You can’t prepare for everything that will happen during a property sale. In the majority of cases, everything goes smoothly but occasionally things do go wrong. Saracens Solicitors are here to support you whatever the circumstances of your property sale.
There are a few more common problems that people encounter when they are buying property. Experience tells us that being prepared can help to prevent or mitigate the impact of some of these. At Saracens Solicitors, we look forward to sharing the benefit of our expertise in these matters with you when you engage us as your mortgage solicitor in London.
Gazumping is when a seller accepts another offer after they have already accepted yours. This is usually because they have had an offer that is higher and they want to get more money for the sale. Gazumping is illegal in Scotland but there is no law to prohibit it in the UK.
Sometimes, the reason a seller accepts another offer is because the sale is not progressing as well as they would like. You can prevent this by moving quickly to engage a mortgage solicitor in London, get your survey done and complete any paperwork. You can also take out house buyers insurance which can compensate you for a portion of any expenditure if you are gazumped.
Poor survey results
The possibility of getting poor survey results is another good reason to get the survey done as soon as possible before you invest any more, emotionally or financially, into the sale. There is not much you can do to affect your chances of getting poor survey results as long as you have visited the property and have not overlooked any obvious damage or issues.
At this point, you can cut your losses and pull out. This isn’t the best case scenario but at least it is better than unwittingly purchasing a property that will cost you lots to repair in the future.
You could also consider revising your offer on the property to take into account the costs you will incur when repairing the property. Saracens Solicitors can help you with negotiations of this type when we are acting as your mortgage solicitor in London.