Accepting an offer on your property is a significant milestone, but it's important to remember the sale isn't finalised until contracts have been exchanged and completion has taken place.
Knowing exactly what to expect during this period can help you manage the process smoothly and minimise stress.
Having helped over a million of UK homeowners through this process, we’ve broken down exactly what happens next, step by step. We’ll highlight the important things you need to look out for, share some tips, and help you feel fully prepared and in control.
Selecting a reliable conveyancer is crucial, as they handle all legal aspects of your property sale. Your conveyancer will manage contracts, undertake necessary searches, and facilitate the exchange and completion processes.
Take time to choose carefully, as this is someone you'll rely on heavily over the next few months. Make sure they're experienced, prompt to reply, and transparent about fees. Also, ask how they typically communicate and what turnaround times to expect. Communication delays are one of the most common causes of stalled transactions.
3. Hire a Mortgage Broker
If your home has an outstanding mortgage, a mortgage broker can save you considerable hassle by liaising directly with your lender. They’ll advise you clearly on repayment details and any potential fees or early repayment charges, making sure you're not blindsided financially.
4. Await the Buyer’s Property Survey
Your buyer will typically have a RICS House Survey carried out on the property to assess its condition before the exchange of contracts.
If the survey identifies problems, especially structural issues or damp, your buyer may ask for a reduced price or even withdraw from the sale. If this happens, it's important not to panic, as this is common practice.
You can get ahead of this by identifying any obvious maintenance issues yourself early on, and secure quotes for common repairs so you can respond confidently to any buyer challenges.
5. Exchange of Contracts
Once you and the buyer are happy with the details of the sale, your conveyancer will arrange the exchange of contracts. At this point, your sale is legally binding, and if either party pulls out of the sale at this stage, significant charges apply. This is why it's essential to ensure everything is correct before this stage.
6. Book a Removals Company
If you're moving to a new home or have personal goods in the property you're selling, it's useful to hire a moving company. This will reduce moving stress, and the movers will carry out all the heavy lifting for you.
Ideally, book the removals company around 4-6 weeks in advance of your move to ensure they have availability for your moving date.
7. Completion Day
Your completion date marks the end of the conveyancing process and your property sale. On your completion day, the transfer of ownership from you to the buyer is complete, and your conveyancer will ensure all payments have been made and details transferred.
Upon completion, the keys are transferred, and the sale is finalised.
Accepting an offer on your house will start the conveyancing process, which covers all the legal aspects of your transaction. We understand that you will want the best possible solicitor for your sale, which is why we put you in touch with verified experts.
We can connect you with up to 5 conveyancers in your local area through our online form and help you save on the cost of your conveyancing fees. All our conveyancing companies have passed our strict verification process and are regulated by either the SRA, CLC, LSS, LSNI or CILEx.
FAQs
While you can accept the first offer you receive on your house, it's essential to take time to carefully consider whether this is the best option. Legally, you aren't obliged to accept an offer placed on the property you are selling, so it's useful to wait and ensure you are making the right decision and not taking a cheeky offer on your house. Many offers are below the asking price, so it's fairly common to provide a counteroffer before accepting.
Yes, you can reject an offer on your property, and you are never under obligation to accept an offer you are unhappy with. While you don't have to explain your reasoning for declining an offer, it's good etiquette to do so. You can choose to give a counteroffer if the offer is well below the asking price of the property.
While there is no set time you should wait before accepting an offer on a house, most sellers will respond accepting or declining within 24-72 hours after receiving the offer. Some sellers may choose to respond on the day the offer was given or may provide a counteroffer. Read more on our guide on when to respond to an offer on a house.
Yes, you can legally accept two offers on your house before the exchange of contracts makes the sale legally binding. This is not necessarily the moral thing to do, as potential buyers may have already spent money on surveying fees and will lose out on a property to a lower offer as a result. This is commonly referred to as gazumping.
Yes, as a seller, you can choose to entertain multiple offers on your property. This is common and allows the seller to consider the most suitable option. Until contracts are exchanged, a house sale isn't legally binding, even if the offer has been accepted.
