Making an Offer on a UK Property From Abroad: Subject to Contract, Gazumping and What Happens Next
In England and Wales, an accepted offer is not a binding deal. Until contracts are exchanged, either side can still withdraw or change the price, which is why overseas buyers need to understand each step.
This Banke UK guide explains how offers work, what "subject to contract" means, how gazumping and gazundering arise and what to prepare so you can move quickly from abroad.
The Short Answer
Your offer is normally made "subject to contract". When the seller accepts, the property is usually marked as under offer, but nothing is legally binding until contracts are exchanged. Between acceptance and exchange you will instruct a solicitor, pay for searches, arrange funds and often a survey. All of that can be wasted if either side pulls out, so it pays to be organised.
See also our guides to the UK property chain, UK conveyancing for overseas buyers and proof of funds checks.
How an Offer Works Step by Step
- View the property in person or through someone you trust, and check what is included in the sale.
- Make an offer through the estate agent, usually by phone or email, and say that it is subject to contract and survey.
- Seller accepts and the agent should confirm the sale terms to both sides and ask for your solicitor's details.
- Identity and funds checks follow, because agents and solicitors must verify who you are and where the money comes from.
- Solicitors and searches begin, alongside any mortgage valuation and survey.
- Exchange of contracts makes the deal binding and a deposit is paid.
- Completion is when the money moves and you receive the keys.
Gazumping and Gazundering
Gazumping is when a seller accepts a higher offer from someone else after accepting yours. Gazundering is when a buyer lowers the price late in the process, often after a survey. Both are legal in England and Wales before exchange, although both damage trust. Scotland follows a different system, so confirm which rules apply to your property.
How to Reduce the Risk
- Appoint a solicitor immediately after the offer is accepted and return documents quickly.
- Have identity documents and proof of funds ready before you offer.
- Ask the agent whether the seller is already in a chain and whether their purchase is progressing.
- Agree a timetable for survey, searches and exchange.
- Ask whether the seller will agree a short exclusivity period, though that is usually not binding.
Special Points for Overseas Buyers
Signing from abroad needs witnessing or a power of attorney, and funds must be traceable. Check Stamp Duty Land Tax, including any surcharge for non-UK residents, with HMRC or your solicitor. We do not quote rates here because they change. Allow time for documents to travel and for bank transfers from overseas to clear.
Why Choose Banke Properties?
Banke helps overseas buyers prepare for the full UK buying process and compare homes on a full-cost basis. To discuss a specific purchase, contact the Banke UK team.
Conclusion
An accepted offer starts the process rather than ending it. Be organised, instruct a solicitor early and treat nothing as certain until exchange. Check current rules on GOV.UK and with HMRC. This is general information, not legal, tax or financial advice. Rules, fees and procedures change, so confirm the current position with the relevant authority or a qualified professional before you commit money.