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The process of home buying

Buying a home in the UK can seem like a difficult prospect.  There are a variety of stages that you must pass through before you are able to claim the property that you’re looking to buy your own.  In the unlikely event that you will have the money straight out to buy a property, you’ll need to get a mortgage which is probably the most significant loan you’ll ever ask for.  The first stage of any house purchase is to gather together a deposit.  Mortgage companies will only lend up to 90% of the property’s value in most cases.  Given that the average house price is around the £250,000 mark in this country you will need to have saved up £25,000 at least.

What is Gazumping and How Can it Be Avoided?

The purchase of a new home is a major milestone for many buyers and can be an expensive process with survey fees, solicitors fees, mortgage application and conveyancing all part of the buying experience. However, what happens when another buyer outbids you on your chosen property before you have even had a chance to sign the contracts and close the deal? This is known as being gazumped.