Conveyancing in Wales - Gazumping on the Increase

Fridaysmove who conduct Conveyancing in Wales are now on notice of Gazumping as leading state agents in Wales having indicated that gazumping had returned to the Welsh housing market in a further sign that confidence in the sector is growing, property experts said yesterday. Those specialising in conveyancing in Wales are now starting to look out  for the issue and put in place processes to protect home buyers  in Wales

Some Estate agents indicate examples of the practice – in which buyers’ offers are trumped at the last minute – on an almost weekly basis, powered  by a shortfall  of desirable homes and a static housing supply.

Whilst  some will see this as welcome  sign of a re-emerging buoyant market in Wales, individual buyers face the misery of losing out on a home to a higher bidder or having to increase their original bid.

Cardiff estate agent Kelvin Francis  of Kelvin Francis and Company said: “This trend is being driven by a shortage of certain homes, those we have had the same stock of since the start of this year.”

Mr Francis, by way of backing up his assertion gave examples of three cases which required conveyancing in Wales.

In  the first case, the seller’s  had agreed an offer of £395,00 but then went on to accept a higher bid in the region of £405,000.

In the second, a price of £290,000 was initially agreed before a new offer came in at £305,000, forcing the original purchaser to increase his offer by £15,000 to secure the house.

The third case involved an agreed sale of £210,000, which was followed by a bid worth around £5,000 more. But in this instance, the vendor decided to honour the original agreement.

Savills in Cardiff,  have also witnessed gazumping attempts.

Those conveyancing firms specialising in Conveyancing in Wales may be able to assist buyers in limiting the likelihood of gazumping. For more information please speak to our Conveyancing in Wales team on 0330 660 0286.