Congratulations – you’ve had an offer on your future new home accepted. But don’t rush out to buy curtains just yet. Here’s some important information about what happens next.
First, the sale agreement is drawn up
The seller’s estate agent will probably draw up a sale agreement – sometimes known as a memorandum of sale – and give a copy to all parties.
This agreement will confirm the address of the property being bought, the price agreed, the names and addresses of both buyer and seller and other important details.
Second, finalise your mortgage
If you have a mortgage-in-principle, contact your lender and let them know. They’ll tell you what to do next. You’ll probably need to organise a mortgage valuation.
Arrange a surveyor and conveyancer
A survey gives you a more detailed insight into the condition and structure of a property, highlighting any problems (which you may like to ask the seller to address).
You’re not legally required to get one, but many property experts would recommend it.
Conveyancing is the process of legally transferring ownership of a house or flat from one party to another.
You can use either a solicitor or a licensed conveyancer to do this. If you don’t already have one, use a comparison site to get some quotes or ask family or friends for recommendations.
Let the professionals do their job
Briefly, the seller’s solicitor (or conveyancer) will draw up a draft contract of sale and send it to your solicitor. Your solicitor will check it over and carry out checks on the property – a process known as searches. They will also liaise with your mortgage lender.
This stage could take anything from a few weeks to a few months.
Finally, sign the contract
When everything is ready, your solicitor will ask you to sign the legal contract of sale. They’ll then exchange contracts with the seller’s solicitor and agree a date known as completion.
On completion day, the property legally becomes yours. You get the keys and can move in.
While you’re waiting for the sale to go through, you can do the fun things like picking out new décor. But – be aware – the sale is not final until the exchange of contracts. (Things work slightly differently in Scotland.)
If you’re still hunting for your perfect home, why not contact us today? We may have the perfect house or flat for you.
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