Gazumped? Gazundering? Exchange of Contracts? Completion?
Don’t be confused by the legal process!
Selling or purchasing your property is an exciting time, but it can also be confusing, time consuming and expensive; however recent research has suggested that some 77% of those planning to buy in the next ten years admit they do not know when they are supposed to pay the deposit, with 38% unsure as to the difference between a freehold and a leasehold property.
More than half of the 2,000 people surveyed could not define “gazumping” while 45% where not sure what a conveyancer does. With the property market heating up it is now more important than ever that buyers and sellers know their legal rights and have a basic understanding of the legal process.
What does the legal jargon mean?
Gazumping: The owner agrees to sell, but then accepts a higher offer.
Gazundering: The buyer offers less at the last moment.
Exchange: the buyer and the seller sign contracts and send them to one another. A deposit is lodged with the buyer’s solicitor and the sale is then legally binding.
Completion: the money is transferred and keys are given to the buyer.
During any conveyancing transaction we keep our clients informed all of issues and provide regular progress updates, by telephone or email, whichever you prefer. This helps to alleviate any stress and misunderstanding, particularly between the seller and the buyer. We appoint a named member of our team to handle your transaction so you know who is dealing with your case at all times.
For more information, or to discuss your planned sale or purchase please do not hesitate to contact Anne Banks in our Property Department on 0191 232 9547 or by email to email@example.com.