Liquid error: wrong number of arguments (2 for 1) Uk Nigeria Online | Marsh & Parsons Sales and Lettings Estate Agents London

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Uk Nigeria Online

Sat 01 Jun 2013

Buyers be warned: I found the perfect London flat ? only to be gazumped at the last moment Gazumping is misery for house buyers. I should know - it happened to me last week, writes Sally Jones of the Daily Mail. And it was cold comfort to find I am part of a growing trend. My cash offer on a flat in North Kensington had been accepted, I was planning a moving-in party. I had sold my flat, bought 25 years ago, and this new purchase was to be a part-time base for our student offspring and an investment. It had taken weeks of finding, trudging up grimy staircases to eyries with second bedrooms fit only to be cupboards. It resembled something of an achievement. Immaculately carpeted stairs, beautiful furnishings in shades of silver-grey and slate, posh bathrooms and a smart roof terrace. When viewing a property, first impressions seem more potent than plain facts. This flat spoke of London sophistication in contrast to my normal role as harassed multi-tasker at our Warwickshire farmhouse.

After some negotiation, the vendor, a property developer, formally accepted my offer and my solicitor set to work to tie up the loose ends. Despite various glitches we soldiered on, keen to exchange quickly, although it emerged a further 4,000 would be needed for work on the communal areas. Plus, the roof terrace had been developed without planning permission.

TOP TIPS: AVOID BEING GAZUMPED

Insist the property is taken off the market as soon as your offer is accepted. Make clear that you are keen to exchange fast once your solicitor has done the searches and surveys. Get your funds in place and firm up your mortgage, as this can take weeks to be approved. Occasionally a buyer offers a non-refundable deposit, demonstrating that he means business. However, many solicitors advise against this in case of a catastrophic survey or mortgage problems which would leave the buyer both frustrated and out-of-pocket.

Alarm bells rang when despite our agreement and assurances that the flat was now off the market, the vendor continued to show it to buyers. Our suspicions were confirmed when his solicitors ignored our messages for several days then revealed that he had received a higher offer and would only proceed with the sale if I paid an extra 30,000. When I refused, declaring that we already had a firm agreement and that he was behaving disgracefully, he reneged on our deal, even though I had spent several thousand pounds on surveys and legal fees. As we had yet to exchange contracts, I had no recourse for compensation or legal redress. No amount of Gazumping is misery for house buyers. I should know - it happened to me last week, writes Sally Jones of the Daily Mail. And it was cold comfort to find I am part of a growing trend.

My cash offer on a flat in North Kensington had been accepted, I was planning a moving-in party. I had sold my flat, bought 25 years ago, and this new purchase was to be a part-time base for our student offspring and an investment. It had taken weeks of finding, trudging up grimy staircases to eyries with second bedrooms fit only to be cupboards. It resembled something of an achievement. Immaculately carpeted stairs, beautiful furnishings in shades of silver-grey and slate, posh bathrooms and a smart roof terrace. When viewing a property, first impressions seem more potent than plain facts. This flat spoke of London sophistication in contrast to my normal role as harassed multi-tasker at our Warwickshire farmhouse. After some negotiation, the vendor, a property developer, formally accepted my offer and my solicitor set to work to tie up the loose ends. Despite various glitches we soldiered on, keen to exchange quickly, although it emerged a further 4,000 would be needed for work on the communal areas. Plus, the roof terrace had been developed without planning permission.

TOP TIPS: AVOID BEING GAZUMPED Insist the property is taken off the market as soon as your offer is accepted. Make clear that you are keen to exchange fast once your solicitor has done the searches and surveys. Get your funds in place and firm up your mortgage, as this can take weeks to be approved. Occasionally a buyer offers a non-refundable deposit, demonstrating that he means business. However, many solicitors advise against this in case of a catastrophic survey or mortgage problems which would leave the buyer both frustrated and out-of-pocket. Alarm bells rang when despite our agreement and assurances that the flat was now off the market, the vendor continued to show it to buyers. Our suspicions were confirmed when his solicitors ignored our messages for several days then revealed that he had received a higher offer and would only proceed with the sale if I paid an extra 30,000.

When I refused, declaring that we already had a firm agreement and that he was behaving disgracefully, he reneged on our deal, even though I had spent several thousand pounds on surveys and legal fees. As we had yet to exchange contracts, I had no recourse for compensation or legal redress. No amount of fulminating against the perfidy of property developers would ease the frustration of losing my ideal flat. With rising prices in an increasingly feverish London market and foreign investors piling in, convinced it is a safe haven for their money, growing numbers of would-be buyers are having the rug pulled from under them, often on the point of exchange. Rollo Miles, of estate agent John D. Wood says: Gazumping is commonplace as theres a lack of stock and good mortgage rates which are encouraging people to move. High demand means that if a property comes to the market at the right price, someone will be let down. To avoid being gazumped, purchasers should offer a fast exchange, request the property they are buying to be taken off the market, offer a non-refundable deposit and move like the wind!

Its not nice, but its a sign of the times, agreed Natasha Voyatzis, of Marsh and Parsons. The lack of good quality stock in London, particularly up to the 1?million mark, means people will often over-bid on a property thats already under offer to try to secure it. The agent is legally bound to present any offer they receive to the vendor - and its the vendors decision on whether they stick to their guns with the buyer whose offer theyve already accepted. The moral aspect is difficult. If the new bid is 20,000 or 30,000 more than the existing one, that sort of money can make a big difference to someones life and can be hard to resist.

Too right! Me? Im back on the flat-hunting

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