“There is no place like home.”
Gazump /ɡəˈzʌmp/ v: to offer a higher price for a house than (a buyer whose offer has already been accepted by the seller) and thus succeed in buying the property instead.
Gazunder /ɡəˈzʌndə/ v: to offer a lower price for a house after your initial offer has already been accepted by (the seller of a property), typically just before the exchange of contracts. In the shipbroking business, this is also called ‘back-trading’.
INFORMAL•BRITISH•LEGAL
Welcome to the nightmare that is buying a house in England…As you will remember from way back when, Hubby and I had a bit of a nightmare selling our flat. But we did.
We thought that buying would be a cinch. But it wasn’t. It isn’t.
Our good friends wrote a brilliant book called The Accidental Landlord, an informative and entertaining read about the ‘how to’, ‘what nots’ and ‘basic nightmares’ of letting in England.
So, I’m thinking of writing a book entitled, ‘101 Ways to Lose a House‘. It will include stories like that of our friends Mr and Mrs A, who found that sellers had hidden a major flaw and had to back out of their purchase after already having spent a lot of money; or V and her two young sons, who escaped Ukraine war, who’ve made 30 unsuccessful offers on flats so far (turned down by Mortgage lenders)!; or H&O (also from Ukraine) whose solicitor is dragging his feet.
Then there’ll be personal stories about making an offer at the asking price, but the sellers sold to their friends instead; or making a cheeky offer which wasn’t accepted (#obvs 😳); or being asked to up our price offer (which was at asking), pulling out as a result and being relieved we didn’t get it (#desperatebuyersmakemistakes); or offering at the asking price only to discover that the house was cheekily priced low to start a bidding war. We offered thrice! We lost thrice! That one hurt.
And finally about an offer accepted … this one by a distressed seller in a family feud including a bi-country, tri-property settlement with four solicitors and two years of on-again-off-again. seven offers, five properties and two frazzled buyers. But this one is not dead yet.
These are just the stories I know. I’m sure another 93 horrific tales could easily be found.
I’ll stop wingeing now.
In happier news, my little sister managed to buy her house in Cape Town (after not a little bit of a challenge with paperwork). And my little brother and family are doing a major renovation of a large house they bought on auction near Hull. They are doing it themselves. WITH. THEIR. OWN. HANDS. LITERALLY.
It’s a joy and a wonder to watch their progress.
I’ll keep you posted …
SMALL PRINT:
P.s. Disclosure: I haven’t read ‘The Wonderful Wizard of Oz’, just watched the film a dozen times.
P.p.s. The collage of houses are the actual houses we tried – and failed – to buy.
P.p.p.s. God is our provider, so I’m certain there’s a little piece of land in SW London waiting for us. Hopefully soon.
P.p.p.p.s. I know – this is a first-world problem. Thank you for bearing with me.
Nyamazela 