The Government are considering implementing new measures to prevent gazumping
What is gazumping?
Gazumping is when a buyer has had an offer to purchase a property accepted by the seller but before the sale is completed the seller accepts another offer from a different person and refuses to sell to the original buyer.
Is it allowed?
Under current English Law this is allowed. There is no binding agreement between seller and buyer until contracts are exchanged.
Below are some tips to avoid gazumping.
- Instruct your solicitor as soon as possible. We recommend you instruct us as soon as you start looking to buy a property. That way all the initial paperwork will be ready as soon as you find a suitable property.
- Have all finance ready as quickly. This includes all mortgage offers.
- Appoint any additional survey as soon as possible.
- Ask us to start searches as soon as possible.
- Ask the seller to take the property off the market.
- If you need any more guidance call Ashley James Solicitors on 0121 702 1580 or 0845 643 1234.
See the link here http://www.bbc.co.uk/news/uk-41708597