Offer accepted on house of your dreams – Now what?

So, you've secured an offer on that property you've been eyeing. Now what? Here's what you need to know about the process of buying a house after your offer has been accepted.

Step one: Secure your offer

After your offer gets the green light, it's crucial to ask the seller to take the property off the market. This step prevents other potential buyers from swooping in with higher bids and eliminates the risk of being 'gazumped.' Your Butters John Bee agent will likely request details about your solicitor and mortgage offer in principle to proceed with this.

Step two: Complete your mortgage application

Unless you're paying in cash, you'll need to finalize your mortgage application. This involves submitting necessary documents such as proof of address, ID, earnings, utility bills, and bank statements.

Step three: Get legal assistance

Finding a conveyancing solicitor is a vital step. They'll handle tasks like drafting and reviewing contracts, conducting local searches, corresponding with the Land Registry, managing payments, and providing legal advice throughout the process.

Step four: Have a property survey done

Getting a property survey done is highly recommended to assess its condition. There are different types of surveys available, ranging from basic assessments to comprehensive structural surveys. Your surveyor can guide you through the options.

Step five: Sign and exchange the contracts

Exchanging contracts marks the point where things get legally binding. At this stage, the buyer pays a deposit, usually 10% of the sale price. After this exchange, neither party can back out without facing significant penalties.

Step six: Completion

Completion is the day when all funds are transferred, and the sale is finalized. The timeline for completion can vary depending on factors like the length of the property chain and the availability of your chosen removal company.

Frequently asked questions:

How long does it take to complete after the offer is accepted?

While there's no set timeframe, the average time from offer acceptance to completion is around three months. However, this can vary due to factors like property chains and any complications that may arise during the process.

What happens if my offer is accepted then rejected?

Unfortunately, sellers aren't legally bound to halt marketing after accepting an offer. If they receive a higher bid and reject your offer, you've been 'gazumped.' In such cases, you can make a counter-offer, but there's no guarantee the seller will accept it.

Is an offer on a house legally binding?

No, offers are not legally binding until contracts are exchanged.

Does 'under offer' mean the house is sold?

No, 'under offer' indicates that an offer has been accepted, and the property is off the market, but the sale is not yet finalized.

Find your next home with Butters John Bee

If you're ready to embark on your home buying journey, get in touch with your local Butters John Bee branch today.