FAQ’s
All your questions answered.
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Who are Gazeal?
An award-winning property technology company based in London, covering the whole of England & Wales. A passionate and dedicated team of lawyers, estate agents and customer service specialists committed to making home moving Simple, Safe and Guaranteed.
What do we do?
Gazeal offer two clear pathways to help people moving home; firstly they help Estate Agents and their Sellers prepare a Buyer Information Pack; it is completed in full and easily online by the seller and comprises all the important Law Society Forms; this is then held securely ready for sharing with buyers and conveyancers when the time is right. This service is completely free of charge. Secondly Gazeal offer a best in class Reservation Agreement that allows buyers and sellers to commit to each other and make sure the sale is simple, safe and guaranteed. For just a small reservation fee the sale can be secured and in the unlikely event a party does not stick to their agreement - Gazeal will pay the party who lost out.
Who do we work with?
Put simply, everyone involved in home moving. Sellers, Buyers, their estate agents, conveyancers and mortgage companies all benefit from Gazeal's service. They exist to simplify the process for everyone involved in the transaction.
How is a Reservation Agreement different to exchange?
Unlike an exchange, the Reservation Agreement is implemented at the point of offer agreed. If a reservation agreement is not in place; both buyer and seller can change their mind at any point before exchange of contracts on everything from price to inclusions and even walk away from the sale - which happens in over 30% of property transactions causing great stress and expense to all those involved - not least missing out on moving. The Reservation Agreement from Gazeal creates a binding agreement to ensure both parties proceed to exchange fairly and in a timely manner - giving more certainty and greater security to everyone.
What happens if there is a problem during a Reservation Period?
When the Digital Reservation Agreement by Gazeal is drawn up specific clauses can be included that all parities agreed to; further changes can be made during the agreement by mutual consent - so, as always it is fair. In the unlikely event that mutual agreements can't be met, arbitration (dispute resolution) is carried out by an independent Judge and King's Counsel.
How do I find out more information without obligation?
You can ask your agent if they are Gazeal Approved; only the very best most forward thinking agents work with Gazeal with strict criteria for joining; if they are not already approved - it might be that they are on the waiting list and your call will help expedite that. Alternatively; contact Gazeal directly so they can help you find a Gazeal approved agent and give you any advice you might need.
Buyer Information Pack
How much does it cost?
There is NO CHARGE.
What information is collected at the start?
It is called the 'Buyer Information Pack' and is usually put together by the Sellers conveyancer when a buyer is found. Gazeal prepares this much earlier. Typically it contains:
- Property Information Form.
- Fittings and Contents Form.
- Copy of the seller's title registered at the Land Registry.
- Copy of any planning permissions, guarantees etc.
- Leasehold Information Form (if applicable).
- Any other relevant documents the Seller wishes the Buyer to see, ie: copy of Broadband or Utility bill.
How long does it take to prepare?
This all depends on how quickly the Seller completes this on their own. We can have the pack ready in an hour. Typically 1 or 2 days.
How does a potential Buyer get to see this pack?
Once an interested buyer has been identified, Gazeal ask the Seller to check that the information is up to date and then the buyer is granted access to check the information online via the Gazeal platform. They are sent a email or text and can login instantly upon the Seller confirming the information is ok.
How much does it cost for the Buyer to view the information?
There is NO CHARGE to the buyer to view the information.
How do I know if the Buyer has viewed the pack?
When the Buyer logs in to view the information, Gazeal send the Agent an email alerting them to this. Very useful if you have had multiple requests for access.
Reservation Agreement
How does it work?
Once the offer has been agreed, the Buyer and Seller both sign the agreement and are then bound by the terms within. If either party withdraw for any reason, other than what is agreed, then the other side is entitled to a compensation payment.
How much is the compensation payment?
Whatever level of commitment that was agreed, min £2,000.
Who arranges this payment?
Gazeal will be responsible to make the payment to the innocent party and then recover it from the defaulting party.
For such a small amount why would the Buyer be committed?
Although the holding fee is low, both parties are committed to a min of £2,000 if either breaks the agreement.
What happens if the Buyer withdraws due to a bad survey? This wouldn't be their fault?
The agreement makes provisions for various scenarios that would mean there would be no penalty for withdrawal. Such as:
- Down Valuation due to survey not re-negotiable.
- Bad Title.
- Chain Break Down above the Seller or Below the Buyer.
- General Reasons agreed by 'Mutual Consent' with Seller Inability to get a Mortgage.
How can the Seller withdraw without penalty?
There are numerous reasons for the Seller to withdraw without the potential liability such as:
- Incorrect information given by the Buyer as to their position.
- Agreed timescales not met by the Buyer.
- Chain Break Down below the Buyer.
- General reasons agreed by 'Mutual Consent' with the Buyer.
What are the Timescales set out in the agreement?
Both Buyer and Seller are free to decide the timescales. Any time can be agreed to a maximum of 6 months.
What happens if there is a delay?
There is no problem with delays as long as they are communicated to each party. The Reservation Agreement can be extended by 'Mutual Consent' at any stage.
Does the Buyer have to prove an issue?
In all cases where the Buyer is seeking to withdraw, they will have to prove that the issue is truthful via their conveyancer.
How does the Agreement work in a Chain?
The agreement is NOT DEPENDENT ON ALL OF THE CHAIN having a reservation agreement. If at any point the chain collapses then the agreement simply 'PAUSES'. Longer timescales can be set from the start to allow a suitable property to be found by the Seller. These timescales can be reduced if a faster timescale is needed, or extended if a longer period is agreed.
What happens when the agreement pauses?
Either party can extend the agreement by 'Mutual Consent'. In the event that there is no 'Mutual Consent' then either party can walk away with no penalty.
What happens if the timescales are not met?
All pre-set timescales can be extended by Mutual Consent. In the absence of Mutual Consent either party can walk away, without penalty, if there is no extension agreed.
