Legal Experts React After Sheffield Tops Property Poll
Specialist conveyancing experts have urged prospective homebuyers in South Yorkshire to not ignore the importance of planning ahead in an effort to avoid the heartache of being gazumped and missing out on their dream homes.
New research by online estate agent eMoov.co.uk has revealed that one in three people looking to buy property in Sheffield can expect to face gazumping, when a higher bid is made on a property after one offer has already been accepted.
The statistics have made the city the so-called gazumping capital of the UK, with Brighton moving into second place.
Overall, gazumping had fallen by 40 per cent across the UK although, alongside Sheffield, other areas including Newcastle had also seen an increase.
Reacting to the research, Helen Hutchison, a specialist conveyancer at Irwin Mitchell, said the study highlighted how demand in specific areas was driving potential buyers to increasingly go head-to-head to secure a new home.
“Buying a new home is a massive step, but the issue of gazumping can often turn a dream move into a complicated nightmare. Unfortunately it can be part and parcel of the process, particularly in the areas highlighted in this research.
“The only real way to reduce the risk of this is to be prepared and move quickly. Once an offer is accepted, it is vital to be in a position to push matters forward by instructing lawyers and instigating searches as soon as possible.
“It is also key to ensure that funding is in place for all of the major outgoings involved in buying a home, as well as securing a mortgage offer.
“While there are never guarantees that gazumping can be avoided, moving quickly could at least make it less likely that your dreams go up in smoke.”
Helen Hutchison - Partner