Standard Anti Gazumping Contract
Any questions or assistance in improving this open-source
"Anti-Gazumping Agreement,"
please feel free to get in touch with any of
the Unique Property Bulletin team: click here.
Why?
Establish An Open-Source Anti-Gazumping Agreement
Apart from the moral malevolence and emotional carnage plus financial pain caused by “gazumping” (here and here) the catalyst for this open-source version of this latest “Anti-Gazumping-Agreement” is the slippage into extra time ~ and delays by one to several extra weeks before buyers receive their keys and title-deeds and the seller receives payment for their building.
From the original verbal acceptance of a deal made when a seller and buyer agree a price for a building to transact between them should be 8 weeks.
The post-pandemic HM Land Registry backlog of 100,000 cases valiantly being attended to by HM Land Registry/Registers of Scotland (here) coupled with and exodus from the legal profession of a significant number of solicitors leaving their jobs (here and here) means greater risk to the buyer of losing their ideal home and uncertainty to the seller of a fair sale becoming derailed.
To reduce the stress and the horrendous risk of losing your ideal home, we have created an open-source “Anti-Gazumping-Agreement.” There must be something to this as we have been fortunate in assistance from pro bono conveyancing firms.
This pro bono (free) assistance already exists, where solicitors provide standard clause documents to assist in the conveyancing process (here and here). Possibly, after sufficient work by solicitors and those learned in conveyancing law, entering the hallowed official registries: here.
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What?
The latest…
Anti-Gazumping-Agreement
& Fast Track Emergency Conveyance Assistance
This agreement is designed to protect Buyers and Sellers, both of whom will have verbally agreed a mutually acceptable property sale/purchase price from being "gazumped between the verbal agreement and the written "Conclusion of Missives."
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^^ Anti-Gazumping-Agreement ^^
Latest Edition: 31st October 2024
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Please Consider Seeking Legal Advice Before Signing
THIS DOCUMENT IS FOR THE BENEFIT OF THE BUYER
AND THE SELLER
Insofar as it provides an EXCLUSIVITY period for the buyer and REMOVES the CLOSING DATE nightmare of wasted time a fees.
Plus it provides the SELLER with EVIDENCE of certainty, reassurance and commitment from a buyer.
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However, it is a legal contract. So please avail yourself of legal advice before utilising an “Anti Gazumping-Agreement”.
It has many benefits in addition to locking out “gazumpers.” These include limiting a buyer’s exposure to seller’s loss in the event that a buyer-default during the currency of this agreement. Whereas a default after the “Concluded Missives” can result in tens of thousands of pounds of costs. Fortunately it is rare to get a default after “Concluded Missives.”
By utilising an “Anti-Gazumping-Agreement”, there is a comfort knowing any default loss is limited to a modest deposit (we recommend between 2% and 5% of the property purchase price not 10%).
No other liability attaches when utilising an “Anti-Gazumping-Agreement.” Furthermore, this way of transacting a property removes very large sets of fees that tend to occur for both buyer and seller were they to follow the property-auction protocol.
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Who?
This document is provided for information purposes by Unique Property Bulletin Ltd. This company (here) is a not-for-profit organisation run by volunteers. From the pages of this publication have come the creation of two registered charities (1996 and 2012). Relevantly to this “Anti Gazumping Agreement” the third charity being registered during 2024/2025 does not want rampant price inflation. This is a real world risk due to dominance online of pages of Unique Property Bulletin (here and here).
The latest charity being processed through registration (working title: National Lighthouse Preservation Trust), is intended to deploying the Land Reform (Scotland) Acts (here + here and especially the latest Bill: here), along with the Community Empowerment (Scotland) Act 2015 (here).
The purpose of the latest charity is to manage the rescue and renovation of dilapidated or ruinous lighthouse buildings. For example to remedy the distressing example of Ailsa Craig Island Lighthouse Station. The dissonance between ruin and well maintained is illustrated here vividly between the lighthouse tower and engine house in the foreground as owned and cared for by the Northern Lighthouse Board and the privately owned keepers’ cottages. When we owned these building in 2001, they were habitable. The person we sold them to in 2001 has et them fall into obvious dilapidated shells.
^^ Ailsa Craig Island Lighthouse Station ^^
Land Reform Is Excellent Legislation To Help Save These buildings
But…
We need ways to expedite the conveyancing process.
The document on this page can help ameliorate these situations. So too can the “QR” inks that follow in the second part of this article.
Plus the charity will provide ways to assist those seeking to restore and/or maintain lighthouse buildings by our , via 40 years liaison with the General Lighthouse Authorities (here).
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Important Information
Estate agents and various property firms occasionally come up with a “lock-out” contract, otherwise known as “Anti-Gazumping-Agreements.” We have studied these documents and there usually appears to be a slight problem or hiccup in the text.
Hence we created a draft “Anti-Gazumping-Agreement” with a provision for wiser friends and colleagues can help us make it the best it can be,,,
Always with a core element to help make the conveyancing process ess stressful and much smoother.
An example of a helpful estate agent is given here…
Savills commence like many, with a general summary of the that “Scottish Legal Form Offer” templates and guidance are freely given. The vast majority tend to originate from impeccable, peer-reviewed sources (here and example: here).
Source ~ Savills: Click Here
But we still struggle with the Land Registry backlog of 100,000 cases and 20% of lawyers looking leaving their law firms.
This breeds delay and distress caused to buyers and sellers.
There has to be a better way? For example the 5% to 10% deposit is pointless as it affords very little protection to each party. Mainly because when that form of deposit is applied, there is a fairly strong contract in place that makes the process of deposit moot in many ways.
What about sorting out a better way…
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In The Anti-Gazumping-Agreement, the Deposit
Is reduced from 10% to 2% Non-Refundable
Due to observations made by our Unique Property Bulletin reader of unusual delays in the conveyancing process that have arisen since the 2020-2023 pandemic. We took time and wise counsel to discover what might be causing a problem to our readers in their sale and purchase transactions and discovered evidence from impeccable sources. There are two main problems:-
1]. A 100,000 property conveyance backlog built up HM Land Registry the Registers of Scotland (Scottish Land Registry). Source: Click Here.
2]. The loss of up to 20% of solicitors to the legal profession, with those remaining having to do a lot more to cover for staff that changed jobs/careers. Source: Click Here.
Due to the unique nature of some buildings, there is also a third matter that brings about a significant number of “gazumpers.”
3]. When large numbers of buyers inspect the property, this inexorably leads to “gazumping” on a significantly higher volume.
This screenshot illustrated the problem…
Instead of 6 to 12 potential buyers,
there appear 3,000 people that get in touch,
from whom around 60 to 120 viable buyers emerge.
This can disrupt an existing, agreed sale.
It can stress the seller and distress the buyer.
The “Anti-Gazumping-Agreement” has been
adapted to remedy this problem too.
In the example cited above, is a (former) lighthouse keeper’s home made available for sale via Unique Property Bulletin Ltd. It went “viral” on the internet. This can make a buyer who has verbally agreed a price and metaphorically “shaken hands” to agree the sale with the seller, become very nervous about the risk of being “gazumped.” This is another reason why the legal minds at Unique Property Bulletin Ltd., and wise counsel from some of the solicitors and barristers within our shareholder group have put this “Anti-Gazumping-Agreement” into the pubic domain so that “gazumping” can be outlawed insofar as is reasonably possible, either via written contract or even a change in statute.
Hence the aim of this page and the following document is to reduce the stress placed on buyer and seller.
The “Anti-Gazumping-Agreement” grants a period of exclusivity for the buyer and contractually locks out third party buyers during the currency of the following agreement. If you read the terms, the “Anti-Gazumping-Agreement” dovetails perfectly with the regular “Conclusion of Missives” and normal conveyancing process resumes.
This means that for a modest percentage (we recommend 2% rather than 10%), the buyers secure the property and grace of time without worrying about “gazumpers”. Whilst the seller ca reax knnowing that an acceptable price has been agreed and the buyers have the grace to get all their financial a+ survey + legal ducks in a row.
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Resourceful Information
We are still collating very useful advice from pretty senior and learned folk. All of this should filter down to our readers.
To make matters easier in this era of Iphones and smart-phones, we have….
QR
Codified
This is a bit random just now; but in due course, we trust this section will be a very helpful part of what we archive for you.
A positive repository of articles and reference works. The more educated we all become, the easier things such as conveyancing are.
For example and a very important one.
When the Scottish and English HM Land Registries struggled to get staff in, the eventual result was a…
SPECIAL FAST TRACK CONVEYANCING SERVICE
For this current page, we are very happy to provide a sample “Anti-Gazumping-Agreement” and especially for our Unique Property Bulletin readers…
..
Solutions To Problems
Conveyancing Backlog & Special Fast Track Conveyancing
(England & Wales)
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Solutions
Conveyancing Backlog & Special Fast Track Conveyancing
(England & Wales)
If You Don’t Favour QR Codes, Please:
This reference link is for advisory detail
and does NOT form part of this contract.
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HM Land Registry Processing Times
(England & Wales)
If You Don’t Favour QR Codes, Please:
This reference link is for advisory detail and does NOT form part of this contract.
Another problem which, thanks to the HM Land Registry FAST-TRACK protocol is being ameliorated concerns the number of conveyancing solicitors.
This is where our readers’ can help themselves to a significant degree and ensure they have a highly reputable and diligent solicitor. Of course, the Law Societies ensure all solicitors are of good repute and competency., but there are some solicitors that (how do we put this delicately)… some solicitors go the extra mile to ensure you secure the keys and title-deeds to your new home on the scheeduled date (this is happening more often as the professions catch up with the post-pandemic backlog).
Solicitors Leaving Their Profession
This reference link is for advisory detail and does NOT form part of this contract.
If You Don’t Favour QR Codes, Please:
&
If You Don’t Favour QR Codes, Please:
^^ Significant Numbers Planning To Leave ^^
A CHOICE BETWEEN THE 20% OR the 24% QUOTE
If You Don’t Favour QR Codes, Please:
186,399 Buyers
If You Don’t Favour QR Codes, Please:
This reference link is for advisory detail
and does NOT form part of this contract.
This page, along with the “Anti-Gazumping-Agreement” is a work in progress.
To get the best out of what we do, please check back here regularly.
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Conclusion: Worse, “closing dates” make it a vanishingly small possibility for buyers’ children and grandchildren to get onto the housing ladder. The ideal is for a parliamentary review of the 408 year old Scottish Land Registry (here) and 203 year old equivalent on the other side of the Border at HM Land Registry (here and here). The owner of Tod Head Lighthouse Station will be seeking the abolition of “closing dates” and/or at least a formal recognition and deployment of “Anti Gazumping Contracts” as a less stressful/harmful, and more honourable way to sell and purchase land and buildings.
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