Gazumping

[areyouhavingagiraffe]

Hi all, first time poster here, but been lurking a while. Have recently put in an offer on a property and this has been accepted. Property is now SOLD STC on rightmove. I have a memo of sale and a letter from agents. I also have seen that the vendors solicitors are liaising with mine (I am using an online conveyancer so have visibility of activity). I have read so many posts on here about gazumping, and it is in the back of mind, but I also wonder if given that all parties are liaising with one another, does this reduce the risk slightly, if at all?!

Erm not really, anyone can come in at anytime and put a higher offer in.
It would just depends on your sellers, if they can’t be bothered to start the process again, if they want the extra money.
It’s always a worry with buying/selling but honestly it does come quite rare

If you're really worried and you think you have reason to be, like it went to sealed bids, you can take out gazumping insurance. We took it out as someone unproceedable offered £25k more than we did and we were concerned they'd come back after becoming proceedable and making an offer to the sellers. They did come back, but the seller took the advice of their EA and turned it down. It was a bit of piece of mind that we had it though as we'd spent a couple of thousand pounds by that point.

Unfortunately due to the pathetic process in this country you are vulnerable (as are the sellers to gazundering) until exchange. It is unlikely, but you are at the mercy of the scruples of the agent and seller.

pathetic process in this country

You can say that again! Just when are they going to change the system in line with all other Western (and not just) countries?
I'm a seller and totally at the mercy of my feet-dragging buyers and not very honest buyers - because it's now impossible for me to start afresh yet we still haevn't exchanged after months. No guarantee they won't disappear either.