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What To Do Once Your Offer Is Accepted

About this guide

Getting your offer accepted on a house is exciting, but the process keeps moving after this. It’s important to know what to expect and how to prepare for your offer being accepted. 

After the seller has agreed with your offer, your conveyancer will begin their process. Compare My Move share expert advice to help you prepare for after your offer has been accepted.

  • 1. What happens on completion day?

    Completion day is the final step in the buying a house process. It usually takes place between 7-28 days after the exchanging of contracts and will be the day you can officially move into your new house. The seller must move out of the house and you’ll be able to pick up the keys.

    Completion usually happens between lunchtime and early afternoon at the latest on a weekday due to CHAPS (Clearing House Automated Payment System) banking system closure on weekends.

    Read this article
  • 2. What is exchanging contracts?

    Exchanging contracts will make the sale official, transferring ownership of the property to you. Your conveyancer will liaise with the seller’s conveyancer and exchange contracts on your behalf once you’re happy to do so.

    Exchanging contracts usually happens during week 8 of the conveyancing process, after your offer has been accepted and before completion day.

    Read this article
  • 3. What happens after an offer on a house is accepted?

    After your offer is accepted, you will first need to hire a conveyancer to help you with the legal side of buying the house. They will work towards planning a day for completion, which will make the purchase legally binding.

    After the seller has accepted your offer and before you exchange contracts, the sale still isn’t official. This means both buyer and seller can pull out, although this isn’t ideal for either party.

    Read this article
  • 4. What is a property chain?

    A property chain is the line of buyers and sellers that are linked together because their transactions depend on one another. This means that they’re each selling or buying a property from one of the other parties involved, excluding those at the start and end of the chain.

    If you're not involved in a property chain, expect the buying a house process to be quicker than if you were part of a property chain.

    Read this article