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Gazumping

Frustrating for buyers, gazumping happens when a seller withdraws from an original agreement with one buyer in order to take a higher offer from another.

It became particularly common during the property boom of the 1980s and happens because, in England and Wales, a buyer’s offer is not legally binding (an agreement only becomes legally binding at the point of the exchange of contracts).

In the current environment of relatively stable house prices, gazumping is less common. But the best way to protect yourself as a buyer is to move the conveyancing process along as quickly as possible.

In-Deed's experienced solicitors are waiting to help you get your conveyancing under way, so give our friendly team a call now on 0800 038 6886.

To learn more about gazumping, go to: Potential pitfalls: Gazumping, Gazundering and Gazanging


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