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The return of gazundering
The return of gazundering
Last Modified: 06 May 2008
By:
Bridgid Nzekwu
The spectre of gazundering comes back to haunt house sellers as UK property prices fall. Bridgid Nzekwu reports.
Every week we seem to have new evidence of house prices falling - and falling house prices mean a return of that old nineties bugbear, gazundering.
Gazundering happens when a housebuyer demands a last-minute reduction on the sale price days before exchanging contracts.
The buyer is forced to agree - or faces losing thousands in lawyers' fees and having to start another long buying process.
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