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Gazumping is when the seller of a property accepts an offer but then disregards it in favour of a higher offer from another buyer. The original buyer is then left disappointed and has to either offer a higher counter offer or accept that they are unable to purchase the property. For this reason, gazumping is a controversial action and is recognised as being especially stressful and emotional for buyers.

Gazumping is legally acceptable in both England and Wales but it is not legal in Scotland. For this reason, Scotland is often considered a more stable environment to buy property, as buyers are less likely to suffer disappointments once an offer is accepted.

A conveyancing solicitor [https://www.localsolicitors.com/conveyancing-and-property] can help to guide both sellers and buyers through the legal processes of sale and purchase of a property. They will also advise buyers on the security of gazumping responses. Although a dream property may seem too good to lose, your solicitor is likely to highlight the vulnerability of leaving yourself financially insecure through making a further higher offer.

Your conveyancing solicitor will help you to secure your purchase through discussing the option of arranging an agreement with the seller upon the acceptance of an initial offer. The agreement will detail that the seller cannot accept further offers upon agreeing to your bid. This written agreement will provide you with a level of security against the threat of gazumping.

What is Gazumping and is it Legal?



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