What Happens After Accepting an Offer? A Complete Guide for Buyers and Sellers in the UK

Accepted an Offer, Now What? A Step-by-Step Guide for Buyers and Sellers

Congratulations! Whether you are buying or selling a property, an accepted offer marks a major breakthrough in any real estate transaction. But it is really just the beginning. After the acceptance of the offer, there are certain steps to follow to ensure the sale/purchase proceeds smoothly.

In this blog, we will explain what happens once an offer has been accepted. We will break down the process of buying or selling a house in the UK from both the buyer and seller's side.

For Sellers: What Happens Once You Accept an Offer?

Confirmation of Offer Once you have accepted an offer through your estate agent, they will confirm this in writing to both parties, accepting the offer made by the buyer. Remember, at this stage, as mentioned earlier, the sale is not legally binding until contracts are exchanged.

Drafting Contracts Your solicitor or conveyancer will begin to draft the contract of sale. This will include all the important details, such as the agreed price, the boundaries of the property, the fixtures and fittings included in the sale, and the likely completion date. You will be required to collate and provide documents such as, but not limited to:

• Title deeds
• Energy Performance Certificate (EPC)
• Property information forms

Property Survey This is likely to be arranged by the buyer and will involve an inspection to identify any potential problems with the home. If any major issues are found, the buyer might ask for a reduction in the agreed price, or for the issue to be rectified before exchange.

Buyer's Mortgage Application The buyer will complete their mortgage application. The lender might want their own valuation of the property to confirm its value against the mortgage offer.

Negotiations and Enquiries Sometimes, buyers have questions or require more details about your property. Your solicitor will help you address these issues. Negotiations may reopen if problems arise from the survey or a legal check.

Exchange of Contracts Once both parties are satisfied and everything is in place, the exchange of contracts will take place. At this point, the sale becomes legally binding, and any pull-out by either party can involve serious financial penalties.

Completion Once the contracts are exchanged, both parties will agree on a completion date, the day on which the buyer officially takes ownership of the property. The final payment is made on this day, and the keys are handed over, completing the sale.

For Buyers: What Happens Once Your Offer Has Been Accepted?

Approaching a Mortgage Once your offer is accepted, securing your mortgage should be your first priority. If you have already secured a mortgage in principle, it is now time for your full application. The lender will carry out checks on the property and your financial situation before making a formal mortgage offer.

Property Survey Arrange a property survey. There are several types, such as a homebuyer’s report or full structural survey, depending on the age and condition of the house. This survey will uncover any potential complications, giving you a reason to withdraw or a bargaining tool to adjust the offer price.

Engage a Solicitor/Conveyancer You will need to engage a solicitor or conveyancer to handle the legal issues relating to the purchase. They will carry out searches on the property, including local authority searches for planning issues or disputes, and confirmation that the seller has the right to sell the property.

Property Searches and Enquiries Your solicitor will conduct property searches that may reveal legal problems which could impact your decision to proceed. These searches include:

• Local authority searches regarding planning permissions, flood risks, etc.
• Land registry searches to confirm ownership
• Environmental searches concerning contamination or hazards

Finalising Your Mortgage Once your solicitor is satisfied with the results of the property searches and your survey, you can finalise your mortgage offer. The mortgage lender may conduct their own valuation to ensure the property is valued as agreed.

Exchanging Contracts Once everything is in order and you are satisfied with the condition of the property, your solicitor will arrange the exchange of contracts. You will be expected to pay a deposit at this stage, usually 5-10% of the purchase price. The sale is now legally binding, and you are committed to buying the property.

Completion This is the final stage, where the balance of the purchase price is paid to the seller's solicitor, and the property becomes yours. You will be given the keys to the property on the agreed completion date.

Things to Remember During the Process

Patience is a virtue The time between accepting the offer and completion can take several weeks if the sale is complex. Be prepared for delays, whether in your mortgage application, the survey, or the solicitor’s process. Keep in contact Regular communication with your solicitor, estate agent, and the buyer/seller will help keep things moving smoothly. Make sure you respond promptly to any requests for information or documentation. Be prepared for unexpected issues Property surveys or searches may uncover issues. If problems arise, work with your solicitor and estate agent to navigate negotiations or amendments to the sale.

Closing Words: Sell or Buy? Look No Further

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When you are ready to make your move, call us today. Our specialist staff is ready to assist you in buying or selling your property as quickly and efficiently as possible, keeping costs as low as possible. Let us handle everything while you focus on the next chapter!