While these terms may sound like nonsense words, they’re far from funny if you’re on the receiving end of one while trying to buy or sell a house. So what actually are these strange words and how can you avoid them?
Well, what is Gazumping? This is when a buyer has already put an offer in and completed all the paperwork like conveyancing searches, but just before you’re due to sign the contract the seller tells you they’ve got a higher bidder and you’ll have to pay more than your agreed price, or lose out on the property.
It’s fairly obvious why this is frustrating, not only do you have to pay more for the property you want, but if you can’t afford the price increase you’ve already paid hundreds out on the conveyancing searches and solicitor fees so you’re faced with a catch 22 – pay the extra or lose money.
This is kind of the opposite to Gazanging except you’re in the seller’s shoes. You’ve got a buyer lined up and they’ve had all their conveyancing searches back, weeks have gone by and they’re finally ready to sign the contract, except suddenly they drop their offer price and you’re left with the sticky decision of accepting less or starting the whole long process of finding a buyer all over again.
This is a fairly new term in the world of conveyancing slang, and it basically means that the seller leaves the buyer hanging (hence the name). For a number of reasons, the seller decides at the last minute that they’d rather not sell, and takes the house off the market, leaving the buyer pretty fed up.
Gazumping, Gazundering and Gazanging are all technically legal, so there’s not much to stop someone doing them, but you can cover yourself from losses.
If you opt for a solicitor who offers a ‘No Move No Fee’ guarantee, you won’t lose any money when someone gazangs, gazumps or gazunders you. You’ll basically get your second lot of conveyancing for free, so while we can’t regain any of the time lost for you, we can make sure you don’t lose any money in the process.
All of the solicitors we recommend offer a ‘No Move No Fee’ guarantee and will work as quickly as possible to avoid the chances of Gazumping, Gazundering and Gazanging happening to you.
Use our handy solicitor search engine today and find a solicitor who offers a fast and reliable ‘No Move No Fee’ service, complete with fixed fees!