Once you’ve made a successful offer as a buyer or accepted an offer as a seller, there are some key milestones to complete before those keys officially change hands.
In this guide, we’ll take you through what happens after an offer is accepted on each side of the transaction.
Selling a home? Here’s what happens after you’ve accepted an offer
Find a conveyancer
As soon as an offer is accepted, both buyers and sellers must instruct a conveyancing solicitor. Do this as early as you can since any delays during the legal process – such as finding lost paperwork – will impact your buyer and perhaps even affect their decision to proceed. Your local branch can also offer advice on how to find a good conveyancer.
Search for a new home
If you haven’t found a place to move to already, you should begin your search for a new home. As well as checking estate agents’ websites and the property portals, speak to Country Properties as we may be able to help.
Transfer or apply for a new mortgage
Meet with your lender to discuss porting your mortgage or secure an agreement in principle from a mortgage lender before you start your search for a new home.
Having your mortgage approved lifts a significant burden early on, providing assurance throughout the journey. Additionally, your lender will assess the property’s value to ensure it aligns with the loan amount.
Buying a new home? Here’s what happens after your offer is accepted
Arrange your survey
Although you may be tempted to save the time and money to arrange a survey, it’s an important step when buying any property that isn’t completely new.
Whatever you choose, whether it’s a standard Homebuyers Report or a full structural survey (for some period properties), a survey can reveal potential issues before you exchange contracts, saving substantial costs in the long run.
Make sure you schedule your survey as early as possible to avoid delays, especially during busy sales seasons.
Book your removal van
Like property surveyors, removal companies experience peak demand during certain periods. Speak with multiple companies about their availability and gather recommendations from friends and family when compiling a list for quotes.
Instruct a conveyancer
As with selling a property, buying comes with its share of legal responsibilities and due diligence that’s important to get right.
What happens at the end of your property transaction?
Exchange of contracts
When the exchange of contacts occurs, contracts confirming the sale and purchase are exchanged and the previously agreed-upon contents are signed and dated. When this happens, the sale is legally binding.
Completion
The buyer’s conveyancer will arrange for the mortgage deed signing, prepare a completion statement, and collect any outstanding funds from the buyer.
On completion day, both buyer’s and seller’s solicitors will arrange the transfer of title deeds, redeem the seller’s mortgage, and arrange the release of the keys to the buyer.
For any queries about how to speed up the home buying process, speak to your local agent.
