Buyer beware gazumping
- 28th September 2007
- Buying Property News
Buyers should take more precautions when purchasing a property to minimise the possibility of being gazumped.
Research by the financial portal fool.co.uk revealed that potential buyers could be wasting up to £290m each year on fees such as surveys, solicitors and searches and then losing out on the property of their chose. Supporting this theory is the suggestion from Scottish Widows that half a million potential homeowners have lost a property because they did not arrange their mortgage in advance.
Head of personal finance at Fool, David Kuo, says: “It can take months of searching to find the ideal home and anything that dashes the dream can be emotionally draining, especially if it is the result of being gazumped.”
It can take months of searching to find the ideal home.
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