Definition: Gazumped – agreeing a house purchase, then finding the property is sold to someone who offers to pay more for it.
Here’s some top tips on how to avoid it happening to you.
1. Get a mortgage offer in principle
The best position to be in when buying property is to be a cash buyer. Most buyers need a mortgage to assist with their purchase, so it is important to have a mortgage agreed in principle even before you start looking.
2. Find a solicitor before making an offer
Save time by having a written quote, to include VAT and legal costs such as Stamp Duty Land Tax, search fees, etc. Tell your solicitor that exchanging Contracts quickly is a priority. Place all required funds with your solicitor in advance, and ensure that they have all proof of identity and finance documentation they need.
3. Remove the property from the market
Ensure that the agent removes the property from all websites, adverts and window displays. Check that the “for sale” sign is removed or changed to “sold”.
4. Survey as soon as possible
Pay for any valuation or survey quickly, and have these carried out as soon as possible. This will give the seller comfort that you are moving quickly.
5. Stay on top of things
Stress to everyone that you want Contracts to exchange quickly. Respond to all telephone messages, correspondence and e-mails by return. Make sure your funds can be released on request, or move them to an instant access account. Check in with your estate agent and solicitor regularly.
Buying a house could be the biggest financial investment you ever make and it can be very stressful experience. Our professional team have extensive local knowledge and are here to help. Contact Bretherton Law by using the contact form below or call 01727 869293.
