Print

Plundering and gazundering

Catherine Deshayes

Strict timeframes for property sales reduce exposure to gazundering, says Cluttons...

Cluttons is implementing strict turnaround times for potential purchasers in order to secure the exchange of contracts as quickly as possible, and reduce exposure to gazundering.

When a purchaser makes an offer, Cluttons introduces the following timeframes in which the sale must proceed:

1)      A solicitor must be instructed that day

2)      A survey, if there is to be one, should take place within seven days

3)      A written mortgage offer must be in place within 14 days

4)      Exchange must take place within 21 days of the receipt of contract papers

5)      The agreed price is non-negotiable, regardless of surveyor's report

James Hyman, Partner for Residential Sales said, "Demanding tight deadlines puts the seller back in control and separates the wheat from the chaff in terms of buyers.

"A buyer commissioning a survey within seven days shows an immediate financial commitment on their behalf. If they aren't prepared to move quickly and agree to the seller's terms, then it is likely they were never serious buyers in the first place.

"By setting out this framework, the buyer is aware that there is no room for further price reductions. If, in spite of this, the buyer does try to come in with a lower offer just before exchange, the seller can walk away knowing that they have not wasted months trying to secure the sale," added Mr Hyman.

Source: Cluttons