At a glance
- An offer is not legally binding in England and Wales until contracts are exchanged. Your property is not legally sold until then.[1]
- Your agent must pass on every offer until contracts are exchanged.[2]
- On exchange, the agreement becomes legally binding. On completion, the balance is paid and you hand over a property in the state the contract describes.[3]
- The government plans binding conditional contracts, but not yet. Until then, neither side is required to commit before exchange.[4]
Rules and figures last checked October 2026.
Receiving and accepting an offer
Your agent will tell you about every offer, and you decide whether to accept. Accepting is the start of the legal process, not the end of it: the sale is agreed “subject to contract”, which means the price can still change until contracts are signed.[1]
- Ask about the buyer’s position. A cash buyer, a first-time buyer with an agreement in principle and a buyer with a home to sell are in very different positions. Your agent can tell you more, and the agent must also verify the buyer’s identity before an offer is accepted.[5]
- Think about the whole offer, not just the figure: the buyer’s timescale, the chain and how they plan to pay.
- Keep marketing, if you wish, until you are ready to exchange.
From acceptance to exchange
Offer accepted
You instruct a conveyancer
Your conveyancer draws up the draft contract and sends it to the buyer’s conveyancer.[3]
Weeks
The buyer’s checks
The buyer’s side checks the title, runs searches and raises enquiries, and the buyer’s lender arranges a valuation.
Exchange
Contracts are exchanged
The agreement to sell and buy is then legally binding.[3]
Completion
The balance is paid, and you move
After your mortgage and fees are settled, you receive the balance. You must leave the property in the state agreed in the contract.[3]
What may change
The government’s June 2026 roadmap says it intends to require sales packs and binding conditional contracts, but only after packs are established and by the end of this Parliament. Voluntary reservation agreements, which commit both sides earlier, are being promoted in the meantime.[4] None of that applies to a sale you agree today.
Related reading: how selling works, the costs of selling and, if you are buying too, our buyer’s guide to offers and completion.
Sources
Every figure and rule above comes from one of these, read in October 2026. The dates are the ones each publisher shows as when the page was last updated.
- [1]Selling a home: offers and negotiations (opens in a new tab)GOV.UK
- [2]Selling a home: estate agents (opens in a new tab)GOV.UK
- [3]Selling a home: transferring ownership (conveyancing) (opens in a new tab)GOV.UK
- [4]Home buying and selling reform roadmap (opens in a new tab)GOV.UK (Ministry of Housing, Communities and Local Government) · page updated 19 June 2026
- [5]Anti-money laundering guidance for supervised businesses: estate agency (AMLG2200) (opens in a new tab)GOV.UK (HM Revenue and Customs) · page updated 13 October 2026
This is a general guide to selling a home in England, not legal, tax or financial advice. Your own circumstances, and your conveyancer’s advice, decide what applies to you.