FTAdviser.com

Advertising

Gazundering is when a buyer demands a price drop at the last minute, usually to compensate for declining house prices in the area.

According to its new rules, when a purchaser makes an offer, a solicitor must be instructed that same day.

A survey should take place within 14 days and exchange must take place within 21 days of the receipt of contract papers with the agreed price being non-negotiable, regardless of the surveyors report.

James Hyman, partner for residential sales at Cluttons, said: "Demanding tight deadlines puts the seller back in control and separates the wheat from the chaff in terms of buyers.

"A buyer commissioning a survey within seven days shows an immediate financial commitment on their behalf. If they aren't prepared to move quickly and agree to the seller's terms, then it is likely they were never serious buyers in the first place.

"By setting out this framework, the buyer is aware that there is no room for further price reductions.

"If, in spite of this, the buyer does try to come in with a lower offer just before exchange, the seller can walk away knowing that they have not wasted months trying to secure the sale."