Congratulations! Having your offer accepted can be a huge relief, as you’re a (big) step closer to moving into your dream home. With the relief comes an equal dose of butterflies-in-your-stomach, as in many ways the real work begins now.
Before you can officially call this home yours, there are a few steps still to be completed. Luckily, we’ll make it straightforward and simple to follow to ensure your exchange is as efficient and seamless as possible.
- Request to de-list the property: Once an offer has been accepted, it’s good practice to request to the estate agent that the property be taken off the market as soon as possible. Doing so reduces the chance of a competitor submitting a higher offer – the dreading “gazumping”.
- Appoint a conveyancing solicitor: A conveyancing solicitor will be responsible for completing the legal aspect of this transaction from your side of the deal, so it is very important that you appoint the best quality solicitor within your budget, who will be aware of the searches and checks relevant to your property. These searches and checks on average take around 3 weeks to complete and all conveyancing solicitors should ideally be regulated by the Solicitors Regulation Authority or the Council of Licensed Conveyancers. A good solicitor can spot and avert problems early.
- Submit a mortgage application: This applies to most home buyers. For those who aren’t buying a property with cash, a mortgage will be needed to fund the purchase of a house which can take up to 6 weeks to complete. Your lender will require the necessary documentation such as:
- Proof of ID
- Proof of address
- Proof of earnings
- Recent bank statements
We recommend that you research the best mortgage offerings on the market, you can do so via our partner Trussle. Once you’ve found your preferred lender, we advise you to get an agreement in principle from them as this would support the offer your agent puts to the seller.
- Organise an independent survey from a RICS surveyor: Your chosen mortgage lender will arrange a valuation of the property to ensure it’s worth what you are offering to purchase it for. At times, there may be differences between the valuation report and what you’ve offered which may require you to go back and negotiate. For your own sake, we recommend organizing an independent surveyor to deliver a detailed report for your keeping. The physical surveys can take up to 8 hours, whilst you can expect a report to be delivered in 7-10 days.
- Exchange contracts and deposit payments: Once your searches have been completed, prices agreed and mortgage approved, the final step is to sign and complete on the exchange over the course of the day, which legally commits you to purchasing the property. You’ll be required to pay the deposit and from there, confirm date, completion and moving date. Once this has been confirmed, your solicitor will ensure the mortgage funds are sent to the seller’s solicitors.
- Complete key collection and moving-in: Upon completion, the ownership of the house will be transferred to you, you can now pick up the keys and move-in. At this stage, we recommend that you plan ahead with your key collection, van removal and move-in date to minimise any further delays and fees.
Altogether, this moving process should take anywhere from 12-15 weeks assuming things go smoothly with minimal delay. The process can seem quite long, but is well worth it when carried out properly, ensuring you can move with peace of mind.
We hope this guide will provide you with enough information to confidently go through the property purchase process. If you have any questions that are holding you back – our team is here to help, so just reply to this email if you need any assistance!
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