The short answer
First, ask your conveyancer whether contracts have exchanged. Before exchange, a usual residential sale is generally not binding. After exchange, a buyer failing to complete can have serious contractual consequences and needs urgent legal advice.
The exchange status changes the advice. Confirm it before making your next decision.Confirm what has actually happened
Ask the agent to clarify whether the buyer has withdrawn, asked for a lower price or encountered a problem that might be resolved. Tell your conveyancer and get the contract position confirmed.
Do not rely on having signed documents as proof of exchange. Your conveyancer can tell you whether exchange occurred and what obligations now apply. If contracts have exchanged, get their advice before remarketing, accepting another offer or agreeing to release the buyer.
Understand the reason before deciding
A funding issue, a survey finding and a change in personal circumstances call for different responses. Ask for enough information to assess the options, without assuming the first explanation is complete.
If a property issue is raised, discuss it with the relevant professional. Having documents or a repair estimate ready may help a future buyer, but do not promise a solution before understanding the facts or the cost.
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Protect your onward plans
If you are also buying, tell your conveyancer promptly that your funding or chain has changed. Ask what this means for your purchase, especially if its contracts have already exchanged.
Avoid committing to short-term borrowing or a new arrangement just to preserve the original date without appropriate advice. Rework the numbers and the practical options before making a fresh commitment.
Close or pause the old matter clearly
Ask which work can be stopped, what costs have already been incurred and what funds are held. Check your own fee-protection terms rather than assuming all money will be refunded.
When restarting, ask whether any documents can be reused and whether the quote needs updating. Work with the agent to check the next buyer's position and make sure the new timetable reflects the chain as it now stands.
Your next steps
- Confirm whether exchange has occurred.
- Tell your conveyancer about the withdrawal immediately.
- Reassess any linked purchase and funding.
- Get a clear account of costs before restarting.
A little more clarity
Can the buyer withdraw after an offer is accepted?
In a usual England and Wales sale, accepting an offer does not itself create the binding contract. Auctions and separate agreements may differ. Your conveyancer should confirm your position.
Further reading
General information for England and Wales, not advice on your individual transaction. Millennium Legal is a referral and case management service, not a firm of solicitors. Your appointed firm provides legal advice. Check current official guidance and your own terms.
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