Having an offer accepted is one of the early stages of the buying process and knowing what to do next can be confusing, especially if you are a first-time buyer.
The property is not legally yours until you have completed the conveyancing process, meaning there is a chance that another buyer can swoop in and submit a higher offer. Therefore, learning the next steps can minimise this risk as you can be more vigilant with your purchase.
Quick Summary: Next Steps
Take the Property Off the Market
Hire a Conveyancing Solicitor
Finalise Your Mortgage
Arrange a Property Survey
Exchange Contracts
Complete
Move In
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1. Take the Property Off the Market
Buyers should ask the estate agent to remove the property listing as soon as possible will minimise the risk of gazumping. Gazumping is when another buyer makes a higher offer that is then accepted.
Most estate agents will remove the listing immediately and cancel any scheduled viewings. The property will then be listed as Sold Subject to Contract (SSTC).
The estate agent will confirm the accepted price and proposed timeline before preparing the Memorandum of Sale.
Read more on What is Gazumping?
2. Hire a Conveyancing Solicitor
Solicitors handle the legal aspects of your property purchase and will act in your best interest. Once you instruct your solicitor, they will be responsible for the following:
Arranging conveyancing searches
Liaising with relevant parties
Negotiating with the seller’s solicitor
Preparing the Title Deed
Making payments to third parties on your behalf
At this stage, you should also have your mortgage agreement in principle which your solicitor will verify and send to the seller’s solicitor.
3. Finalise Your Mortgage
Those buying with a mortgage must complete their application and receive a formal offer. You can choose to deal with the lender directly or use a mortgage broker.
Hiring a broker can minimise delays as they review and submit your application on your behalf and offer expert advice. They will also have access to most major lenders and can sometimes get exclusive offers and rates.
Regardless, your broker or lender will request the following documents for your application:
Proof of ID (e.g. passport)
Proof of address (e.g. driving licence)
Proof of income (e.g. payslips)
Passports and driving licences must be valid while bills and statements must be dated under 3 months unless otherwise stated.
4. Arrange a Property Survey
Your lender will arrange a mortgage valuation to ensure the property is worth the risk. Once this is conducted and confirmed, you will be required to hire a surveyor to conduct a property survey.
The difference between a property survey and a valuation is that surveys discuss the property's condition while valuations determine the market value.
There are different types of surveys available depending on the property's age and construction. The most common surveys are as follows:
RICS Level 2 Home Survey
RICS Level 3 Home Survey
Snagging Survey
Read more on the Different Types of House Surveys
5. Exchange Contracts
Exchanging contracts means the property transaction is legally binding and negotiations have ceased. Your solicitor will request the deposit before carrying out final due diligence checks such as a Bankruptcy Search.
Your mortgage lender will require you to have buildings insurance in place from the date of exchange. You should also arrange your Contents Insurance to begin from completion.
6. Complete
Completion day marks the end of the process, and the property is legally yours. At this point, the remaining funds are transferred to the seller.
Your solicitor will make any outstanding payments to third parties on your behalf including Land Registry and send you the Title Deed.
The estate agent will release the keys, and you can begin to move things into your new home.
7. Move In
Hiring a removal company can make the final stage easier, especially if you don't have much time to carry out the move yourself. Some firms even offer additional upgrades including packing services and storage.
Save money on your conveyancing costs
Accredited property conveyancers
Used by over 1.5 million movers in the UK
Frequently Asked Questions:
How Long Does It Take to Buy a House Once the Offer is Accepted?
Buying a house takes between 12 weeks and 6 months once the offer is accepted. Contact your solicitor regularly and ask for updates to streamline the process. This ensures your case is moving towards completion.
Read more on How Long Does it Take to Move House? Your Complete Timeline
Can a House Sale Fall Through After an Offer is Accepted?
Both parties can legally withdraw from the sale before exchanging contracts, but you may not receive a refund for money spent up to this point. However, if your solicitor's contract includes a no move no fee conveyancing guarantee, they may waive the solicitor fee.
Any party that withdraws after the exchange of contracts may face legal repercussions as this is in breach of the contracts.
Finding a Conveyancer
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All partners must pass our verification process to join our network. For conveyancers, this includes providing proof of regulation by one of the following:
Solicitors Regulation Authority (SRA)
Council for Licensed Conveyancers (CLC)
Law Society of Scotland (LSS)
Law Society of Northern Ireland (LSNI)
Chartered Institute of Legal Executives (CILEX)
