Law firm aims to reduce burden of gazumping costs

North West law firm Stephensons Solicitors LLP has launched a service for home buyers aimed at preventing them from losing out financially if they are ‘gazumped’.

Called ‘Homebuyers Plus’ the service gives home buyers the added comfort if they find themselves in the situation that affects thousands of property purchases each year. Gazumping refers to a seller accepting an offer from one potential buyer, but then goes on to accept a higher offer from someone else.

Stephensons will reimburse buyers for specific costs they have incurred if the property if withdrawn from sale by the vendor for reasons beyond the buyer’s control. They will also re-imburse the client if the seller receives an offer greater than £1,000 from another buyer, and accepts it. In addition, if a survey is carried out which identifies rectification work to be done, which exceeds 5% of the property value, and the buyer decides to withdraw, the costs will be reimbursed.

Costs which will be reimbursed would include up to £600 against loss of solicitors disbursements, up to £500 for mortgage arrangement fees/lender fees and up to £750 for survey fees, subject to satisfying the agreed criteria.

Tom Bridge, managing partner of the Residential Property department at Stephensons, said: “Buying a property is often perceived as one of the most stressful events in someone’s life. Home buyers are likely to pay out for a number of searches, have a survey on the property carried out as well as the legal costs of conveyancing. Many of these costs accumulate before there is complete certainty that the transaction will complete. Our new service adds some reassurance to the whole process.

“It will reimburse buyers in respect of costs incurred if one of a number of events that may make a purchase fall through. It isn’t valid for a property that is part of a contract race or sealed bids. The lists of costs covered are extensive, but there are some events that aren’t. However, this new service will provide peace of mind that most circumstances are covered, meaning buyers may not lose should the purchase not reach completion through no fault of their own.”

Those instructing Stephensons to handle conveyancing will now be offered given Homebuyers Plus for no extra cost. The complete list of terms and conditions can be found at: Homebuyers Plus

Stephensons has been helping people to move home for more than 30 years, and undertakes all areas of residential conveyancing including purchases of all types of property, including right to buy purchases, sales, and re-mortgages. The firm is also offering a free basic Will with every conveyancing instruction, subject to terms and conditions.

For more information on Stephensons’ home moving expertise call 0844 488 9090 for further details or to obtain a quote.


Notes to editors

  • Stephensons is a North West regional law firm with a national reputation and reach.

Media information  Lianne Tracey
                                  Stephensons Solicitors LLP
                                  T: 01942 774225