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Once you have received an offer on your property that you accept, the process of buying or selling a property is relatively quick. Delays in the process can always occur for a number of reasons. Our guide is to allow 6 to 8 weeks until exchange and completion occur.

You can pull out at any time during the transaction up until the contracts are exchanged, at which point legal ownership is transferred to you if you are buying, or to the other party if you are selling. Your only liability up until that point will be for your own costs.

Although this can be disappointing, there is very little that can be done if this happens to you. Nobody is legally committed to buying or selling a home until contracts have been exchanged. It is not unknown for people to pull out of a transaction even when people are ready and waiting to start an exchange.

The terms of the contract will usually require the payment of a deposit to the seller on exchange of contracts. The deposit is held by the seller's solicitor, or may have been used as the deposit on the seller's related purchase. Either way, the seller does not have access to this money personally unless this has been agreed.

A chain is fairly straight-forward to understand if you think about a number of property purchases as the links of a chain. The owner of property A decides to buy property B. The owners of property B look around on the market and decide to buy property C. The owners of property C also look around and make an offer on property D which is accepted. The owners of property D decide they are not going to buy anything just yet and so they are at the end of the chain.