You shook hands on a price. The buyer paid for a survey. Surely they're committed now? Unfortunately not. This guide explains why, and what you can do to make the sale safer. It covers England and Wales.
Agreeing a price is not a contract
When you accept an offer, the sale becomes "sold subject to contract" (STC). Those three words matter: nothing is binding until contracts are exchanged. A contract to sell property in England and Wales must be in writing and signed by both parties, which happens at exchange, not when the offer is accepted.
So after agreeing a price, a buyer can:
- Withdraw completely
- Try to renegotiate the price
- Ask you to do repairs or give a contribution
And you can, in principle, accept a higher offer from someone else (known as gazumping), though most sellers don't.
What about after the survey?
Paying for a survey shows the buyer is serious, but it doesn't commit them. The survey and the lender's valuation are the first independent professional views of your home, which is why so many sales wobble at this point. After either one, the buyer can still renegotiate or pull out.
If that's what has happened to you, our guide to a buyer pulling out after the survey explains how to read what was found and what to do next.
Can a buyer change the price after agreeing it?
Yes. There's nothing to stop a buyer asking for a reduction. Whether it's reasonable depends on what changed:
- Fair: the survey found a genuine defect you didn't know about, such as roof damage or wiring that needs replacing
- Questionable: a general claim that the house is "worth less", or a demand made just before exchange with no new information
You don't have to accept. Our guide on gazundering explains how to respond.
How to make your sale more secure
You can't make a sale binding before exchange, but you can reduce the risk:
- Vet the buyer early. Ask for proof of deposit, a mortgage agreement in principle, and details of any sale they depend on.
- Be upfront about known issues. If you know about damp or an old extension without sign-off, disclose it early, so it doesn't come as a shock in the survey.
- Have your paperwork ready. Certificates, guarantees and planning documents speed up the legal work, so there's less time for doubt.
- Consider a lock-out agreement. Some buyers and sellers sign one to give the buyer exclusivity for a set time. It mainly stops you selling to someone else and usually doesn't oblige the buyer to proceed, so take legal advice.
- Set a target exchange date and keep the chain to it.
How Ready Set Sold helps
Our panel buyers buy for cash and commit to clear terms upfront. They can't cut the price late unless their survey finds something genuinely new, and we're there to negotiate for you if they try. We act as your estate agent, and our service is free for you: the buyer pays our sourcing fee on completion.
Frequently asked questions
Is an accepted offer legally binding in the UK?
Not in England and Wales. A sale only becomes binding at exchange of contracts. Scotland has a different system where the sale becomes binding earlier.
Can a buyer pull out after the mortgage valuation?
Yes. If the valuation comes in low, the buyer may renegotiate or withdraw, and they can still pull out for any reason before exchange.
Should I accept a lower offer after the survey?
Look at the evidence. If the survey found a real, costly defect, a fair reduction may save the sale. Get a contractor's quote so the figure is based on facts.
Can I ask the buyer to pay a deposit when the offer is accepted?
Some sales use reservation agreements or fees, but they're not standard for ordinary sales and don't make the buyer complete. Take advice before using one.
This guide is general information, not legal advice.