What does sold subject to contract mean?
Under offer means a seller has accepted an offer. Sold subject to contract (SSTC) means the sale is agreed but contracts have not yet been exchanged. Neither is legally binding, so the period between acceptance and exchange is when most sales fall through.
Read more in our guide: Portfolio sale timescales
Stages of a sale
| Stage | Binding? |
|---|---|
| Offer accepted (under offer) | No |
| Sold subject to contract | No |
| Searches, enquiries, survey | No |
| Exchange of contracts | Yes |
| Completion | Ownership and money transfer |
What the labels mean
Agents use "under offer" and "SSTC" in slightly different ways, but both mean the seller has agreed in principle. Agents must still tell the seller about any other offers until exchange, unless told in writing not to, so the sale is not secure until then.
Why sales fall through
- Finance: mortgage declined or valuation below price.
- Survey findings and late price renegotiation; see gazundering.
- Chain collapse higher up or lower down.
- Legal problems with title, leases or missing consents.
- Delays leading a buyer to lose interest.
Keeping the sale on track
Instruct a solicitor before you accept an offer, have the paperwork ready, and check the buyer's funding at the start. A chain-free buyer lowers the risk. Agree a timetable to exchange and track it weekly. For portfolios, written heads of terms make sure everyone is working to the same deal.
Tenants during the SSTC period
Tenants stay in place and keep paying rent. Keep them informed, give at least 24 hours' notice for survey visits, and keep up repairs and compliance. A tenant who feels ignored can make access difficult and slow the sale.
Official Sources and Further Reading
General information for landlords in England, checked against official sources in October 2026. It is not tax, legal or financial advice: speak to a qualified accountant or solicitor about your own circumstances.
Frequently Asked Questions
Under offer means a seller has accepted an offer. Sold subject to contract (SSTC) means the sale is agreed but contracts have not yet been exchanged. Neither is legally binding, so the period between acceptance and exchange is when most sales fall through.
Legally yes, until exchange. In practice, doing so can damage trust, so many sellers only reconsider if the first buyer is not progressing.
For a well prepared chain-free sale, often four to eight weeks to exchange. Longer chains and leasehold properties take more.
Some sellers keep a backup buyer in view. Agree the approach with your agent or consultant.
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