Congratulations, you're one step closer to buying a new property!
But how can you ensure your offer definitely goes through to completion? The following five step guide will help you understand more about what happens after an offer has been accepted, and assist you in the journey from making an offer to securing a completion date.
If you've just started house hunting make mortgage enquiries before you put in an offer and secure a mortgage "agreement in principal", so you know how much money you can borrow. There's nothing worse than putting in an offer only to find you don't actually have enough money!
Step One: What happens after your offer has been accepted?
Quite soon after your offer has been accepted your estate agent will ask for your solicitor's/conveyancer's details and these will be passed on to the seller's solicitor/conveyancer. They then contact each other to start the process of putting together the relevant paperwork. A good conveyancer will guide you through the entire process so you always know what's happening.
It is a fairly complex process and can be quite daunting, especially if you're contending with time constraints or you're part of a larger chain of properties. To relieve much of the stress and complicated nature of house buying Romans provides all buyers and sellers with a dedicated Move Manager; to keep you informed through your journey from offer to completion. They work hard to keep both parties on track and smooth out any problems that crop up along the way.
Try and find the time to secure a conveyancer before you put an offer on a property to help speed up the process from offer to completion.
Step Two: Arranging a survey
Depending on what your mortgage supplier requires might depend on the type of survey you need. The two main types of survey are: a Homebuyer's Report and Valuation, and a Building Survey. The Homebuyer's Report and Valuation is ideal for conventional residential property built within the last 100 years, if the property is older or has undergone major alternation a Building Survey might be more suited.
Your estate agent or conveyancer can help recommend which survey you require; if you're in any doubt always opt for a professional survey as it can save you a lot of money in the future.
Step Three: Your property finances
You will now receive a Mortgage Offer from your lender of choice which details the loan you are receiving. Your conveyancer and yourself should check this form carefully and if you're unsure what something means always ask before signing anything.
Step Four: Exchange of contracts
Once your conveyancer and yourself are happy with the surveys, mortgage agreement and any other paperwork the legally binding part of the offer to completion process takes place. Once contracts are exchanged you can feel confident that your completion will be a success; it's only on very rare occasions that something goes wrong after this stage.
You will often have to hand your conveyancer 10% of the purchase price as a deposit for the property, and the exciting part...a date for completion is confirmed between both parties!
Step Five: Completion day
This is the big day where the balance of the property purchase price is transferred via the banking system and you will receive the keys to the property you have bought.
Congratulations, you can now move in to your new home.
This article is only intended as a guide and every buyer's journey is different. If you'd like more information about any of the steps above the team at your local Romans office will be more than happy to help guide you in the right direction.