Gazumping is where sellers accept higher offers after initially agreeing to sell to you. Staggeringly, this is now affecting 37% of homebuyers— up from just over a third two years ago. This practice can lead to significant financial and emotional stress.
Here’s how you can protect yourself in 5 simple steps.
Get Protected
The average claim amount in 2023/24 was £975. We’ve partnered with Lifetime Legal to offer Mover Protection when you buy a property from us. For a one-time cost of £50 this includes your Anti-Money Laundering checks and Mover Protection worth up to £1,850 on your purchase.
Be Prepared
Have a mortgage agreement in principle and a solicitor ready. This can help you move quickly, reducing the risk of other offers.
Move Quickly
Aim to exchange contracts as soon as possible. Once contracts are exchanged, the transaction becomes legally binding — preventing gazumping.
Request Property Removal
Ask the seller to take the property off the market once your offer is accepted. This reduces the chance of higher offers coming in.
Consider a Lock-Out Agreement
This gives you exclusive rights to buy the property within a specified period, adding security.
With these 5 steps you can better navigate the home buying process and protect yourself from gazumping when looking for your next home.
A Word from Our Team
“We have experienced this issue first-hand. In our role, it is particularly challenging because we are legally required to pass on all offers received, regardless of the buyer’s position or ability to proceed. When we ask for ‘best and final offers,’ we genuinely mean it. If a buyer tries to increase their offer after this stage, it can irritate both the agent and the vendors. Therefore, please ensure that you present your best and final offer when requested. The more prepared you are to get things moving, the more gravitas your offer has.”
Chanelle Wakefield
Associate Director, FreeAgent247