According to a poll of 2000 people, moving home is the most stressful event that they have been through in their adult lives. The whole process of buying, selling or renting can be a minefield when it comes to terminology, which doesn’t help the process go smoothly. Let’s have a look at some of the most confusing terms you are likely to come across:
Gazumping and gazundering
You might have come across these two terms when you buy or sell a house. You don’t really want either to happen to you in the buying or selling process.
- Gazumping is when a seller accepts a higher price than what was previously agreed by someone else. So if you are the buyer you can potentially get ‘gazumped’ by someone else. It happens when the seller has accepted your offer but then a new buyer comes along and offers more for the property, which the seller then accepts. This leaves you either having to up your offer to beat the new higher offer, or backing out of buying the property.
- Gazundering is the opposite of gazumping. Gazundering is when a buyer lowers their offer just before you are due to exchange the contracts. It leaves you, as the seller, almost being forced to accept the new lower offer as you would have already been through most of the selling process, spending (potentially) thousands along the way and if you have found your new home to move into, losing your buyer could be disastrous to your future move.
Living with others is not a new phenomenon, flatshares have been around for decades. But co-living is different. There are now new companies like Common and WeLive (from the brains behind WeWork, coming soon) creating a new type of communal living.
Co-living differs from traditional flat sharing because it is run by a company and accessed via monthly membership fees. You rent your room and there is a main ‘common’ room that is shared. Some companies provide general housekeeping, (including restocking the household items like toilet paper), in the communal areas and provide the furniture.