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. Of course, after the acceptance of the offer, there are certain steps to be followed in order to make sure the sale/purchase proceeds without glitches.

In this blog, we will show you what happens once an offer has been accepted. We will explain the process of buying or selling a house in the UK from both the buyer’s 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, he, in turn, will confirm this in writing to both parties, accepting the offer that the buyer has made. Remember, at this stage, as mentioned earlier, the sale is not legally binding until contracts are exchanged.

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

    – Title deeds

    – Energy Performance Certificate (EPC)

    – Property information forms

Property Survey This is likely to be arranged by the buyer and would involve an inspection to identify any potential problems with the home. If any major issues crop up, the buyer might ask for a reduction in the agreed price or for the problem to be rectified before exchanging.

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 sort out their issues. Sometimes, negotiations may reopen if problems show up from the survey or from a legal check.

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

Completion Once the contracts are exchanged, then both parties agree on a completion date, a day on which the buyer officially takes over and becomes the new owner. Payment of the final amount is made on this day, and the keys are handed over to you, therefore completing your sale.

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

Approaching a Mortgage Once your offer is accepted, securing your mortgage should be the first thing to do. If you already have a mortgage in principle, it is time now for your full application. The lender then checks the property and your financial situation and makes a formal mortgage offer.

Property Survey Organise a property survey. There are several types, such as homebuyer’s report and full structural survey, according to the age and condition of the house. It should discover any probable complications, giving you either a reason to withdraw or a bargaining tool to adjust the offer price.

Engage a Solicitor/Conveyancer You will also need to engage a solicitor or conveyancer to take care of the legal issues regarding the purchase. The searches on the house will include the local authority searches for any outstanding planning issues or disputes, as well as confirmation that the seller has the right to sell the property.

Property Searches and Enquires Your solicitor will conduct property searches that may reveal legal problems that could impact your purchase decision. These searches include:

    – Local authority searches regarding planning permissions, risks of flooding, 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 will finalise your offer for the mortgage. The mortgage lender may conduct their own valuation to ensure that the property’s value is indeed as agreed upon.

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

Completion: This is the last stage, where the balance purchase price is paid to the seller’s solicitor, and the property becomes yours. You will be given the keys to get in on the agreed date for completion.

Things to Remember During the Process: 

Patience is a virtue. The time between accepting the offer and completion, if the sale is complex, can take several weeks. Be prepared to bear some delays either in your mortgage application, the survey, or the solicitor process.

Keep in contact: Ongoing communication with your solicitor, estate agent, and buyer/seller will keep things moving along without hiccups. Ensure you respond as soon as possible to any request for information or documentation.

Be prepared for unexpected issues: Sometimes, property surveys or searches uncover unexpected issues. If there are problems, work with your solicitor and estate agent to work your way through negotiations or amendments to the sale.

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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 fast and efficiently as possible, keeping costs as low as possible. Let us handle everything while you focus on the next chapter!