A new phrase in property related transactional problems has been coined today. Gazanging is not quite gazumping and it's not gazundering either. It describes a 'new' situation entirely, according to online conveyancers In-Deed. Sellers sometimes pull out of a sale because they receive a higher offer (gazumping), particularly prevalent in a sellers' market. Buyers may try to renegotiate a lower price just before exchange of contracts (gazundering). The latter often takes place in a buyers' market.
Both practices are a menace to the protracted and uncertain nature of conveyancing in the UK, an archaic method of transferring property title from seller to buyer. In fact, the process of conveyancing in England and Wales is positively Dickensian in method and that's because it hasn't changed in any great way since the day that Charles himself was putting quill to parchment. In-Deed say that a further obstacle to a satisfactory home sale is now prevalent. Gazanging. Gazanging, as they term it, is a situation whereby the property seller simply changes their mind about moving. For a variety of reasons this can happen quite a lot in the wider market and where the owner cannot find a suitable alternative property, or they fear that the market is moving against them or perhaps mortgage issues are encountered.
Speeding up the conveyancing process would certainly assist matters in giving people less time to change their minds and less opportunity if the process was moving along quickly. But with the best will in the World, nothing will prevent 'gazanything' if the rules of conveyancing are not changed. Ensuring that buyers and sellers are bound by some form of contractual obligation is vital to this. eMoov are pioneering in supporting this principle as the FIRST ONLINE ESTATE AGENT to become members of the e-Homebuying Forum, a lobby group that exists to pressure Government to change our backward looking home moving process to one that is fit for the 21st Century. Like Scotland, New Zealand, The USA, Australia, Continental Europe and just about every other country in the World.
In the meantime, note that all of eMoov's vendor clients have paid an element of their fee in advance, which saves them 90% in commission compared to traditional high street estate agencies. This means that our clients are already financially committed to moving.
So if you're in the market for a new home, you can rest assured that all of eMoov's sellers much less likely to change their minds, waste your money and cause you any kind of property-related distress - or, as we like to call it, 'gazanguish'.
Both practices are a menace to the protracted and uncertain nature of conveyancing in the UK, an archaic method of transferring property title from seller to buyer. In fact, the process of conveyancing in England and Wales is positively Dickensian in method and that's because it hasn't changed in any great way since the day that Charles himself was putting quill to parchment. In-Deed say that a further obstacle to a satisfactory home sale is now prevalent. Gazanging. Gazanging, as they term it, is a situation whereby the property seller simply changes their mind about moving. For a variety of reasons this can happen quite a lot in the wider market and where the owner cannot find a suitable alternative property, or they fear that the market is moving against them or perhaps mortgage issues are encountered.
Speeding up the conveyancing process would certainly assist matters in giving people less time to change their minds and less opportunity if the process was moving along quickly. But with the best will in the World, nothing will prevent 'gazanything' if the rules of conveyancing are not changed. Ensuring that buyers and sellers are bound by some form of contractual obligation is vital to this. eMoov are pioneering in supporting this principle as the FIRST ONLINE ESTATE AGENT to become members of the e-Homebuying Forum, a lobby group that exists to pressure Government to change our backward looking home moving process to one that is fit for the 21st Century. Like Scotland, New Zealand, The USA, Australia, Continental Europe and just about every other country in the World.
In the meantime, note that all of eMoov's vendor clients have paid an element of their fee in advance, which saves them 90% in commission compared to traditional high street estate agencies. This means that our clients are already financially committed to moving.
So if you're in the market for a new home, you can rest assured that all of eMoov's sellers much less likely to change their minds, waste your money and cause you any kind of property-related distress - or, as we like to call it, 'gazanguish'.
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