The Secretary of State for Communities and Local Government, Sajid Javid, has called for information from mortgage lenders, estate agents and solicitors, to help make the house buying process easier for buyers and sellers.
The government has pledged to undertake a review to prevent tactics being used, like gazumping, which cause unnecessary stress for home buyers. As part of the review, the government will look at the creation of new rules, which will stop bidders who have no hope of buying a property wasting time, and others from reducing their offer on a house at a late stage in the buying process. There have been previous efforts to improve the house buying process, but with little success.
MP Sajid Javid is launching an eight week review, asking for evidence from relevant bodies, as part of the consultation, aiming to make the process “cheaper, faster and less stressful”. Gazumping is still a problem, despite being an issue for many years. This is the practice of a higher offer being accepted on the house, and the buyer losing out. This can be expensive for the buyer if they have started proceedings with a survey. Around one million properties in England change hands throughout the year, with millions of pounds being lost when sales fall through.
Although a CeMAP qualification can’t enable a mortgage advisor to prevent gazumping or any of the other practices which can impact on a sale, they can support you in finding the most suitable mortgage.