Homebuyers are saving thousands of pounds thanks to a unique anti-gazumping feature pioneered by Convex Conveyancing and offered as a standard feature of every instruction.

The specialist conveyancing firm researched clients of all firms and identified two financial issues that were common to all – having to come up with several hundred pounds up front, and losing the lot if the purchase fell through. Their solution has been to work with specialist underwriters to offer a unique insurance product in every case.

For a premium of, typically, only £90, the purchaser is protected against having to pay any legal fees or search costs if the transaction falls through.

So clients of Convex pay just £90 up front, not hundreds, with the absolute assurance that this is their total exposure if they are gazumped, as well as being able to view their whole file on-line, 24/7.

Ben Humphrey of London is one client that was glad he opted to take out the Convex anti-gazumping cover. He said:

“The insurance option was fantastic and helped me enormously – in fact I had cause to claim on it twice,” he said. The £95 premium meant that I lost nothing and only paid my conveyancing fees when I eventually did get around to buying a property. This cover saved me around £1,000 on each aborted purchase.”

“In fact the whole conveyancing process was hassle-free. Because it is conducted online I could log in at any time and discover exactly where I was in the process and if all relevant documents had been received and actioned. This was so much less time consuming than my previous experience where I went through a solicitor and everything was conducted by post.”

Convex managing director, Duncan Samuel said: “It would appear that even given the recent rise in interest rates gazumping is still an unwelcome factor and the possibility of it occurring should be taken into account by brokers when advising their clients.

“This is especially true for those brokers with clients seeking to buy within the M25 area and other hotspots dotted around the country.”