Buying
What is gazumping, and how can you avoid it?
1 min read · Updated
The short answer
Gazumping is when a seller accepts your offer, then takes a higher one from someone else before contracts are exchanged. It's legal in England, Wales and Northern Ireland. Moving quickly and asking for the home to come off the market make it less likely.
Why it can happen
An accepted offer isn't legally binding until contracts are exchanged. Until then, the seller can change their mind, and you can too. Gazundering is the other way round: a buyer lowering their offer just before exchange.
How to make it less likely
- Ask the agent to take the home off the market once your offer is accepted.
- Be ready: have a mortgage in principle, a solicitor and your documents lined up so things move fast.
- Keep in touch with the agent, and be friendly with the seller if you meet them.
- Some buyers agree a lock-out agreement, where the seller agrees not to deal with anyone else for a set time.
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A guide, not financial or legal advice. Rules and rates change, so check with your lender, broker or solicitor. Where our numbers come from.