Hung Parliament: What happens next Q&A

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After no party managed to get to the magic number of 326 seats for an overall majority, we have a Hung Parliament.

Rumours are flying around about how it will be resolved, but what are the most likely next steps?

Which party will form the government?
Although the Conservatives won the most seats, they do not automatically have the right to form a government.

The law states that in the event of a hung parliament, it is the duty the imcumbent Prime Minister to stay in power until it becomes clear which party (or parties) commands the most support within a new parliament.

In 1974, Conservative Edward Heath stayed in power for four days after the election trying to put together a coalition, even though Labour had more seats.

However, this time around, the Liberal Democrats - who potentially hold the balance of power - have said the Conservatives have first right to try and seek to form an administration.

How will an agreement be reached?
The Liberal Democrats are the potential kingmakers. Nick Clegg has vowed that the party with the biggest mandate should get the right to govern.

It is not yet clear whether this may amount to a coalition - where senior Lib Dem figures get jobs in government - or a looser arrangement where the Lib Dems agree to back key pieces of legislation in return for consultation and input on policy.

By Friday evening, a coalition had not been ruled out by either party.

A coalition between the two parties is the only option that could lead to a majority government with 326 seats. A Lab-Lib combination would not have enough.

As an alternative, the Conservatives might seek informal agreements with other parties, trying to form majorities in favour of each individual bill as they come up. This may include gaining the agreement of another party not to defeat it in a no-confidence vote.

What will Gordon Brown do next?
Gordon Brown is waiting on the outcome of discussions between the Conservatives and the Liberal Democrats before making any move. If Mr Cameron gets the support of the Lib Dems, it is expected Mr Brown would concede defeat and resign as prime minister.

The Queen would then invite David Cameron - as current Leader of the Opposition - to try to form a government.

However, if the other two parties are unable to reach agreement, Mr Brown has said he is "prepared" to hold talks of his own with the Lib Dems based around areas of common agreement such as financial stability and voting reform.

When will this happen?
Pressures from The City mean that this is likely to be organised within the first few days after the election.

There is no formal deadline for when an administration must be formed but a key date is 25 May, when the Queen's Speech is due to set out the government's priorities during the parliament.

Could we do this all again?
If no agreement can be reached between parties and no government was unable to command enough support to get the Queen's Speech through parliament there would be a need for a second election.

However, party leaders may not be keen to go to the polls again unless the opinion polls indicate voter intentions have changed markedly. Parties would also consider the fact that another election would be costly financially.