Take a breath – Gazumping in London is not nearly as common as the press would have you believe. It affects 1 or 2% of conveyancing transactions.
Of all the areas we cover for conveyancing across England and Wales it is mostly seen by our Conveyancing in London team and the south east where the property market can be most buoyant. Nevertheless, when it does occur it is most unpleasant for a buyer. The gazumped buyer is caused considerable inconvenience, and is often left with a bill for legal fees and survey fees of several hundred pounds.
A good conveyancer specialising in conveyancing in London or any other area should be able to minimise the chance of gazumping by virtue of being quick and having a good line of communication with the seller’s conveyancing solicitor. In recent weeks as the property market has picked up there is increasing talk not only on London buyers’ woes, but also Gazumping in Wales. Our conveyancing in London Team despite completing hundreds of conveyancing London properties in recent months have not reported a single gazumping attempt.
Have you heard about the new threat to buyers called Gazanging? Read our article all about Gazanging