Having an offer accepted is exciting but until contracts are exchanged, the transaction isn’t normally legally binding. Here’s what happens next and why good communication can make such a difference.

You’ve found the property.

You’ve negotiated the price.

Then comes the phone call you’ve been waiting for:

“Congratulations, your offer has been accepted!”

It feels like you’ve bought the property.

If you’re the seller, it can equally feel like the job is done.

But in England, an accepted offer is actually just the beginning of the next stage.

There can still be weeks or months of legal work, mortgage arrangements, surveys and enquiries before the keys finally change hands.

And crucially, until contracts are exchanged, neither buyer nor seller is normally legally committed to proceed.

So what actually happens between offer accepted and collecting the keys?

1. Offer Accepted: Sold Subject to Contract

Once the seller accepts an offer, the estate agent will usually mark the property as Sold Subject to Contract (SSTC).

This is an important milestone but it doesn’t mean the property has legally been sold.

At this point, the buyer and seller can normally still change their minds or withdraw from the transaction.

The estate agent will prepare a Memorandum of Sale containing details of the agreed transaction and the solicitors acting for each party so that the legal process can begin.

2. The Solicitors Get to Work

The buyer’s solicitor or conveyancer begins investigating exactly what their client is purchasing.

This can include reviewing:

• The contract and title
• Property searches
• Leasehold documentation, where applicable
• Fixtures and fittings
• Property information supplied by the seller
• Answers to any additional enquiries.

The buyer’s solicitor may raise further questions with the seller’s solicitor, who in turn may need information from the seller, managing agent, freeholder or other parties.

This is one of the reasons conveyancing can take time.

3. Mortgage, Valuation and Survey

If the buyer requires a mortgage, their lender will need to approve the loan and will usually arrange a valuation of the property.

The buyer may also decide to commission their own survey.

It’s worth understanding that the two serve different purposes.

A lender’s valuation primarily helps the lender decide whether the property provides suitable security for the mortgage.

A buyer’s survey can provide considerably more information about the property’s condition and highlight potential defects or repairs.

If an issue is discovered, further investigation or negotiation may follow.

4. Exchange of Contracts

This is the critical milestone.

Once the legal work is satisfactory, the mortgage arrangements are in place and both parties are ready to proceed, contracts can be exchanged.

At exchange, the transaction becomes legally binding.

A completion date is also agreed.

For buyers and sellers, this is the point at which the uncertainty that exists during the earlier stages of the transaction changes significantly.

Until you’ve reached exchange, an accepted offer should therefore never be confused with a completed sale.

5. Completion: The Keys Finally Change Hands

Completion is the moment everyone has been working towards.

The buyer’s solicitor transfers the remaining purchase funds to the seller’s solicitor.

Once the seller’s solicitor confirms receipt, the estate agent can normally release the keys to the new owner.

And finally:

The property belongs to the buyer. 🔑

It sounds straightforward when reduced to five steps.

In reality, there can be a considerable number of moving parts behind each one.

Offer Accepted Does Not Mean Sold

This is perhaps the most important part of the process for sellers to understand.

A property transaction can take several months.

During that period, there may be surveys, mortgage applications, searches, enquiries, paperwork and negotiations taking place simultaneously.

Yet until contracts are exchanged, the transaction is normally not legally binding.

That means a seller can spend months believing their property is effectively sold, only for circumstances to change before exchange.

A buyer’s circumstances might change.

A mortgage issue could arise.

A survey might uncover a problem.

A chain could experience difficulties.

An outstanding legal enquiry could create a delay.

Or sometimes frustration simply builds because nobody seems to know what is happening.

This is precisely why I believe an estate agent’s job should never finish when the offer is accepted.

Finding a Buyer Is Only Half the Job

Estate agency is often judged by one thing:

Did the agent find a buyer?

Of course that’s important.

But I’d argue there is another question sellers should be asking when choosing an agent:

“What will you do after you’ve found my buyer?”

Once a sale is agreed, the estate agent’s role changes.

The photography has been done.

The property has been marketed.

The viewings have taken place.

The negotiation has succeeded.

Now the objective is different:

Keep the transaction moving towards exchange and completion.

Why Communication Matters So Much

A typical transaction can involve several people:

• The buyer
• The seller
• The buyer’s solicitor
• The seller’s solicitor
• The estate agent
• A mortgage broker
• A lender
• Potentially other estate agents and solicitors elsewhere in the chain.

Nobody controls every element of that process.

And an estate agent certainly cannot solve every legal, financial or survey issue.

But a proactive agent can communicate.

They can speak regularly with the buyer.

They can keep the seller updated.

They can follow up with solicitors.

They can liaise with a mortgage broker where appropriate.

They can identify where something appears to have stalled.

And they can make sure the relevant people know what is outstanding and what needs to happen next.

That regular communication can be particularly valuable when a transaction encounters a problem.

Silence Creates Uncertainty

One of the biggest frustrations during a property transaction is not necessarily that something has gone wrong.

It’s not knowing what’s happening.

A seller hears nothing for two weeks and starts worrying about the buyer.

The buyer is waiting for their solicitor.

One solicitor is waiting for information from another.

The mortgage broker believes everything is progressing normally.

Meanwhile, everyone assumes somebody else is dealing with it.

This is where an engaged estate agent can help connect the dots.

Sometimes a telephone call won’t change the legal timescale.

But it can establish what is outstanding, who is responsible for it and what needs to happen next.

And importantly, it reassures both buyer and seller that the transaction hasn’t simply disappeared into a black hole.

What Should Your Estate Agent Be Doing After a Sale Is Agreed?

At ABX Properties, I believe agreeing the sale should mark the beginning of a different stage of our service, not the end of it.

A good agent should remain involved, provide regular updates and maintain communication between the relevant parties as the transaction progresses.

That doesn’t mean unnecessarily chasing solicitors every day.

It means proactive, sensible follow-up.

If progress stops, find out why.

If information is missing, establish what’s outstanding.

If the buyer becomes concerned, understand the concern.

If the seller needs an update, provide one.

And if a problem arises, make sure the people capable of resolving it are communicating.

From Offer Accepted to Keys

Buying or selling a property can feel complicated because there is so much happening behind the scenes.

But the basic journey is relatively simple:

Offer accepted → Conveyancing → Mortgage & survey → Exchange → Completion → Keys 🔑

The crucial distinction is between the first and fourth stages.

Offer accepted is an agreement to proceed.

Exchange of contracts is when the transaction normally becomes legally binding.

Everything between those two points needs to be managed carefully.

So whether you’re choosing an estate agent to sell your property or buying a home yourself, don’t be afraid to ask what’s happening.

A good estate agent shouldn’t disappear once the offer has been accepted.

Because:

Finding the buyer gets the sale started.

Keeping everyone communicating helps get it over the finish line.

If you’re considering selling your property and would like to understand how ABX Properties manages a sale from valuation all the way through to completion, we’d be delighted to have an informal conversation.

Xavier Boulanger
Founder & Director
ABX Properties

Property advice you can trust. Property management you don’t have to worry about.