Gazumping, what is it?

Protect Yourself from Gazumping: Essential Tips when looking for your net home!

Gazumping is where sellers accept higher offers after initially agreeing to sell to you, staggeringly this is affecting 37% of homebuyers—up from just over a third two years ago. This practice can lead to significant financial and emotional stress. Here’s how you can protect yourself in 5 simple steps:

1. Get Protected: The average claim amount in 2023/24 was £975. Here is how we can help with this as we have partnered with Lifetime Legal to offer Mover Protection when you buy a property from us. For a one-time cost of £50 this Includes your Anti Money Laundering checks and Mover protection worth up to £1,850 on your purchase. The average claim amount in 2023/24 was £975.
2. Be Prepared: Have a mortgage agreement in principle and a solicitor ready. This can help you move quickly, reducing the risk of other offers.
3. Move Quickly: Aim to exchange contracts as soon as possible. Once contracts are exchanged, the transaction becomes legally binding, preventing gazumping.
4. Request Property Removal: Ask the seller to take the property off the market once your offer is accepted. This reduces the chance of higher offers coming in.
5. Consider a Lock-Out Agreement: This gives you exclusive rights to buy the property within a specified period, adding security.

With these 5 steps you can get prepared and better navigate the home buying process by protecting yourself from gazumping when your looking for your next home!