Safe as houses: No more gazumping

Save £1,000s, time and stress buying or selling property

Register with AssuredSale graphical explanation
Add property with AssuredSale graphical explanation
Pay fee and deposit AssuredSale graphical explanation
Exchange contracts AssuredSale graphical explanation
Get deposit back with AssuredSale graphical explanation
Complete - AssuredSale graphical explanation

End gazumping with AssuredSale

No more gazumping, gazundering, flipping or dealing with time-wasters. AssuredSale works. Both parties deposit 1-2% of the sale or purchase price with The Co-operative Bank.  Once you exchange the cash is returned. Any foul play and the deposit is forfeit. With a 100% success rate and 100% customer satisfaction rating, it’s the proven way to secure your property deal.

Plan your sale or purchase with confidence

Remove the risks from an outdated and dysfunctional system.  Keep property sharks away from your sale or purchase:  No more lying awake at night worrying.  Plan ahead with confidence.

Your questions answered

Why use AssuredSale?

Secure your property deal at verbal offer or risk losing £1,000s, hours of valuable time and avoid stress

Buying or selling property can be a stressful time. If your deal goes wrong, solicitors’ fees and survey costs are lost. If you’ve paid a non-refundable mortgage arrangement fee or booking fee, that’s gone too. You could lose £100s or, even £1,000s of pounds, (not including the time and effort you spent to find the property in the first place).

One third (33%) of property deals never reach exchange

Verbal offers aren’t legally binding. Until now that is. AssuredSale’s service works to ensure your sale or purchase (or both) succeeds. From registration to exchange –  or you’ll get your deposit money back. You’ll be supported all the way –  the team’s ready to help with your questions or issues. With a current success rate of 100%,  you won’t be up at 3am worrying about your deal going wrong.

WITHOUT AssuredSale 66%
WITH AssuredSale 100%
 

How does it work?

Turn verbal offers into cast-iron guarantees with AssuredSale’s deposit system

Set your account up

  • Register for free on our website - it takes less than two minutes
  • Add your property
  • Accept a verbal offer – the website keeps track of progress

Pay fee and make deposit

  • Pay your fee
  • Make a deposit by BACS of  1-2% (or more) of the purchase / sale value
  • The money is held in trust by our bank until your deal gets to exchange of contracts.

Get your money back and complete the deal

  • Once you reach exchange, your deposit money is returned.
  • If the other party pulls out,  you get their deposit money.

How much do I pay?

Priced according to property values you pay:

Fees

Standard – £200 Enhanced – £350 Premium – £495

Returnable deposits

Property value £250,000 or less – £2,500 Property value £750,000 – £7,500 Property value £750,000 or more £7,500 to £50,000 (current maximum) Deposit fees are flexible and negotiable at your own discretion. 1-2% is the accepted minimum effective start point. Deposits are held in trust by the Co-operative Bank and returned on exchange.

Can I use my AssuredSale deposit at exchange of contracts?

Only on Premium Plans (so there’s no need to raise additional finance).  Your AssuredSale deposit is part of the funds for exchange.

What's the difference between Standard, Enhanced and Premium?

Standard Service – £200

Self-managed with telephone or email support.

  • Deposit protection committing buyer and seller to verbal offer.
  • Advice on dispute resolution and negotiating with agent or solicitor.
  • Confirmation of deposit receipt within two hours.
  • Advice on buyer or seller dispute negotiation and resolution.

Enhanced Service – £350

Self-managed with the option to add specific terms to your agreement.

  • Deposit protection committing buyer and seller to verbal offer.
  • Advice on dispute resolution and negotiating with agent or solicitor.
  • Confirmation of deposit receipt within two hours.
  • Advice on buyer or seller dispute negotiation and resolution.
  • Add specific terms of sale e.g:  Commit to an exchange date;  End property viewings; Include/exclude items;  Allow / make repairs before the sale.

Premium Service £495

Managed service –  Every aspect of your agreement handled by AssuredSale.

  • Deposit protection committing buyer and seller to verbal offer.
  • AssuredSale manages dispute resolution and negotiating with agent or solicitor.
  • Confirmation of deposit receipt within two hours.
  • AssuredSale manages buyer or seller dispute negotiation and resolution.
  • Add specific clauses e.g: commit to an exchange date; end property viewings; include/exclude items; allow / make repairs before the sale.
  • Add special agreement terms e.g: One-sided deposits (where only the buyer pays a deposit); return deposit to third party (e.g as a finders fee); valuation or lack of funding not valid reasons to back out of sale.

Can I can leave the sale and keep my deposit?

Not if you change your mind

However, while AssuredSale works to help you  reach exchange, it is also a fair and open scheme. Where genuine issues arise which stop a sale, AssuredSale will help your buyer/ seller work through them early on.

I’ve got some minor survey issues – what happens?

Surveys often identify minor property defects.  The majority of survey issues can easily be resolved and your solicitor will help you with this process.

I’ve got serious survey issues – what happens now?

AssuredSale have set a fair threshold to solve the problem: This is set at a minimum of £2,000 or 1% of the agreed purchase price. So, for example, a £125,000 property, the minimum amount would be £2,000.  On a £350,000 property, it would be £3,500. Example: £250,000 property – the minimum threshold in order to leave AssuredSale agreement based on survey issue is £2,500. – If the repair costs less than £2,500 you would not be able to leave the sale. – If however a new roof costs £10,000 you could exit the sale without penalty.

What happens if I receive unsatisfactory solicitors search results?

If a search result highlights an issue which cannot be rectified /solved e.g. via an indemnity policy, then you can leave the sale, without penalty.

Lender withdraws funds

If the mortgage lender (bank or building society) refuses to lend you agreed sums the sale can no longer proceed. This is often because the valuation of the house is less than the agreed price, and the seller cannot drop the price further. If this happens you can leave without penalty.

What happens if my chain collapses?

As long as you have declared that you need to be in or are in a chain (which we ask you when you sign our agreement). – If the chain fails, you can leave the agreement without penalty. – Of course, you can choose to wait for another buyer/seller and then proceed with your sale/purchase.

What happens in the event of death and critical illness?

These are clearly circumstances where you can withdraw from the AssuredSale Agreement without penalty.

Mutual withdrawal

At any time, both you and your buyer/seller can mutually agree to withdraw from the sale. You can then have the deposit returned, or if agreed, apportion some of the costs between you. See our full terms and conditions for the legal bit.

  • The seller agreed at the time of verbal offer to go into rented, so that she had no chain. However, halfway though the sale, she found a house she liked and informed us she wanted to buy it as part of the chain. This would have meant a delay of 2 to 3 months. Luckily, she had stated when we all agreed to AssuredSale, that she wasn't going to do this ...so we got to move in as planned! The lady then bought her house straight after, which helped her as she had no chain either.
     B.White, Warwickshire. 
  • How can it be, that when buying a house - usually the biggest financial cost in your lifetime - that we cannot stop people just walking away from a sale without penalty.  Its a totally unfair system.  I like the idea of AssuredSale as it provides commitment right at the start of the process and also compensates you should the worst happen and the sale not go through.
    Anonymous
  • “We found the immediate peace of mind was fantastic, especially compared to the stressful, uncertain feeling during the previous failed purchase.”
    T.Ho, Isle of Dogs, London E14
  • You don't ever think it will happen to you, but it often does. This is the totally right thing to do in our uncertain process.
    M, Heywood, Wrexham
  • Gazundering and gazumping can be avoided if the buyer and the seller reach a preliminary agreement and if one party refuses to enter such an agreement, the other is informed that there is no firm commitment. We believe a legally binding preliminary contract, requiring, for example, a 5-10% deposit would give a serious indication of the intent to purchase or sell a house, therefore helping to identify time-wasters and speculative sellers from the market.
  • Gazundering and gazumping is a big problem in today's market, but can be avoided if the buyer and seller reach a preliminary agreement thereby demonstrating their commitment to the transaction. Initiatives such as those from AssuredSale could go a long way to bring greater transparency and efficiency to the home buying and selling process and we look forward to seeing the results in the coming months.
    Tom Parker, Chairman of the E-Homebuying Forum
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