Receiving an offer is exciting—but before you accept, there's more to consider than just the price. Here's how to assess an offer properly, what questions to ask, and what happens once you say yes.
Key Points
When an offer comes in, the price is the first thing you see—but a high offer from an unreliable buyer can be worth less than a lower offer from someone who is ready, organised, and chain-free. Before accepting, consider the full picture.
| Question | Why It Matters | Best Answer |
|---|---|---|
| Is the house under offer / in a chain? | Indicates sale certainty and likely timeline | No chain (first-time buyer or cash) |
| Cash or mortgage buyer? | Cash = faster, no lender risk | Cash; or mortgage offer already issued |
| Stage of mortgage application? | AIP vs full offer vs not started = very different risks | Full mortgage offer already issued |
| Have they appointed a conveyancer? | Shows they're organised and ready to move | Yes, solicitor already instructed |
| What is their preferred completion timeline? | Must align with your own plans | Flexible, or matching your preferred date |
If the price and buyer position are acceptable, instruct your estate agent to formally notify the buyer in writing. Your agent should mark the property as "Under Offer" or "Sale Agreed" and begin the process of issuing a memorandum of sale to all solicitors.
Once you accept, instruct your solicitor immediately and ask them to request the draft contract pack from the buyer's solicitor.
If the offer is below your minimum but the buyer seems serious, counter-offer rather than outright rejecting. A counter-offer keeps the negotiation alive and signals willingness to deal.
Propose a price between their offer and your asking price. Avoid going straight back to asking price on a low offer—it usually ends the conversation.
If the offer is simply too low—and the buyer is not in a position to go significantly higher—rejection is fine. Ask your agent to politely decline and indicate what kind of figure you'd consider.
Be careful not to reject outright when a counter might work. A firm rejection with no guidance closes the door—a counter keeps it open.
Your estate agent issues a memorandum of sale to all parties—buyer, seller, both solicitors, and any mortgage lender. This kicks off the conveyancing process.
You should already have a conveyancer chosen—if not, compare and instruct one immediately. They'll manage the legal side: title, draft contracts, enquiries, and exchange.
Your solicitor sends the draft contract, title documents, and property information forms (TA6, TA10) to the buyer's solicitor. The buyer's solicitor reviews these and raises enquiries.
The buyer's solicitor orders local authority searches, drainage searches, and environmental searches. The buyer may also commission a property survey—the results of which can sometimes trigger a renegotiation on price.
Once all enquiries are resolved, searches returned, and the buyer's mortgage offer is in place, both solicitors can exchange contracts—making the sale legally binding.
⚠️ Accepted Offers Are Not Legally Binding
In England and Wales, accepting an offer is "subject to contract" (STC). Neither party is legally bound until exchange of contracts. This means you can technically continue to receive and consider other offers even after accepting one. However, professional practice—and courtesy—means that once you've accepted, you should take the property off the market or clearly list it as "Sale Agreed" and focus on progressing that sale. Accepting one offer and then switching to a higher offer (gazumping) is legal but ethically questionable and can undermine trust in the market.
Not necessarily—but don't dismiss a good offer just because it's the first one. Consider:
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