How can I avoid gazumping?
Posted by: Sam Edington - 16/05/2018
Once an offer is accepted, act quickly and provide the selling agent with the details for your surveyor, solicitor and financial advisor.  Make sure you actively manage your purchase by chasing up all third parties to make sure they are responding quickly to each other and turn around requests for information immediately.  If some information is not forthcoming from the seller ask your solicitor what they think would be okay to take a view on and what you could indemnify by way of an insurance policy.  If a seller feels a buyer is unduly delaying exchange the deal can sour and in a rising market and with other buyers keen to step into your shoes the seller is more likely to entertain other offers.
It is possible to enter into an exclusivity contract with buyers but in our experience it can take as long to negotiate the terms of the exclusivity as it does to  be in a position to exchange.  Lastly, there is no substitute for meeting your seller and ingratiating yourself with them.  If the deal can be elevated from being a pure financial exchange to a personal relationship a seller is less likely to accept a higher offer once the deal is in solicitors hands.
If you are looking to acquire a property in London and need a trusted advisor to navigate you though the process, please get in touch
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We would always recommend engaging a surveyor to establish the building’s structural integrity but before doing so, and incurring professional fees, do look for obvious signs of damp, structural cracks and the general condition of the property. Beyond that assess the property for how it will meet your needs today and how it might be adapted […]

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