For an upfront premium of around £90, the client can put off payment of conveyancing fees, meaning they will not be charged anything if they lose their desired property through gazumping.
Convex believed this could save the buyer several hundreds of pounds should the purchase fall through and could be a valuable option for those unable to risk losing a large sum of money at the start of the process.
Duncan Samuel, managing director of Convex Conveyancing, said: “It would appear that even given the recent rise in interest rates, gazumping is still an unwelcome factor and the possibility of it occurring should be taken into account by brokers when advising their clients. This is especially true for those brokers with clients seeking to buy within the M25 area and other hotspots dotted around the country.”
Michael Brill, director at Baronworth Investment Services, agreed that gazumping was still an issue in some areas, but the offer would have to be compared with Convex Conveyancing’s overall proposition.
“Gazumping can still be a bit of a problem and only the government could stop it completely through legislation. In terms of this offer, it would depend on how competitive the fees are overall. If the package is competitive, then that’s great but if it isn’t when compared to other companies, then you would have to look around and judge what’s best for the client.”
