It is the practice and belief of both the author and Fridaysmove that Fast Conveyancing is the best way to reduce fall through rates and stress for buyers, sellers and all other parties in the home buying process. Although this article reasons that in a slim number of cases it might be counter productive, in the vast majority of cases proactivity in Conveyancing can only increase the likelihood of a successful transaction.
Gazanging is the latest word to enter the legal lexicon, to stand alongside gazumping and gazundering.
Gazanging describes what happens when sellers pulls out of property sales, not because of any delay by buyers, but for their own reasons.
How widespread Gazanging has become is difficult to say, but a recent survey suggested that 54, 000 home sales collapsed in the first half of 2011 because vendors pulled out before contracts could be exchanged.
Harry Hill, founder of Rightmove, said: “What we’re seeing at the moment is uncertainty in the housing market and poor consumer confidence giving sellers cold feet. Buyers can’t do much about the economy, but regardless of the state of the market, poor property legals continue to compound such problems, though this is easily avoided. “
In the first of a series of new online videos, the need for fast legals is echoed in property celebrity Phil Spencer’s Conveyancing Solictor advice.
But is slow work conducted by buyers’ Conveyancing Solicitors really the reason for gazanging? The survey suggests that nearly one third of people who withdrew did so because they could not find another home to buy.
Apparently there is a shortage of property on the market, so people who hold off looking until they have got a buyer for their existing home then discover that they can’t find anything they want to buy.
Property Lawyers are frequently blamed for delays, but with keen competition for Conveyancing work at present the majority of firms do ensure that there are no delays on their part.
Of course they are dependent upon vendors and their Conveyancing Solicitors also working quickly, and experience suggests that this does not always happen.
Delays may also arise for reasons outside the control of Conveyancers, such as local authorities taking time to respond to search applications or delays with mortgage applications.
But even if buyers Conveyancing Solicitors rush everything through, is that going to help when a vendor hasn’t found anywhere to buy?
In fact, isn’t it going to make matters worse – if sellers feel that they are coming under pressure to exchange and can’t find a house they like the look of, isn’t that when they are going to consider gazanging?
The problem for buyers is that they can lose a lot of money if purchase does not go ahead, even if it is the other party who withdraws. So if they are aware that the person selling has not found anywhere to buy, they may be reluctant to pay out for survey and solicitors fees if there is a chance that these will become abortive.
Until someone comes up with a way of making sellers liable for such abortive costs then it is likely that Gazanging is here to stay.