MAKING AN OFFER, GAZUMPING AND THE ESTATE AGENTS ACT

If you make an offer on a property make sure that it is 'subject to contract', this means you can pull out of the deal if there are any problems. Under the Estate Agents Act, an estate agent is legally bound to present any offer to the vendor even if the property is already under offer and solicitors have been instructed.

An agent is also duty bound on property particulars/or details to make interested parties aware of any vested interests that they, family or their staff have in a property. This should clearly be shown in b/w on the details as handed out.

Unlike in Scotland, a buyer's offer is not legally binding in England and Wales, even if accepted by the seller. 

Once your offer is accepted, ask for the property to be taken straight off the market for the duration of the sale. The seller may be reluctant to do this if you haven't already sold your property and may choose to continue to show other interested viewers.

It is not in an estate agent's best interest to allow gazumping to occur as they rely on their reputation, however a determined buyer may go straight to the seller with their offer.

So Whats Gazzzzzumping:

Gazumping occurs when a property is under offer/stc and the vendor (owner) decides at a higher price to accept another parties offer, hence ditching the pre agreed sale. NOT NICE