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

After you've accepted an offer, you'll enter the pre-exchange phase, typically the longest part of the conveyancing process (4-10 weeks). This is where most of the detailed legal work happens.

Your conveyancer will:

• Send the draft contract pack to the buyer's conveyancer
• Submit all required protocol forms and title deeds
• Respond to any legal queries about the property
• Address concerns raised in the buyer's survey
• Negotiate key terms of the sale

Learn more: Documents for buying and selling houses explained.

During this phase, several important elements need to be agreed upon:

• Dates for exchange and completion
• What's included in the sale price (fixtures and fittings)
• Any additional payments for items you're leaving
• How to handle issues discovered in the buyer's survey (if any)

If you have a mortgage, your conveyancer will request a redemption statement to calculate the amount that will be paid to your lender from the sale proceeds.

This stage requires patience as the buyer conducts searches and surveys. The more responsive you are to queries, the smoother and faster this process will be.

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.

It’s moving day! The buyer’s conveyancer has the funds ready and transfers them to your conveyancer. Your conveyancer settles your remaining mortgage and any other house sales costs, before releasing the remaining funds to you.

They’ll also let the estate agent know that they’ve received the buyer’s funds, and they can release the keys to the buyer at an agreed time. You need to be all moved out by this time to allow the buyer to move in.

Check out our guide to completion day for more.

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!

Even after you’ve accepted an offer on your house, many factors can slow down the sale of a home. These delays can be frustrating and inconvenient for both sellers and buyers.

Being aware of these potential delays can help you manage expectations and possibly take steps to mitigate them:

• Property chain complications: If your buyer or you are in a chain, delays with any transaction in that chain can affect everyone. Longer chains mean more potential for delays.
• Local authority search delays: Some local authorities take considerably longer than others to return search results, sometimes extending to several weeks.
• Title or boundary issues: Unexpected problems with property boundaries, rights of way, or missing documentation can require significant time to resolve.
• Survey findings: If the buyer's survey uncovers structural issues, damp, or other significant problems, this often leads to renegotiations or requests for repairs.
• Mortgage approval delays: Lenders may take longer than expected to process applications, especially during busy periods or if there are complications with the buyer's financial situation.
• Leasehold complications: For leasehold properties, obtaining information from management companies or freeholders can introduce significant delays.
• Slow response times: Delays in responding to queries from either party's conveyancer can dramatically slow the process.
• Changing circumstances: Life events like illness, bereavement, or employment changes can cause either party to need more time.

To keep your sale moving as efficiently as possible, respond quickly to any requests from your conveyancer, be proactive about resolving potential issues, and maintain open communication with all parties involved.

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.