if the seller receives an offer greater than £1,000 from another buyer, and accepts it. In addition, if a survey is carried out which identifies rectification work to be done, which exceeds 5% of the property value, and the buyer decides to withdraw, the costs will be reimbursed. 

Costs which will be reimbursed would include up to £600 against loss of solicitors disbursements, up to £500 for mortgage arrangement fees/lender fees and up to £750 for survey fees, subject to satisfying the agreed criteria.

Tom Bridge, managing partner of the Residential Property department at Stephensons, said: “Buying a property is often perceived as one of the most stressful events in someone’s life. Home buyers are likely to pay out for a number of searches, have a survey on the property carried out as well as the legal costs of conveyancing. Many of these costs accumulate before there is complete certainty that the transaction will complete. Our new service adds some reassurance to the whole process. 

“It will reimburse buyers in respect of costs incurred if one of a number of events that may make a purchase fall through. It isn’t valid for a property that is part of a contract race or sealed bids. The lists of costs covered are extensive, but there are some events that aren’t. However, this new service will provide peace of mind that most circumstances are covered, meaning buyers may not lose should the purchase not reach completion through no fault of their own.” 

Many firms find it hard to differentiate their conveyancing service from their competitors but this type of initiative can give firms the edge when trying to convince the public which conveyancer they should choose.
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