What happens after an offer is accepted?
Published 14th June 2021
What happens after an offer is accepted may not be one of your first thoughts. When you decide it is time to move home, it is easy to focus on finding your new property. Identifying what you want, looking online, and attending viewings is a truly exciting time. You may view several properties, but eventually, you find the one you have been searching for. This often feels like the hard work is over, but really the buying process is only beginning. But have you ever considered what happens after an offer is accepted? In this article, we will take you through the next steps in the purchasing process.
So what happens after an offer is accepted?
- The property comes off the market: This is usually done by the estate agent, but it is good to double-check. The quicker the property comes off the market reduces the risk of being gazumped by another buyer making a higher offer.
- Apply for a mortgage: Mortgages will be used by the majority of prospective buyers and applications usually begin when an offer is accepted. Some buyers obtain a mortgage in principle early, to strengthen their position when putting in an offer on a property.
- Choosing a conveyancing lawyer: A conveyancing lawyer is responsible for the transfer of legal title from one name to another. This is the legal process that must be undertaken in order for a new buyer to legally own the property.
- Ordering property searches: Most lenders require the full search pack as a condition of the loan. This includes the local authority, water and drainage, and environmental searches. Further searches may be requested by the lender or conveyancer depending on the nature of the property.
- Arrange property surveys: From property valuations to building surveys, some lenders will require additional surveys as a condition of the loan. Impartial and detailed surveys can help bring to light any potential problems with the property before the buyer fully commits.
- Exchange contracts: This step legally commits the buyer to purchase the property. When the searches are back and the surveys have been completed, contracts can be exchanged. At this step, you pay the deposit and neither party can back out of the transaction.
- Schedule the removals: After contracts are exchanged, buyers are often given a completion date. This allows them to start looking into removal companies and finding the best price for them.
- Completing the transaction: At this stage, the funds are released by the mortgage lender to enable the purchase to complete. Once this goes through, the new buyer legally owns the property. It is also at this stage where stamp duty land tax becomes payable, if applicable.
- Pick up the keys: When the lender has released the funds and the payment is complete, buyers can pick up the keys to their new homes! They are collected from the estate agent before the moving date.
- Move into your new home: Congratulations! After a long and challenging process, buyers can finally move into their new property! Once everything is unpacked, buyers can now enjoy their new surroundings!
You may not realise what exactly is involved in the moving
process until you experience it. Researching what happens after an offer is
accepted can help prepare you for the journey. Although there can be stumbling
blocks and pressures can run high, it remains an exciting time. By having the
right support around you, from family and friends to your conveyancing lawyer
and estate agents, the process can run smoother and more efficiently.
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