What is Gazumping & Gazundering?

Gazumping and gazundering are risks of the English and Welsh property system, where deals are not legally binding until exchange of contracts. Gazumping is when a seller accepts a higher offer from another buyer after already accepting one, leaving the original buyer to lose their offer and any costs incurred. Gazundering is the reverse: a buyer reduces their offer at the last minute, pressuring the seller who is committed to a chain. Neither is illegal, which is why fast conveyancing reduces exposure.