An accepted offer means buyer and seller have agreed a price, but in England and Wales it isn't legally binding until contracts are exchanged. Either side can still withdraw without penalty. The weeks that follow are when your conveyancer, mortgage broker and agent all need to move quickly, since this stage is where most transactions are won or lost.
Is an accepted offer legally binding?
No. An accepted offer marks the point where buyer and seller have agreed a price, but the agreement only becomes legally binding once contracts are exchanged, which happens later in the process. Either party can withdraw before exchange without legal penalty, although doing so causes real disruption and cost to everyone else in the chain. What an accepted offer does trigger is the formal start of the legal and mortgage processes on both sides.
Why does the period after offer acceptance matter so much?
Most transactions succeed or collapse in the weeks between an accepted offer and exchange of contracts. Speed and organisation from everyone involved, buyer, seller, agent, solicitors and broker, makes the biggest difference to whether a sale reaches exchange without problems. The most common cause of a sale falling through at this stage isn't a change of heart. It's delay and poor communication between the parties.
What happens behind the scenes once an offer is accepted?
Your estate agent issues a Memorandum of Sale, a short document recording the agreed price and the contact details of everyone involved, including both conveyancers. Both legal teams use it to formally open their files and begin work. If you're a buyer using a mortgage, this is also when your broker converts your Agreement in Principle into a full mortgage application.
How long does it take from offer accepted to completion?
The timeline depends heavily on chain length and how complex the legal work turns out to be. Government figures cited in the HomeOwners Alliance's coverage of the 2026 home buying reforms put the current average at around 120 days, just over four months, from an accepted offer through to completion, though a straightforward, chain-free purchase can move considerably faster. The main stages are instructing solicitors and starting the mortgage application, waiting on searches and enquiries, reviewing survey and legal reports, and finally exchanging contracts and agreeing a completion date.
What should I do in the first week after my offer is accepted?
Contact your conveyancer straight away so they can open your file without delay, and if you're buying with a mortgage, tell your broker so the full application goes in promptly. Keep communication open with your agent, since they're often the central point of coordination between everyone involved in the early stages. It's also worth avoiding any significant financial changes, such as new credit or a change of job, while your mortgage application is being assessed.
| Stage | What's happening |
|---|---|
| Week 1 | Conveyancer instructed, mortgage application submitted, Memorandum of Sale issued |
| Weeks 2 to 8 | Searches ordered, survey booked, enquiries raised and answered |
| Weeks 8 to 16 | Mortgage offer issued, final reports reviewed, contract signed |
| Exchange onward | Deposit paid, completion date fixed, both sides legally committed |
Frequently asked questions
- Is an accepted offer on a house legally binding?
- No. In England and Wales, an accepted offer is not legally binding until contracts are exchanged, so either side can withdraw before then without legal penalty.
- How long does it take from offer accepted to completion?
- Government figures put the current average at around 120 days, just over four months, though a chain-free purchase can be considerably quicker.
- What is a Memorandum of Sale?
- A document your estate agent issues once an offer is accepted, recording the agreed price and everyone's contact details so both legal teams can open their files.
- Can a seller accept another offer after mine has been accepted?
- Yes, this is called gazumping and is legal in England and Wales until contracts are exchanged.
This guide is general information for home movers in England and Wales, not legal advice. Average transaction times vary by source and change over time, so treat the figures above as a general guide rather than a guarantee for any individual sale.