simplifying everything post sale.

​

So you've accepted an offer (or had an offer accepted), hurrah! What next? It is understandable many house-movers focus almost entirely on getting to this point, without much thought about what comes next.

 

Let's simplify everything that happens once your offer has been agreed; 

​

Engaging a Legal Professional

After instructing an estate agent and accepting an offer, the next step is finding a licensed conveyancer or solicitor (you can be ultra-organised and engage them when you initially put the house on the market, if you like).  This professional will handle various tasks, including contract drafting and legal advice, guiding you through the legal process. Research their experience and think about geographical location, seek recommendations, and gather quotes. Understand their pricing methods, including whether fees are fixed, inclusive of VAT, and if charges apply if the sale falls through.

​

Mortgages

Once an offer is accepted, both parties engage their solicitor. It is advisable the buyer takes steps to make a formal application for their mortgage, assuming one is required. Typically, buyers will either use a mortgage broker or go direct to a lender for this. Either way, seek professional advice and assess your options; the mortgage market is a broad, ever changing thing and there are many options to consider. 

​

Surveys 

Once a buyer's offer is accepted, they will usually wish to conduct a survey to assess the property's condition. Research experienced local surveyors, gather quotations and seek recommendations. If the purchase is being funded by a mortgage, the lender will almost certainly want to conduct a 'mortgage valuation'. This is primarily designed to check if the amount being borrowed would be recoverable through the sale of the property, in the event of a repossession.    

​

Exchange

Once both solicitors are comfortable in advising their clients to go ahead, the exchange of contracts signifies a legally binding agreement, with the completion date determining the property's ownership transfer. The timeframe between exchange and completion is agreed upon by all parties prior to exchange. At this point the buyer pays a deposit (lodged with their solicitor), typically 10%.

​

Completion

On completion, the buyer will pay the full purchase price (minus the deposit). Failure to complete on the agreed date may result in breach of contract, with potential consequences outlined by solicitors. On completion day, both parties fulfill contract terms, and the buyer takes possession.