Reservation agreements disruptor Gazeal has struck a deal with TV presenter Phil Spencer to distribute its service via his MoveIQ property advice and information platform.
Gazeal offers a way for buyers and sellers to sign a reservation agreement for a property which, the company claims, is set to reduce the UK’s fall-through rate and also eliminate gazumping and gazundering.
Most agents admit that approximately a third of all offers fall through before getting to completion, which costs buyers and vendors £270 million a year in lost survey and conveyancing outlay.
Its service is now available on Spencer’s MoveIQ website, which offers consumer advice from the presenter on buying, selling and renting a home, as well as quotes for mortgages and surveys. It also charges home buyers either £17.99 or £23.99 for a basic or comprehensive ‘property location report’, but not legal or physical information about the property.
“A legal system that allows buyers or sellers to abandon a sale a day before the exchange has always been a point of contention,” says Spencer.
“That’s why Move iQ has teamed up with Gazeal, who offer a legally enforceable contract at the very start of the process.
“Allowing sellers and buyers to agree a deal that has legal force right from the start; can spare weeks of uncertainty and prevent frustration and expense – all symptoms of gazumping and gazundering.
“Not only that but it’s also good for the traditional estate agent who can often be left with no fee despite committing huge amounts of time and effort on behalf of their client.”