From Offer to Completion: House Sale Process FAQs

Once an offer is accepted, the legal side begins, and it's where most questions come up. Here's how a sale moves from offer to completion, in plain English.

What does Sold STC mean?

Sold STC means sold subject to contract: the seller has accepted an offer, but the sale isn't legally binding yet. The solicitors have started the legal work, and either side can still pull out until contracts are exchanged. Once a home is marked Sold STC, most agents stop booking viewings, though the listing may stay online. It's a good sign for the buyer, but it isn't a guarantee.

What's the difference between under offer and Sold STC?

Under offer generally means an offer has been accepted but some checks are still being made, while Sold STC means those checks are done and the solicitors have been instructed. Agents use the terms a little differently, so ask what they mean by them. Typical checks at the under offer stage are the buyer's mortgage in principle, proof of funds and solicitor details. Neither status is legally binding. That only happens at exchange of contracts.

Can a seller accept another offer after Sold STC?

Yes, legally a seller in England can accept a higher offer right up until exchange of contracts, which is known as gazumping. Agents also have to pass on every offer they receive until then. Most sellers stay with their buyer. The best protection for a buyer is getting the mortgage, survey and solicitor moving quickly, so the sale reaches exchange as soon as possible.

Do estate agents have to pass on all offers?

Yes, estate agents must pass every offer to the seller promptly and in writing, right up until exchange of contracts. That includes low offers and offers made after a sale has been agreed. The only exception is where the seller has told the agent in writing not to pass on offers below a set level. An agent who hides offers, or misleads a buyer about other offers, is breaking the rules.

How long does it take to sell a house from offer to completion?

On average it takes about five and a half months from agreeing a sale to completion. Rightmove's data from March 2026 put the figure at 167 days. A chain-free sale with organised solicitors can be quicker, while long chains, leasehold flats and probate sales often take longer. Instructing your solicitor early and answering their questions quickly makes a real difference, as does having a buyer whose mortgage is already in progress.

How long does conveyancing take?

Conveyancing on a straightforward sale or purchase usually takes around 8 to 12 weeks, according to HomeOwners Alliance, but chains, leasehold properties and slow searches can stretch it much longer. The legal work covers checking the title, searches, enquiries, the mortgage offer and preparing the contracts. Most delays come from waiting on paperwork or answers, so reply to your solicitor quickly and have your documents ready from day one.

What is a memorandum of sale?

A memorandum of sale is the document the agent sends to everyone once a sale is agreed. It sets out the price, the buyer and seller, both solicitors and anything specific that's been agreed, such as fixtures included or a target moving date. It isn't a contract, but it's what gets the solicitors started. Check it carefully and tell your agent straight away if anything is wrong, as errors cause delays later.

What are property searches?

Property searches are checks the buyer's solicitor makes with the council and other bodies to find anything that could affect the property. The usual ones are the local authority search, covering planning and roads, a drainage and water search and an environmental search. Around Bury and Bolton, a coal mining search is often advised because of the area's mining history. Local authority searches can take a few weeks, so they're best ordered early.

What happens at exchange of contracts?

Exchange of contracts is the point when the sale becomes legally binding. The solicitors swap signed contracts, the buyer pays their deposit and the completion date is fixed. Pulling out after this has serious financial consequences, including losing the deposit. The deposit is often 10% of the price, though a lower amount can be agreed, for example when the buyer has a 95% mortgage.

What's the difference between exchange and completion?

Exchange is when you're legally committed to the sale, and completion is moving day, when the money arrives and the keys change hands. They can happen on the same day, but there's usually a gap of a week or two, which gives everyone time to book removals and give notice. Until completion, the seller still owns the house, so the buyer can't move in or start work on it.

What happens on completion day?

On completion day the buyer's solicitor sends the money, the seller's solicitor confirms it has arrived, and the keys are released. In a chain, the money moves from one solicitor to the next, so it can take a while. Funds often arrive around midday or early afternoon, but it can be later. Sellers need to be moved out by the agreed time. We'll let you know as soon as completion is confirmed and hand over the keys.

What is a property chain?

A property chain is a line of linked sales where buyers are also selling, so each sale depends on the others. If one link is delayed, everyone waits, and if one sale falls through the others can collapse with it. First-time buyers and chain-free sellers sit at the ends. A good agent stays in touch with every agent and solicitor in the chain, not just yours, so problems are picked up early.

Why do house sales fall through?

House sales usually fall through because of a down valuation, survey problems, issues in the searches, a chain breaking further along, or someone changing their mind. A lot of these can be worked through if they're dealt with quickly and honestly, for example by renegotiating after a survey rather than walking away. Keeping a sale together between agreeing it and exchange is a big part of what we do, and the part that's easiest to underestimate.

Can a buyer pull out after an offer is accepted?

Yes, a buyer can pull out at any point before exchange of contracts without a legal penalty, though they lose what they've spent on surveys and legal fees. Sellers can do the same. Lowering an offer just before exchange is called gazundering, and it's the buyer's version of gazumping. Choosing a buyer who is in a strong position, with a mortgage in principle and no fragile chain, reduces the risk.

What happens if my house is down-valued?

If the buyer's lender values your house below the agreed price, the buyer usually has to make up the difference, ask to renegotiate or request a second look. You don't have to accept a lower price. We'll compare the lender's figure with recent sold prices nearby and talk both you and the buyer through the options before anyone makes a decision. Sometimes a lender can be challenged with comparable evidence.

What information do I have to give buyers?

You have to tell your agent about anything that could affect a buyer's decision, and the agent must give buyers that material information up front. That includes tenure, council tax band, parking, utilities, broadband and known risks like flooding or restrictions, as set out in National Trading Standards guidance. Answer our questions honestly and mention anything you're unsure about. Problems you leave out usually surface in the searches or survey anyway.

Got a question we haven't answered?

Call us on 01706 310171, email sales@bowmanestatesltd.com or pop into the office at 88 Bolton Road West, Ramsbottom. If you're thinking of selling, you can book a free, no-obligation valuation.