If house prices are rising or there is great demand and little supply, this can create the temptation for the seller to abandon your offer if a higher one comes along. This process, known as gazumping, is more common in England and Wales than it is in Scotland.

Being gazumped could leave you out of pocket on expenses like the legal costs and survey fee, but that is unfortunately a risk you have to take. The sale is secured by law only when contracts have been signed and exchanged.

Charcol is not authorised to offer investment advice.  We recommend you seek professional advice with regard to these topics if you believe they may affect you.