Lucy Barber speaks to Spear’s on super-prime buyer anonymity
In the realm of super-prime property, where millions are at stake, information is at a premium. Whether it’s on the buyer, seller, or property, those involved want to know the facts but also want to protect their privacy and their interests. Speaking to Spear’s, Lucy Barber comments on the benefits, and caveats, to super-prime property anonymity in the UK.
NDA’s are often asked to be signed before details on the property can be released, or a visit made, maintaining the element of privacy that off-market selling brings. ‘Buyers may also feel better protected from gazumping if the number of people with knowledge about the sale is more limited than usual’.
However, a buyer trying too hard to remain anonymous can cause disputes both before the purchase and further down the line if the seller feels information was purposefully withheld, and thus changes the terms of sale. What with strict anti-money-laundering laws requiring both the buyer and seller to disclose their identity and the transaction purchase price being published when registered at the Land Registry, buyers have much less scope for privacy.
For all the details, read the full article in Spear’s here.
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