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Gazumping
We can help you understand what gazumping is, whether it's legal, and what you could do to stop it happening to you.
What is gazumping?
Gazumping is when someone else makes a higher offer on a house you are in the process of buying and the seller accepts that offer. Even if your offer is accepted, the seller can still accept an offer from someone else.
This happens when buyers are in a better position to complete the sale. For example, if they are cash buyers or are not in a property chain.
You can’t completely avoid it, but you can try to reduce the risk of it happening. These are some steps you can take that may help.
- Apply for an Agreement in Principle – this is the first step to getting a mortgage before you make a full application. Having one before you find your new home can make the buying process faster.
- Get the seller to take the property off the market – this could be as a condition of your offer.
- Arrange paperwork quickly – have all the paperwork ready and complete any checks as quick as you can.
- Line up legal help – you’ll need to get a conveyancer to complete the paperwork on your purchase. Get one in place as soon as you can.
- Keep in regular contact with your conveyancer – make sure everything is moving along as it should be. Check that they have all the documents they need.
- Arrange surveys quickly – this should help you complete your purchase as soon as you can. It’ll leave less time to get gazumped.
- Get home buyers insurance – protect yourself against any financial losses you might incur. Home buyers’ insurance covers any costs that you might lose if you get gazumped.
Can gazumping happen in Scotland?
Gazumping can happen in Scotland but it’s not very common. Unlike in England and Wales, solicitor estate agents sell houses in Scotland and are bound by different legal standards.
Scottish law requires the conveyancer to stop gazumping where possible. Once your offer is accepted, they can’t accept an offer on the property from other buyers.
But the homeowner could still accept a higher offer if they advertise their house with a new estate agent.
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