What happens after you’ve accepted an offer on your house sale?

You’ve just accepted an offer on your house…

So, what's the process after you've accepted an offer on your house? At this stage, you’re set on your next move – be it upscaling, downsizing, or relocating to a new town or city. Accepting an offer on your house marks significant progress toward your goal.

Regardless of the plan, hiring a conveyancer is crucial for handling the legal aspects of selling your property.

How long does it take to sell a house after accepting an offer?

Once you've accepted an offer, you're likely wondering: how long does it take to sell a house once the offer is accepted? Typically, the process spans between 12 to 14 weeks, but this can vary based on your unique situation.

Each property transaction is distinct, and the conveyancing and sale timeline varies. Factors like property searches, chain complexity, survey results, negotiations, and more can impact how long it takes to sell your house after accepting an offer.-

Your conveyancer will be able to work with you to offer an estimated completion date or work towards your needs and the rest of the property transactions in your chain.

Average timeline from offer acceptance to completion

Here’s the process of selling a house and the work that your conveyancer will do once you’ve accepted an offer, broken down into phases:

• Instruction (1 – 2 weeks)
• Pre-exchange (4 – 10 weeks)
• Exchange of contracts (1 day)
• Pre-completion – (1 – 4 weeks)
• Completion (1 day)
• Post-completion

Step 3: Exchange of contracts

You and the buyer will have an agreed date to exchange contracts in the previous step. Your conveyancer will exchange the contracts on your behalf, submitting the signed contract you endorsed, and the buyer does the same with their duplicate version.

It’s at this stage where the buyer will pay the seller their exchange deposit (usually 10% of the total transaction or whatever is agreed). The deposit will be kept safe and secure by your conveyancer until completion.

You and the buyer are now legally bound to the property transaction, the buyer is obligated to buy your property and you’re obligated to sell. Neither party can back out now without risking the return or loss of the deposit.

Stage 6: Post-completion

Time to start your next chapter. Leaving your previous home can be bittersweet, but it marks a major milestone.

After completion, you simply need to pay any fees you owe. This could be to your conveyancer, estate agent, or any other party that was involved in the sale of your property, and that’s it, you’ve completed the sale of your property.

Congratulations!

Frequently asked questions

What does ‘offer accepted’ mean?

When a home seller accepts a buyer’s offer, it means they have agreed to the price and any other terms proposed for the sale of their property. Your estate agent will now say that your property is “under offer” and they will send your conveyancer the memorandum of sale.

If an offer is accepted on a house sale, is it legally binding?

After you’ve accepted an offer on your property, the property transaction will move forward (as described above). But this does not mean that you, nor the buyer are legally bound to the transaction.

You are not legally bound to the transaction until the exchange of contracts. At this point, if you were to pull out then you would need to return the exchange deposit (usually 10% of the purchase price). If the buyer pulls out, then they would risk losing their exchange deposit.

What do estate agents do after you’ve accepted an offer?

Once you’ve accepted an offer on your property, the estate agents’ main roles include:

• Issue a memorandum of sale containing the agreed price, buyer/seller details, and appointed conveyancers to all parties. This kicks off the conveyancing process.
• Assist in arranging access for the buyer’s surveyor to conduct their survey/valuation if required.
• Handle any further negotiations if queries arise from the survey reports.
• Work with conveyancers from both sides to push the sale towards exchange.
• Provide updates and chase for progress from the buyer and seller.
• Agree on a completion date that works for all parties involved as well as making sure it suits the rest of the property chain (if there is one).

How long to sell a house after an offer has been accepted?

After accepting an offer, expect the house sale process to take anywhere between 12 – 14 weeks. But remember, each transaction is unique, your journey could take longer, or it could be shorter. Here are some of the things that can impact your timeline:

• How quickly the buyer’s mortgage is approved (if applicable)
• Whether the property is freehold or leasehold (leasehold could take longer)
• If the property is part of a chain of sales and purchases (and how long that chain is)
• If any issues arise during conveyancing searches or surveys
• How quickly all parties (buyers, sellers, solicitors) respond and progress

This is by no means an exhaustive list, if you want to learn more check out our conveyancing timeline guide.

Can I keep my house on the market after accepting an offer?

If you do keep your property on the market, then it means you can expect to still receive offers. Your buyer will likely ask if you can remove it from listings, as this would leave them prone to gazumping.

Can I reject a house offer?

Of course you can, although it’s common to go back to the buyer with a counteroffer to see if you can get closer to your asking price. If there is no room for negotiation, then it is your choice whether to accept or decline an offer on your property.

What's the fastest possible time to sell after accepting an offer?

In ideal circumstances, with no chain and a cash buyer, a sale could complete in as little as 4-6 weeks after offer acceptance. This rapid timeline is only possible when both parties have proactive conveyancers, there are no complications with property searches or surveys, and everyone involved is highly responsive. However, it’s important to note that this is exceptional, and most sales, even straightforward ones, typically take longer due to various factors in the conveyancing process.