Yes it is legal and often happens when a survey reveals extensive – and expensive – work required on a property. Once a buyer’s offer on a property is accepted by its seller, the property becomes “sold subject to contract”, which means that the price can still be negotiated.

In England and Wales, an offer doesn’t become legally binding until contracts are exchanged. Up until that point it is perfectly legal for a buyer to reduce their offer for whatever reason or for a seller to accept another higher offer from a different buyer.

In Scotland, however, if you make an offer on a property and it is accepted, you are legally bound to buy the property at the price you offered.

If your buyer makes a lower offer, you don’t have to accept it. You can walk away from the deal and put your house back on the market. The buyer however, may well have already spent money on obtaining a survey or even started ordering searches and so may compromise on the price.