You have had an offer accepted and it feels like the hard part is done. In England, though, nothing is legally binding until contracts are exchanged, and that gap leaves room for two unwelcome surprises: gazumping and gazundering. Both grow more common in a busy market, and Cambridge is rarely short of demand.
Gazumping is when a seller accepts a higher offer from a different buyer after already accepting yours, but before contracts are exchanged. You can lose the property you thought was yours, sometimes after paying for surveys and legal work. Gazundering is the reverse: a buyer lowers their offer at the last moment, often just before exchange, gambling that the seller is too committed to walk away.
The root cause is the stretch of time between an offer being accepted and contracts being exchanged, often several weeks or more, during which either side can change their mind without legal consequence. In a competitive market, a seller may be tempted by a late, higher bid. In a slower one, a buyer may sense a chance to renegotiate. Neither is pleasant, and both become far less likely when a sale moves quickly and both parties feel confident in each other.
You cannot make an agreement binding before exchange, but you can make it much harder for anyone to gazump you:
Sellers have protections too. The best defence is choosing a genuinely proceedable buyer from the outset, one with funds in place and a clear position, rather than simply the highest bidder. Keep the sale moving so there is less time for cold feet, and be cautious of a buyer who came in low or drags their heels. A good agent will vet buyers properly and keep both sides progressing towards exchange.
Much of the protection against both practices comes down to how well a sale is managed. An experienced agent qualifies buyers, keeps the chain moving, maintains honest communication on both sides, and works to reach exchange before doubts or rival bids can take hold. That steady progress is the single best safeguard there is.
Neither gazumping nor gazundering can be ruled out entirely while a deal is unbinding, but you can shrink the risk almost to nothing by reaching exchange quickly and keeping everyone confident along the way. Move promptly, communicate well, and choose reliable people to deal with. If you would like a Cambridge team that keeps sales moving and gets them safely to exchange, get in touch.
Yes. Because a sale is not legally binding until contracts are exchanged, a seller is within their rights to accept a higher offer before that point. It is frustrating, but the way to avoid it is to reach exchange as quickly as possible.
Not with total certainty, but you can make it far less likely. Move fast towards exchange, ask for the property to be taken off the market, keep in close contact, and for an important purchase consider a lock-out agreement.
Gazundering is when a buyer reduces their offer shortly before exchange, hoping the seller will accept rather than lose the sale. Choosing a committed, proceedable buyer and keeping the sale moving are the best defences.
