What Happens After You Accept an Offer?

Accepting an offer on your home is a big moment, often the result of weeks (or months) of preparation, then marketing and viewings, and of course negotiations.

But whilst it feels like the finish line at the time, it’s just the halfway point, and in terms of time, usually not even that!.

From here, the legal and financial processes begin.

Knowing what happens after you accept an offer can help you manage expectations, avoid delays, and keep the sale moving smoothly.

Step 1: Offer Agreed, Sale “Subject to Contract”

Once you accept an offer, the estate agent will almost always mark your property as “sold subject to contract” (SSTC) or “Under Offer”. This means the buyer has committed to purchase, but the sale isn’t legally binding until contracts are exchanged.

At this point, both sides instruct solicitors or conveyancers to handle the legal work.

Note – if the agent doesn’t do this, your buyer could become nervous. There can be legitimate reasons for why they wouldn’t, or why they choose ‘Under Offer’ over ‘Sold STC’ – so make sure you discuss with them and give any instructions on this, especially if you worry about any risk or delay.

Remember agents are your professional advisors, but ultimately you are in control of your sale. Just understand that buyers can worry, and therefore worry about spending money on the process, if they fear that continued advertising means continued viewings and a risk of gazumping.

Step 2: Drafting Contracts

The buyer’s solicitor will request a draft contract from your solicitor. This will include:

• The agreed sale price.
• Fixtures and fittings included.
• Proposed completion date.
• Any special terms agreed during negotiation.
• The title plan and title number so that they can start searches on the property.

You’ll also need to complete forms providing detailed information about the property, such as boundaries, utilities, and declare disputes.

Step 3: Buyer’s Mortgage and Survey

While solicitors handle the paperwork, the buyer will arrange:

• Mortgage application: Their lender will formally assess their finances.
• Valuation: To confirm the property is worth the agreed price.
• Further Surveys – a Level 1 (Condition Report), Level 2 (Homebuyers Report) or Level 3 (Building Survey): The bank’s valuation is conducted by a surveyor but is not a survey – and in some cases the surveyor won’t even visit. Therefore, your buyer is likely to also commission a separate private survey to check condition.

The results may prompt further negotiations if issues are found or if certain things cannot be checked on the survey visit.

Step 4: Property Searches

The buyer’s solicitor will order legal searches with the local authority and utility companies. These check for things like:

• Planned road schemes.
• Planning permissions.
• Drainage and water supply.
• Environmental risks.

Searches can take several weeks, depending on the local council.

Step 5: Enquiries and Negotiations

After reviewing contracts, surveys, and searches, the buyer’s solicitor will now typically raise questions with your solicitor, called Enquiries (there may be ‘further enquiries’ by this stage, depending if any have been previously raised ahead of completed searches. This can depend on the solicitor’s preferences). Enquiries might cover:

• Boundaries or rights of way.
• Guarantees for building work.
• Planning permissions.
• Service charge or ground rent details (for leasehold properties).

Responding quickly helps avoid unnecessary delays.

Note that not all enquiries are anything to do with the buyer or what their own concerns are or are not. They might not have worries about the boundary, but the lender might need to be satisfied, and it is important to remember the solicitor works for the lender too – in almost all cases, at least.

Do note that occasionally lenders may have their own solicitor, if the buyer’s chosen solicitor or conveyancer is not on the lender’s ‘panel’. This is nothing necessarily to worry about, but useful to be aware and to make sure the estate agent and your solicitor manage communication effectively if this is the case).

Step 6: Exchange of Contracts

Once both parties are satisfied, contracts are signed and formally exchanged between solicitors. At this point, the sale becomes legally binding. The buyer pays a deposit, normally 10% of the purchase price. This can be in part or wholly formed by their buyer’s deposit, in a chain situation, and likewise if you are making an onward purchase your deposit will likely be in part or wholly formed by this deposit. It’s a peculiar reality of the system – because if something were to go wrong, who loses their deposit?

Because this is now the reality - if either party pulls out after exchange, there are financial penalties – and that is what the deposit covers.

Note: the buyer should have taken buildings insurance to start from this date, not from completion date (and if you are buying a property, you should do the same).

Step 7: Completion

On the agreed completion date:

• The buyer’s solicitor transfers the remaining funds.
• Once the money clears, your solicitor confirms completion.
• The estate agent releases the keys to the buyer.

Congratulations – there was only nominal risk since exchange, but now there is none! Your home is officially sold!

Step 8: After Completion

Your solicitor will settle any outstanding mortgage and deduct fees from the sale proceeds to pay third parties and disbursements, before transferring the balance to you.

If you’re buying another property, the funds will usually go straight into your onward purchase.

Final Thoughts

Accepting an offer is a huge milestone, but the legal process that follows is just as important.

By staying organised, responding quickly to enquiries, and working with proactive professionals, you can help ensure your sale moves forward smoothly.

Remember: the more prepared you are, the less stressful the journey from “offer accepted” to “keys handed over” will be.

Frequently Asked Questions

Does accepting an offer mean my house is sold?
Not yet. The sale is only legally binding once contracts are exchanged. Until then, either party can still withdraw. This stage is normally as being ‘Sold Subject to Contract’.

How long does it take from offer accepted to completion?
On average, around 12 weeks, though it depends on the chain, searches, and mortgage approvals, and can differ area by area across the UK.

Can a buyer pull out after their offer is accepted?
Yes. Until contracts are exchanged, either side can walk away without penalty, unless other legal measures have been put in place to safeguard the transaction in some way.

What happens if issues come up in the survey?
The buyer may attempt to renegotiate the price, ask for repairs to be carried out by the seller. Survey issues could affect the mortgage lender’s decision to offer, or lead to part of the mortgage being offered being retained until works are completed, so if you disagree with renegotiating or conducting repairs that leads to the sale collapsing, it is worth noting that any new sale to a buyer requiring mortgage may hit the same roadblocks.

When do I get the money from the sale?
Funds are transferred to you (or into your next purchase) on completion day, after solicitors settle any fees or mortgages. You will normally advise your solicitor you are happy to pay a CHAPS transfer if funds are wanted on the same day, otherwise they will make a BACS payment which tend to take two working days. In some very rare cases, solicitors still write cheques, but this is now most unusual.

If you have any questions or we can assist you with your next move, e-mail Nick Harris or Teresa Ling on hello@quarters.agency – we’re here to help!