You’ve found your dream home, but what happens after your offer has been accepted? Your journey to owning your new property has now officially begun. But before you start looking for a removal company, you’ll need to progress the house sale to completion day, and in an ideal world, do it stress-free!
If you’re wondering what happens after your offer is accepted by the seller and you start the conveyancing process, here are five immediate things you need to do to get things moving towards a time when you can exchange contracts and get a completion date.
What Happens After Your Offer Is Accepted? 5 Things To Do
1. Provide Confirmation and Necessary Documents
Once your offer is accepted for the agreed purchase price, we will request confirmation of a few things so that we can finalise the offer.
You’ll usually need to provide confirmation of things like:
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Proof of funds available to purchase your new home.
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Address proof and bank statements regarding your deposit funds.
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Your mortgage offer or mortgage agreement in principle from your mortgage company. Please note that before you put in an offer on a house, it is important that you know whether you can successfully apply for a mortgage. Factors such as your income, credit history, age, dependents, affordability and others all contribute to how much you can borrow. At Cardwells we can help by introducing you to our independent financial advisers. They will find the mortgage that best suits your circumstances by searching the whole of the market, in the process saving you money
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Details of a conveyancing solicitor ready to undertake local authority searches, water authority searches, land registry and title register legal work.
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Whether you will have a building survey (you are not legally obliged to have a property survey but it can help identify any structural issues.)
2. Remove Competition
Normally, we will take the property off the market as soon as your offer is accepted and mark the property as SSTC (Sold Subject To Contract). If you are not buying through us and your estate agent doesn’t take the listing down, you could be at risk of getting gazumped by a cash buyer or buyer without a property chain.
3. Instruct Your Conveyancing Solicitor
There’s no better time to get the ball rolling than straight after your offer is accepted. For a quicker completion, you’ll want to instruct your solicitor as soon as possible. If you haven’t already found a conveyancer, ask Cardwells Estate Agents for a recommendation.
At this stage, your solicitor will start completing the local and environmental searches on the property, liaise with the seller’s solicitor, and work towards making you the legal owner.
Your solicitor will advise you on the whole process, including the draft contract, stamp duty costs (and any other costs), location-specific searches, and all the legally binding parts of the sale process right up to exchanging contracts.
Depending on the solicitor, they may ask you to pay up-front for some of their services.
4. Complete Your Mortgage Application
Since the mortgage in principle was an interim agreement with your mortgage lender, you’ll need to complete a full application for the loan now that your offer has been accepted, and also get a mortgage valuation survey on the property.
You’ll need to apply for the exact amount of money you need to borrow from your mortgage provider.
If you have a mortgage advisor, they’ll guide you through this process and let you know what information you need to supply. Cardwells can also assist with mortgage advice.
5. Arrange a Survey
While surveys aren’t compulsory when you buy a new home, they’re a good idea. During a survey, a surveyor will inspect the property and cast a professional eye over the property. Surveys can help you understand any current or future issues you may have with the property.
To arrange the survey, you’ll need to speak with us about booking time with the sellers. Survey costs can vary so if you are planning on getting a house survey it’s important to look at the options available to you.
There are three types of survey you can choose from:
Condition report: The cheapest and most basic survey, it tends to be used on conventional homes or new builds. It doesn’t include a valuation or investigation into possible future repairs.
Homebuyer report: More expensive and thorough. This examines the inside and outside of the property and includes an additional valuation.
Building or structural survey: The most comprehensive option, this is more suited to older properties.
Cardwells can introduce you to independent surveyors who are available to help you in this field of service.
Final Steps
Once all the searches have been completed, the survey is concluded, and all the paperwork is in order, your house move will enter the exchanged contracts part of the process. Then, a completion day will be agreed upon. On completion day, your solicitor will ensure the mortgage lender releases the funds. Cardwells Estate Agents will ensure both you and the seller are in the loop right up to the point when the sale is legally binding.
Still Looking For a New Home in Bolton & Bury?
If you’re still looking for property for sale in Bolton & Bury, Cardwells Estate Agents could have just what you’re looking for! Check our listings or register with us and let us know what type of property you’re interested in so we can help keep you updated.
Call today on 01204 381281 or 0161 761 1215 or email [email protected] or [email protected] to speak with a member of our friendly team so that your moving date becomes a reality.
In the meantime, we’ve answered some of your common questions about offering on a property.
Frequently Asked Questions About What happens after Your Offer is Accepted
How long does it take to buy a house after my offer is accepted?
The conveyancing process typically takes between 6-12 weeks. It can be longer depending on the complexity of the sale and how quickly solicitors work.
What happens if the seller pulls out after accepting my offer?
If the seller pulls out after accepting your offer, you may be entitled to compensation. This will depend on the reason and whether contracts have already been exchanged. It’s best to speak with a solicitor to understand your rights in this situation.
Can I gazump someone else’s offer?
Gazumping refers to the practice of a seller accepting an offer but continuing to market the property hoping to receive a higher offer. While not illegal, it is considered unethical by many.
What are some reasons my mortgage application might be rejected?
There are several reasons why a mortgage application might be rejected. These include a poor credit score, not being able to afford the monthly repayments or a deposit that is too small. It’s important to check your credit score and discuss your finances with a mortgage advisor before applying.
Contact Us
Property experts in this area since 1982, Cardwells are the market leading estate agents in Bolton and Bury. We are here to work for you!
Cardwells Estate Agents Bolton
01204 381281
[email protected]
Cardwells Estate Agents Bury
0161 761 1215
[email protected]
