Are you in the process of buying a new home? Gazumping is a controversial part of the buying process and you need to be aware of what this can mean for you. So, here to help is Cat King, who offers Phil Spencer's advice and guide to gazumping and how you can avoid this unwanted part of the buying process.
WHAT IS GAZUMPING?
It refers to a situation where the seller of a property accepts a more attractive, and usually higher, offer from an alternative buyer, even after your offer has been accepted - leaving you gazumped.
It essentially means you have lost out on the property you had intended to buy, and with that comes a lot of heartbreak usually.
IS GAZUMPING LEGAL?
Yes, gazumping is legal in England and Wales because a sale of a property is not legally binding until contracts are exchanged.
The property laws in Scotland are very different though and gazumping is a much rarer occurrence than in other parts of the UK.
HOW YOU CAN AVOID GAZUMPING
The best way to try to avoid being gazumped is to get to the stage of exchange as quickly as possible. For this, you will need the help of a good, reliable conveyancing solicitor.
Get free conveyancing quotes, right here:
Other ways to avoid being gazumped include:
#1 Make sure your offer is subject to the seller withdrawing their property from the market
#2 Take out home buyer protection insurance:
#3 Have clear and regular communications with everyone involved in the buying process
#4 Find a good, reliable conveyancing solicitor
#5 Have a mortgage agreement in place
#6 Get to know the seller - having a good relationship with the owner might make them less likely to gazump you
FIND OUT MORE
Get free mortgage quotes online:
Read about gazumping here:
Get advice and guidance on how to make an offer on a house:
Learn more about home buyer insurance protection:
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