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Unique Anti-Gazumping Feature Saves Homebuyers Thousands

Saturday 25th August 2007

Homebuyers are saving thousands of pounds thanks to a unique anti-gazumping feature pioneered by Convex Conveyancing and offered as a standard feature of every instruction.

The specialist conveyancing firm researched clients of all firms and identified two financial issues that were common to all – having to come up with several hundred pounds up front, and losing the lot if the purchase fell through. Their solution has been to work with specialist underwriters to offer a unique insurance product in every case.

For a premium of, typically, only £90, the purchaser is protected against having to pay any legal fees or search costs if the transaction falls through.

So clients of Convex pay just £90 up front, not hundreds, with the absolute assurance that this is their total exposure if they are gazumped, as well as being able to view their whole file on-line, 24/7.

Ben Humphrey of London is one client that was glad he opted to take out the Convex anti-gazumping cover. He said:

“The insurance option was fantastic and helped me enormously – in fact I had cause to claim on it twice,” he said. The £90 premium meant that I lost nothing and only paid my conveyancing fees when I eventually did get around to buying a property. This cover saved me around £1,000 on each aborted purchase.”

“In fact the whole conveyancing process was hassle-free. Because it is conducted online I could log in at any time and discover exactly where I was in the process and if all relevant documents had been received and actioned. This was so much less time consuming than my previous experience where I went through a solicitor and everything was conducted by post.”

Convex managing director, Duncan Samuel 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.”

The Convex conveyancing system can deliver the purchase of a property on average 41% quicker than a traditional conveyancer, coupled with a unique anti-gazumping option.

Key benefits of the Convex conveyancing system are:

Clients are kept informed at each stage of the process instantly by email. All correspondance can be accessed online anytime, anywhere.

• At Convex it takes only 34 days to exchange and only 43 days to completion (41% improvement on average)
• Homebuying process can be speeded up by over a month

A unique anti-gazumping option provides peace of mind and hastens completion.

• Convex provides a unique vendor lock-in for peace of mind
• Convex will protect the buyer against the vendor accepting a higher offer and will help to speed up the process

Should the purchase collapse then the purchaser pays nothing.

• No large legal bills or disbursements

Convex Managing Director Duncan Samuel continued: “It’s about time the conveyancing process was taken by the scruff of the neck and given a good shake. That’s what we have done in order to develop and thoroughly test our service over the past three years. We believe that we have now arrived at a package of benefits that are customer focused and second to none.”

For further information, home movers can contact Convex on 0870 99 11 030 or visit convex.co.uk

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