Property Purchase: What exactly is gazumping

The term gazumping is often use by the media but generally don’t paint a full picture of what actually happens and as such many often find it surprising and confusing to understand.

Gazumping is where a property sale has been agreed but contract not yet exchanged and a third party comes along and offers more – where a third party ‘gazumps’ the original buyer. Gazumping is a nightmare for the original buyer as they’ve no comeback against (even if a survey has been done) either of the other two parties. In other for it to happen the seller must have to accept the higher offer, although they don’t have to.

I have worked for  clients on cases where a seller received higher offers but stuck to the original because they felt it was the honourable thing to do or preferred the original buyer. Also I have worked on cases where gazumping saved the chain – the original buyer was not taking it seriously or experiencing delays in securing mortgage and the chain was about to fall through – the new buyer moved ahead quickly and the whole chain completed. Gazumping normally occurs more often in a rising housing market, but probably not as much as the media would have you believe.

For property investment in the UK from start to finish, Please Contact me

Dennis Bebo – MSC, BSC, DEA, CeMAP

TA DenEco Consultancy – www.deneco.co.uk

Court rules police ban on Extinction Rebellion protest is unlawful

A police ban on Extinction Rebellion protests in London last month was unlawful, High Court judges have ruled.

The Metropolitan Police imposed the ban, which prevented two or more people from the group taking part in protests, under the Public Order Act.

But judges have ruled that police had no power to do this because the law did not cover “separate assemblies”.

Activists say the police could now face claims for false imprisonment from “potentially hundreds” of protesters.

The Met said it would “carefully consider” the ruling.

The protests cost £24m to police and led to 1,828 arrests, with 165 people charged with offences, the Met says.

During the court hearing, the force had argued that the ban was the only way to tackle widespread disruption.

Announcing their judgement, however, Lord Justice Dingemans and Mr Justice Chamberlain ruled in favour of Extinction Rebellion.

Lord Justice Dingemans said: “Separate gatherings, separated both in time and by many miles, even if co-ordinated under the umbrella of one body, are not a public assembly within the meaning of the public order Act.

“The XR [Extinction Rebellion] autumn uprising intended to be held from October 14 to 19 was not therefore a public assembly… therefore the decision to impose the condition was unlawful because there was no power to impose it under public order Act.”

The judges noted that there are powers within that act which may be used lawfully to “control future protests which are deliberately designed to ‘take police resources to breaking point”‘.

Source: BBC News

Property move: Booking your removals company

Whether you are going to go the whole way and get a removals company to do it all for you, do it yourself or go half-and-half option, you should start planning as soon as you have had an offer accepted.

 

Moving house is the perfect opportunity to clear out the cupboards and de-clutter to get rid of items you no longer need. Make some phone calls or get online quotes from at-least three or four companies operating in your area. The earlier you start doing this, the more time you will have to compare services and prices.

Be honest about the amount of furniture and other items you need to move so they can give you an accurate quote and allocate the correct size van or lorry and number of staff to send on the day.

For property investment in the UK from start to finish, Please Contact me

Dennis Bebo – MSC, BSC, DEA, CeMAP

TA DenEco Consultancy – www.deneco.co.uk

IKEA to build sustainable & affordable new homes in UK

In an effort to solve the UK housing shortage, a company co-owned by project development and construction company Skansa and IKEA are building low-cost housing in the UK. The project is the result of a deal signed between Worthing council in West Sussex and Boklok , the IKEA-backed housing concept that provides low-cost, sustainable housing to individuals with average incomes.

 

 

IKEA-designed housing will soon pop up in Worthing, a town in southern England where average housing prices are 11 times that of the average salary. In a bid to ease the housing crisis, the council has signed a deal with international residential developer BoKlok UK to deliver 162 sustainable, factory-built homes to the coastal town. IKEA has already started (June 27, 2019) building hundreds of affordable houses in the UK.

BoKlok started in the early 1990s when IKEA and Skanska joined together to offer sustainable and low cost homes, to create an affordable way for those on average incomes to buy a home. The first homes were completed in 1997 and there are now over 11,000 homes in Sweden, Finland and Norway.

For property investment in the UK from start to finish, Please Contact me

Dennis Bebo – MSC, BSC, DEA, CeMAP

TA DenEco Consultancy – www.deneco.co.uk

10 things to do between property purchase exchange and completion

Before the completion of your residential property purchase, there are few things you can do between exchange and completion. This process can typically take about two weeks.

  1. Make sure that you have re-set up any direct debits/standing orders in your new address.
  2. Reconfirm dates and times with your removals company, and make sure they have your new address details, including any restriction and information on parking.  Make sure they have your mobile phone number and an alternative mobile number if available so they can contact you en route if necessary.
  3. If you are paying for your possessions to be packed for you, its worth singling out any particular precious, valuable or breakable pieces and packing them separately yourself. Mark the boxes ‘fragile’ if they’re going to be loaded onto a removals van or lorry.
  4. If you’re packing yourself obtain some creates/boxes from your local removals company and do the packing on time especially the precious, valuable or breakable items so they can be properly and safely done.
  5. Make a list of what to pack last and to unpack first at the other end, and set aside a box or two for theses items. Typically this list will include household essentials such as toilet rolls; a small selection of crockery and cutlery, including mugs and teaspoons; a kettle; tea, coffee and sugar; milk; snacks; light bulbs; a torch; a selection of fuses; a couple of saucepans, utensils; a tea towel and hand towel; a wiping-down cloth; cleaning materials; bedding and pyjamas ; slippers; washbag; phone charger, alarm clock.
  6. Agree a time with your estate agent or solicitor when you can collect your new keys and hand over your old keys.
  7. Arrange for any utilities re-connections that require access to your new address to coincide with you getting access to the property.
  8. Register with a new doctor, dentist and/or other health provider(s) in your new area.
  9. If you have any regular deliveries or services at your old address, such as window cleaning, milk food, newspaper deliveries and so on, arrange to have them cancelled in good time and settle any unpaid accounts. Start to use up foods from the fridge and freezer.
  10. If you have pets make arrangement for them and think about what plants, if any, you might want to take with you with the agreement of the next tenant/owner.

 

For property investment in the UK from start to finish, Please Contact me

Dennis Bebo – MSC, BSC, DEA, CeMAP

TA DenEco Consultancy – www.deneco.co.uk