If you are planning to buy a property in the UK, then you will have to go through the conveyancing process. It is a process of completing legal paper work of transferring ownership rights from the seller to the new buyer. It involves a lot of complex legal paperwork, which is difficult for a common man to understand. It requires a legal expert like a qualified residential solicitor to assist and complete all the necessary paper work. There are many conveyancing firms and independent conveyancing solicitors providing these services.
This process involves three major stages: before the completion, exchange of contract and after completion stage. It is very important for a new buyer to hire a smart, experienced and a licensed conveyancer for their deal. It is the responsibility of the solicitor to explain you the process and carefully complete all the legal paperwork on time. Conveyancing is a lengthy process as there are many things, which require government and local body approvals to execute the deal. This takes time and the process gets completed in usually a time span of almost three months.
In the UK, property market mal practices like gazumping and gazundering are quite prevalent. All conveyancing solicitors are aware of these terms. Gazumping is when the seller suddenly raises the selling price for the property at the last moment. This means that the buyer must either accept the new price or quit from the deal.
Gazundering is nearly opposite of gazumping. It is the stage when the buyer all of a sudden charges or lowers the price for the property at the last minute. This happens usually before the conveyancing solicitors complete the searches and draft the final contract. It is becoming more and more popular as the property market in the UK is increasingly getting volatile.
In both cases either of the parties’, buyer or seller faces financial loss as they already pay for property surveys and conveyancing services. It is extremely difficult to prevent gazumping and gazundering. Only a smart and experienced conveyancer can sense and save the deal from these mal practices. The key is to complete the entire process quickly so that there is no time for the buyer or the seller to think of pulling out of the deal. The faster you complete the deal, the lesser are the chances for gazumping and gazundering. This will make both the parties in the deal to sensibly handle the transaction and will give them less time to bring changes in the price. It is always advisable to hire quality conveyancing services and conveyancers to take care of all these unwanted problems in the deal.
A good conveyancing solicitor takestepsforavoiding gazumping