33% of property sales fall through resulting in over £270 million lost fees.
NDI Insurance and Reinsurance Brokers have been working with Gazeal, an award-winning PropTech company who have introduced the Gazeal Reservation Agreement, a service that will heavily reduce gazumping when people sell their home.
The Gazeal Reservation Agreement is a legally binding contract between the house buyer and seller and is enforced following the acceptance of an offer, eliminating the risk of significant financial loss should the sale fall through.
This type of agreement is the first of its kind in the housing market and aims to ease the uncertainty and frustration of the house selling process. With many sales taking over three months to complete, Gazeal’s offering also alleviates unnecessary stresses by ensuring all legal documents are readily available when required, saving both time and money.
The Gazeal Reservation Agreement has also been endorsed by Phil Spencer’s property advice website Move iQ and is now available to users of the site and across the market.
Norwich based NDI has been heavily involved in project managing the product side of the brand new service, ensuring a smooth relationship between Gazeal and the Insurers. NDI has worked extensively to remodel the offering to ensure compliance and has helped to get the product to market.
Chris McManus, Managing Director at NDI says: “It has been hugely rewarding being involved in such an exciting project, finding solutions in a challenging circumstance.
NDI takes a can-do approach to insurance and we thrive on supporting innovative companies who take strides into new areas of growth. The whole team have worked extremely hard and I hope this product saves people the stress that comes with house buying and selling.”
Duncan Samuel, Managing Director at Gazeal says: “Gazeal are making imaginative use of insurance in several elements of its business to bring efficiencies to a sector that is notoriously risk averse. In doing so we aim to bring new efficiencies and to open up whole new sectors to the value that a pro-active insurance sector can bring.
This process has been made a lot easier with the help of NDI who have been invaluable in assisting Gazeal with compliance and in helping us navigate through the market.”
How can we help?
To discuss your business needs with NDI Insurance please call us on:
- +44(0)1603 677790