Published 9th July 2021
When a buyer finally finds the property they have been searching for, it feels like a dream come true. The excitement and sense of relief that their search is over can be overwhelming, but it is easy to think that the hard part is over. Unfortunately, for thousands of buyers across the country, gazumping is a harsh wake-up call. Gazumping is the term used to describe the process of a seller accepting an offer, to later reject it for a higher offer from another buyer. The original buyer finds themselves going back to square one, having to begin their search for a new property all over again. Although the practice is considered widely unfair, it is legal. There is currently no legal recourse across England and Wales when a buyer is gazumped. The prospect is unsettling, but the good news for buyers is that there are steps you can take to lessen the risk of being gazumped.
By following these tips, you can reduce the risk of being
gazumped. Although the decision ultimately remains with the seller, these
measures can give you better protection than you would otherwise have.
Especially in a fast-moving market, the better position a buyer can put
themselves in will equal a smoother transaction.
Home Legal Direct facilitates fast and efficient home
transfer solutions for our customers throughout England and Wales. From sales
and more, we are here to support you every step of the way. Get a free online conveyancing or property
survey quotation in seconds and embark on your property journey today!