The house buying and selling process: from offer to completion

You've accepted an offer on your home, or had an offer accepted on the property you want to buy.

It feels like the deal is done.

Unfortunately, in England and Wales, agreeing a price is really only the beginning.

There is still a mortgage to arrange, surveys to complete, searches to return, enquiries to answer, contracts to exchange and an entire property chain that may need to reach the same point at roughly the same time.

It is also the period when some of the most confusing questions arise.

Is my accepted offer legally binding?

Can the seller accept another offer?

Can I pull out after a bad survey?

What is gazumping?

What happens if somebody pulls out after exchange?

Here is the complete house buying and selling process, with the questions buyers and sellers most commonly ask along the way.

Step 1: The property goes on the market

For the seller, the process normally starts with preparing the home for sale.

That can include:

• getting a valuation
• choosing an estate agent
• arranging an EPC
• preparing photographs
• deciding an asking price
• gathering property documents
• instructing a conveyancer

Traditionally, sellers wait until they have accepted an offer before starting much of the legal preparation.

That can immediately create unnecessary delay.

A better approach is to start assembling the information a buyer will eventually need before the property is sold.

Do I need an EPC before selling my house?

In most circumstances, an Energy Performance Certificate is required when a property is marketed for sale.

If the property already has a valid EPC, you may not need a new one.

The EPC shows the home's current energy-efficiency rating and potential rating.

Because buyers can see this information early, it is worth checking what your EPC says before the listing goes live.

Step 2: Buyers arrange viewings

Potential buyers then view the property.

At this stage, buyers should look beyond decoration.

They should consider:

• condition
• location
• parking
• garden
• storage
• extensions
• signs of damp or movement
• EPC
• tenure
• service charges if applicable
• likely renovation costs

However, a viewing cannot tell you everything.

Much of the information about a property only emerges later through surveys, searches and conveyancing.

Step 3: The buyer makes an offer

The buyer offers an amount they are prepared to pay.

That might be:

Asking price: £450,000
Offer: £435,000

The seller can:

• accept
• reject
• make a counteroffer
• wait for another buyer

Eventually, the parties may agree a price.

Is an accepted offer on a house legally binding?

Usually, no.

In England and Wales, agreeing a sale price does not normally create a legally binding property transaction.

The property is often described as:

Sold Subject to Contract, or SSTC.

Until contracts are exchanged, either party can normally withdraw.

That is one of the most important things to understand about the English property market.

Offer accepted does not mean sale guaranteed.

Can a buyer pull out after making an offer?

Yes.

A buyer can generally withdraw before exchange of contracts.

They might do so because:

• their survey identifies a problem
• their mortgage application fails
• they lose their buyer
• they change their mind
• they find another property
• conveyancing identifies a legal problem
• their circumstances change

They may still lose money already spent on surveys, searches, mortgage fees or legal work.

Can a seller pull out after accepting an offer?

Yes.

Before exchange, a seller can generally decide not to proceed.

They might:

• accept another offer
• decide not to move
• lose their onward purchase
• renegotiate
• withdraw the property entirely

That can be extremely frustrating for the buyer, but the accepted offer itself normally does not legally force the seller to complete.

What is gazumping?

Gazumping is when a seller accepts an offer from one buyer but later accepts a higher offer from somebody else before contracts have been exchanged.

For example:

Buyer A offers £450,000.

The seller accepts.

Three weeks later, Buyer B offers £465,000.

The seller switches to Buyer B.

Buyer A has been gazumped.

Gazumping is generally possible because the original transaction is not yet legally binding.

Is gazumping illegal?

No, gazumping itself is not generally illegal in England and Wales.

That does not mean buyers like it.

A gazumped buyer could already have spent money on:

• survey
• mortgage valuation
• searches
• solicitor fees

and still lose the property.

This is one reason buyers often want sellers to take the property off the market once an offer has been accepted.

Can I ask the seller to stop marketing the property?

Yes.

A buyer can make their offer conditional on the seller taking the property off the market.

A seller does not necessarily have to agree, but many will.

If you are a seller, a strong proceedable buyer may be worth protecting rather than continuing to chase a slightly higher price.

What is gazundering?

Gazundering is effectively the opposite of gazumping.

It happens when a buyer reduces their offer late in the transaction, often shortly before exchange.

For example:

Agreed price: £450,000.

Buyer later says:

“I will now only proceed at £430,000.”

The seller then has to decide whether to:

• accept
• negotiate
• refuse
• put the property back on the market

A genuine survey issue may justify renegotiation.

A last-minute reduction purely to put pressure on the seller is more controversial.

Step 4: The estate agent checks the chain

Once an offer is accepted, the estate agent should establish each party's position.

Questions might include:

• Is the buyer chain-free?
• Does the buyer have a property to sell?
• Is their property already under offer?
• Do they have a mortgage agreement in principle?
• Is the seller buying another property?
• How long is the chain?

This matters because an offer is about more than price.

Is the highest offer always the best offer?

No.

Imagine two buyers.

Buyer A

Offer: £500,000
Chain-free
Mortgage agreed in principle
Ready to proceed

Buyer B

Offer: £510,000
Must sell their current house
Current house not yet on the market

Buyer B has offered £10,000 more.

Buyer A may still be the stronger buyer.

Sellers should consider both price and probability of completion.

Step 5: Solicitors or conveyancers are instructed

Both buyer and seller instruct a solicitor or licensed conveyancer.

The seller's conveyancer begins preparing the legal information about the property.

The buyer's conveyancer investigates it.

Both sides also have to complete identity and anti-money-laundering checks.

What is conveyancing?

Conveyancing is the legal process of transferring ownership of the property from the seller to the buyer.

For the buyer, this includes investigating:

• title
• boundaries
• rights
• restrictions
• searches
• planning
• lease terms
• property information

For the seller, it involves preparing the contract, providing information and answering questions.

Step 6: The seller completes property information

The seller is normally asked to provide detailed information about the property.

This may cover:

• boundaries
• disputes
• notices
• alterations
• extensions
• planning permissions
• building regulations
• utilities
• guarantees
• parking
• environmental matters

The seller also normally identifies which fixtures and fittings are included.

Do I have to tell a buyer about problems with my house?

A seller should answer the formal property questions accurately and should not knowingly misrepresent the property.

Trying to hide a significant issue can cause serious problems later.

If you are unsure how to answer a question, speak to your conveyancer rather than guessing.

Step 7: The seller's contract pack is sent

The seller's solicitor prepares the draft contract pack and sends it to the buyer's conveyancer.

This can include:

• draft contract
• title register
• title plan
• seller property forms
• fixtures and fittings information
• supporting documents
• lease where applicable

The buyer's detailed legal investigation can now begin.

Step 8: The buyer applies for a mortgage

If the buyer requires finance, they normally make their full mortgage application after the offer has been accepted.

An agreement in principle is not the same as a formal mortgage offer.

The lender will assess both:

the buyer

and

the property.

Can a mortgage lender refuse the property?

Yes.

A buyer might be perfectly able to afford the mortgage but the lender could still have concerns about the property.

Potential issues might include:

• unusual construction
• short lease
• serious structural issues
• title problems
• unacceptable valuation
• certain commercial uses nearby
• significant defects

The buyer may then need another lender, further investigation or additional money.

Step 9: The buyer's mortgage valuation takes place

The lender normally arranges a valuation.

This helps the lender establish whether the property provides adequate security for the mortgage.

Is a mortgage valuation the same as a survey?

No.

This is an important distinction.

A mortgage valuation is primarily for the lender.

A buyer's survey is designed to help the buyer understand the property's condition.

Relying solely on the mortgage valuation may mean physical problems are not investigated in the detail the buyer expects.

Step 10: The buyer arranges a survey

Depending on the property, the buyer might arrange a Home Survey or a more detailed building survey.

A survey may identify:

• roof problems
• damp
• structural movement
• poor maintenance
• outdated electrics
• drainage concerns
• defective windows
• other building issues

Can I reduce my offer after a bad survey?

Potentially, yes.

Before exchange, the buyer can attempt to renegotiate.

Suppose the agreed price is £500,000 but the survey identifies a roof requiring £20,000 of urgent work.

The buyer might:

• continue at £500,000
• ask the seller to repair it
• obtain specialist quotations
• renegotiate the price
• withdraw

The seller does not have to accept a reduced offer.

Step 11: Searches are ordered

The buyer's solicitor normally orders property searches.

These can include:

• local authority
• drainage and water
• environmental
• flood
• mining where relevant
• other specialist searches

These can reveal issues that are not obvious from looking at the property.

Can I buy a house without searches?

A cash buyer may have more flexibility about which searches they obtain.

However, skipping searches can mean accepting risks that would otherwise have been identified.

If a mortgage is involved, the lender may also have requirements that must be satisfied.

Saving a few days is rarely helpful if it means buying without understanding an important risk.

Step 12: The buyer's solicitor raises enquiries

The buyer's conveyancer reviews the information and raises questions with the seller.

These are called enquiries.

Examples include:

• Where is the building regulation certificate?
• Who maintains the shared driveway?
• Was consent obtained for an extension?
• Does a neighbour have a right across the garden?
• Why does the title show a restriction?
• Are there major works planned for the block?

Why do conveyancing enquiries take so long?

Because the seller cannot always answer them immediately.

The information may need to come from:

• local authority
• freeholder
• management company
• previous solicitor
• mortgage lender
• insurer
• another third party

One missing document can sometimes create weeks of delay.

This is why sellers can help themselves enormously by preparing property information early.

Step 13: The buyer reviews the legal information

Once the buyer's solicitor has satisfactory information, they report back to the buyer.

The buyer should understand important matters such as:

• ownership
• boundaries
• rights
• covenants
• planning
• lease terms
• access
• restrictions
• service charges

This is one of the last opportunities to ask questions before becoming legally committed.

When can I pull out of a house purchase?

In England and Wales, a buyer can generally withdraw at any point before exchange of contracts.

You might lose money already spent, but you would not normally be legally required to complete the purchase.

After exchange, the position changes substantially.

Can I pull out on the day of exchange?

Before the contracts have actually been exchanged, generally yes.

Even if everyone expected exchange to happen that afternoon, the transaction has not yet become binding until exchange actually occurs.

That is why a sale can sometimes collapse extremely late.

Step 14: Everyone in the chain becomes ready

Your own transaction might be completely ready, but your chain may not be.

Imagine:

First-time buyer → buys your home → you buy another home → that seller buys another home

There are several linked transactions.

If the final seller is still waiting for a search, everyone below them may also have to wait.

What does “the chain isn't ready” mean?

It usually means at least one linked transaction has something outstanding.

This could be:

• mortgage
• search
• survey issue
• enquiry
• document
• deposit
• onward purchase
• completion date

This is why it helps to understand the position of the whole chain rather than simply asking whether your own solicitor is ready.

Step 15: A completion date is agreed

Before exchange, the parties normally agree the date on which completion will take place.

This becomes the moving date.

If there is a chain, the same date generally needs to work for everyone.

Can you exchange and complete on the same day?

Yes, it is possible.

This is known as simultaneous exchange and completion.

It avoids the gap between the two stages but provides much less certainty for making firm moving arrangements.

Many transactions instead exchange first and complete later.

How long is it between exchange and completion?

There is no compulsory standard period.

A week or two is common in many ordinary transactions, but the parties can agree a shorter or longer period.

What matters is that everyone in the chain agrees.

Step 16: Contracts are exchanged

This is the decisive moment.

The solicitors formally exchange contracts on behalf of the buyer and seller.

The transaction becomes legally binding.

Is exchanging contracts legally binding?

Yes.

Once contracts are exchanged, both buyer and seller are legally committed to completing the transaction according to the contract.

This is the major dividing line in the buying process:

Before exchange: the transaction can generally collapse without contractual liability to complete.

After exchange: both parties have entered into a binding contract.

Can the seller accept another offer after exchange?

Not in the normal sense.

The seller has already entered into a binding contract to sell the property to the existing buyer.

They cannot simply decide to sell it to somebody offering more money.

This is effectively when the risk of gazumping ends.

Can a buyer pull out after exchange?

A buyer can refuse to complete, but that is very different from simply withdrawing before exchange.

They would normally be breaching a legally binding contract.

Potential consequences can be serious and may include losing the contractual deposit and facing further claims from the seller depending on the circumstances.

Anyone considering not completing after exchange needs urgent legal advice.

Can the seller pull out after exchange?

Again, refusing to complete would generally put the seller in breach of contract.

The buyer could have legal remedies against them.

Exchange is therefore the point at which both sides should consider themselves committed.

What is the exchange deposit?

The contract traditionally provides for a deposit, commonly 10% of the purchase price, although the amount actually transferred and arrangements within chains can vary.

It should not be confused with the buyer's overall mortgage deposit.

For example, a buyer might be providing 20% of the purchase price themselves but not necessarily transfer that entire amount specifically at exchange.

The conveyancer will explain what is required.

Step 17: Everyone prepares for completion

Once contracts have been exchanged, both parties can make firmer arrangements.

The seller can:

• confirm removals
• pack
• redirect mail
• arrange utilities

The buyer can:

• confirm removals
• prepare insurance
• transfer remaining funds
• arrange utilities
• prepare for the move

The solicitors prepare the legal and financial completion work.

Can a completion date change after exchange?

Not simply because one party would prefer another date.

The completion date forms part of the binding agreement.

Changing it would generally require agreement between the parties.

That is why the date should be chosen carefully before exchange.

Step 18: Completion day

On completion day, the buyer's solicitor sends the purchase money to the seller's solicitor.

When the money arrives, the transaction completes.

The seller must leave the property as required by the contract.

The buyer can normally collect the keys.

When do I legally own the house?

The buyer becomes the legal owner through completion of the transaction, with the subsequent Land Registry registration recording that ownership.

For practical purposes, completion is the moment everyone has been waiting for.

You get the keys.

The seller gets paid.

The house has changed hands.

What time do you get the keys on completion day?

There is no guaranteed time.

It depends on the transfer of money between solicitors.

If you are in a property chain, funds may need to move from one transaction to another.

Keys might be released late morning or early afternoon, but delays can happen.

Do not assume you will have access first thing in the morning.

What happens to the seller's mortgage?

The seller's conveyancer normally repays the mortgage from the sale proceeds.

For example:

Sale price: £600,000
Outstanding mortgage: £250,000

The conveyancer receives the buyer's £600,000 and repays the £250,000 mortgage.

Other costs are then deducted before the balance is sent to the seller or used for their onward purchase.

What happens after completion?

For the buyer, the conveyancer handles post-completion work.

This can include:

• Stamp Duty Land Tax where applicable
• registration at HM Land Registry
• registering the mortgage lender's charge

This does not normally prevent the buyer moving into the property immediately.

Can a house sale fall through after completion?

Once completion has occurred, the property has been transferred.

The ordinary sale cannot simply “fall through” in the way it could before exchange.

There could still be legal disputes if serious issues arise, such as misrepresentation, but that is very different from a buyer simply changing their mind.

Why do so many house sales fall through before exchange?

Because a long period can exist between offer accepted and legally binding exchange.

During that time, many things can change.

A transaction might collapse because of:

• bad survey
• mortgage refusal
• down valuation
• title problem
• buyer losing their sale
• seller losing their purchase
• chain collapse
• change in circumstances
• gazumping
• gazundering
• delays
• simple change of mind

The longer this uncertain period lasts, the more opportunity there is for something to go wrong.

How can sellers reduce the risk of a sale falling through?

Start with the buyer.

Understand whether they are:

• chain-free
• already sold
• mortgage approved in principle
• cash buyer
• motivated to move
• able to meet your timescale

Then prepare your own property.

Get together:

• title information
• EPC
• planning permissions
• building regulation paperwork
• guarantees
• leasehold information
• details of alterations

The goal is to remove avoidable surprises after the buyer has committed time and money.

How can buyers reduce the risk?

Move quickly once the offer is accepted.

Arrange:

• solicitor
• mortgage application
• survey
• searches

Then investigate the property properly.

Do not rush blindly towards exchange.

A quick transaction is good.

A quick transaction where you failed to discover a serious problem is not.

Can I protect myself against gazumping?

There is no perfect protection before exchange, but buyers can reduce the risk.

You can:

• ask for the property to be removed from the market
• proceed quickly
• demonstrate that your mortgage and deposit are ready
• instruct your solicitor immediately
• arrange the survey promptly
• maintain good communication
• consider a reservation or exclusivity agreement in appropriate circumstances

Ultimately, however, the transaction does not gain the certainty of a normal binding sale until contracts are exchanged.

What is an exclusivity agreement?

An exclusivity agreement, sometimes called a lock-out agreement, can give a buyer a period during which the seller agrees not to negotiate with other buyers.

It is separate from the eventual purchase contract.

These agreements are not part of every transaction, but they can sometimes be used where the buyer wants greater protection while spending money on due diligence.

Legal advice should be taken before entering one.

What does “no onward chain” mean?

It means the seller does not need to complete another purchase in order to sell the property.

This can simplify the transaction.

Examples include:

• vacant property
• probate sale
• investment property
• seller moving into rented accommodation
• seller already owns another home

A chain-free property is not guaranteed to complete quickly, but it removes one major source of dependency.

What does “cash buyer” really mean?

A genuine cash buyer can purchase without needing a mortgage.

However, the phrase is sometimes used loosely.

Someone who has to sell another property first is not necessarily immediately able to buy just because they will eventually receive cash from that sale.

A seller should understand where the money actually is.

What does “subject to contract” mean?

It means the parties have agreed terms in principle but have not yet entered into the binding purchase contract.

That is why estate agents commonly use Sold STC after an offer has been accepted.

The property is sold in principle.

It is not yet legally sold.

At what point is a house sale safe?

There is no completely risk-free transaction.

But exchange of contracts is the major point of certainty.

Before exchange, either side can generally withdraw.

After exchange, both sides are contractually committed.

Completion then finishes the transaction.

A simple way to think about the process is:

Offer accepted = agreement

Exchange = commitment

Completion = ownership changes

Why does the process feel so uncertain?

Because buyers and sellers emotionally commit much earlier than they legally commit.

The buyer may already be:

• planning furniture
• arranging schools
• telling family
• imagining Christmas in the house

The seller may already be doing the same with their next home.

Yet legally, both transactions can still disappear before exchange.

That gap between emotional commitment and legal commitment is one of the main reasons moving home can feel so stressful.

The best way to reduce the uncertainty is to shorten it

Nobody can remove every risk from a property transaction.

But the period between offer accepted and exchange can potentially be made shorter.

The key is doing more work before the offer is accepted.

Sellers can prepare:

• title
• property forms
• planning information
• building regulations
• certificates
• guarantees
• lease information

Buyers can organise:

• mortgage
• solicitor
• deposit
• survey

That means fewer weeks spent discovering basic information after everyone has already committed emotionally to the move.

A better property sale starts before the buyer appears

The traditional home-selling process waits until a buyer is found before asking many of the important questions about the property.

Tepilo takes a different approach.

We help you understand the information behind your home earlier, identify documents and potential gaps, and get the property better prepared before the legal transaction begins.

The aim is simple:

less uncertainty between offer and exchange, fewer surprises and a better chance of getting the sale completed.

Because accepting an offer is exciting.

But exchanging contracts is when the sale becomes real.

Get your property sale-ready with Tepilo before you find your buyer.