It's an ugly word for an uglier feeling. You've had an offer accepted, you've maybe already started imagining where the sofa goes, and then the agent calls to say the seller's accepted a higher offer from someone else. In England and Wales, right up until contracts are exchanged, this is completely legal, however unfair it feels.
Here's what we'd actually suggest, in order.
First, breathe, and check it's really happening
Not every "we've had another offer" call is a genuine gazump. Sometimes it's a seller (or occasionally an agent) testing whether you'll increase your offer out of panic. Ask directly: has a new offer actually been accepted, in writing, or is this a request to improve your position? You're entitled to ask, and a straight agent will give you a straight answer.
Decide, quickly, whether the property's worth fighting for
This is the genuinely hard bit. If you can stretch, and you're certain this is the right home, it may be worth increasing your offer, but only up to a figure you've decided calmly, not one dictated by adrenaline in the moment. Write the number down before you call back. It stops you going past what you can actually justify later.
If you decide to walk away, walk away properly
If the number doesn't work for you, say so clearly and ask for your holding deposit or any fees paid so far to be returned promptly. Don't leave things vague "just in case." It usually just prolongs a process that isn't going anywhere.
For next time: protect yourself earlier in the process
- Move fast on the practical stuff. Have your mortgage broker, solicitor and survey lined up before you've even had an offer accepted, so you're never the slow party in a chain.
- Ask your agent to push for an early exchange date. The longer the gap between offer and exchange, the more time there is for someone else to come in.
- Consider a lock-out agreement on higher-value purchases: a legal agreement (usually a few weeks) where the seller agrees not to negotiate with anyone else. It costs solicitor time, but on a property you're genuinely worried about losing, it's often worth it.
- Get a survey booked immediately, not "once you've settled in a bit". Every day you delay is a day someone else could move faster than you.
Does this happen with us?
We won't pretend it never does. It can, in any market where contracts aren't yet exchanged. But it's less common here than in the faster-moving central London postcodes, largely because a lot of our sellers are locals who care more about a smooth process than squeezing out the last few thousand pounds. Where we can, we push sellers to commit early rather than keep their options open, because that's the right way to treat a buyer who's acted in good faith. It doesn't remove the risk. It cuts it down.
If you've had an offer accepted and want to get to exchange as fast as possible, talk to us. We'll walk through where the risk points actually sit in your chain.
FAQs
Is gazumping legal in England and Wales?
Yes. Until contracts are exchanged, a seller can legally accept a higher offer from another buyer, however unfair it may feel to the original buyer.
Can you get your money back if you're gazumped?
Yes. Any holding deposit or fees you've paid should be returned promptly if you decide to withdraw after being gazumped.
What is a lock-out agreement?
A lock-out (or exclusivity) agreement is a legal agreement, usually lasting a few weeks, in which a seller agrees not to negotiate with any other buyer during that period.
