What Happens After Your Offer is Accepted on a House?
Updated: Jul 16
Congratulations! Your offer on your dream home has been accepted. This is the first significant milestone in the home-buying process.
However, it's important to note that at this stage, the sale is not legally binding, and several steps remain before you can move into your new property.
What if the seller changes their mind after accepting your offer?
Until contracts are exchanged, the seller may still change their mind. This could happen if they receive a more attractive offer, often involving more money and someone "gazumping" you – or perhaps the seller prefers a quick sale and a cash buyer approaches them.
In such situations, you can submit a counteroffer, but it ultimately depends on the seller's decision.
Here’s a guide to what happens once your offer is accepted:
Instructing a Solicitor or Conveyancer Once your offer is accepted, it's time to instruct your conveyancer to start working on your behalf. They will handle all legal aspects of the purchase for you. Estate agents often recommend conveyancing solicitors, but you are not obligated to use them. Choose the best conveyancer for your circumstances. They will conduct necessary searches, review the contract and other legal documents, and ensure the property is legally transferred to you.
Applying for a Mortgage If you need a mortgage to finance your purchase, now is the time to formally apply. Whether you work with a mortgage broker or approach a lender directly, you'll need to provide all necessary documentation, such as proof of income, bank statements, and property details to complete your mortgage application.
Property Survey and Valuation Your mortgage lender will value the property to ensure it's worth the amount you’re borrowing. Be prepared for the lender's valuation to differ from the asking price. If the value is lower, you may need to renegotiate with the seller or have extra funds to cover the difference. It's also advisable to conduct a detailed structural survey to identify any potential issues with the property.
Searches and Inquiries Your conveyancer will perform various searches to uncover any potential issues affecting the property. Typical searches include local authority, environmental, and drainage and water searches. Your conveyancer may suggest additional searches based on the property's location. They will also review the draft contract and other title documents, addressing any concerns or discrepancies.
Exchanging Contracts Exchange of contracts occurs when both parties are ready to proceed, and all legal checks are concluded. Once contracts are exchanged, the sale is legally binding. If you pull out after this point, you may lose your deposit and face legal action.
Arranging Insurance Arrange building insurance for your new home from the date of exchange. This is often required by your mortgage lender. Building insurance covers repair or rebuilding costs if the property is damaged by an insured risk.
Completion Day Completion is the final step. This is the day the remaining funds are transferred to the seller, and you receive the keys to your new home. Your solicitor will handle the transfer of funds and register the property in your name with the Land Registry.
Moving In Once the sale is complete, you can move into your new home. Plan your move in advance, including hiring a removal company if needed and notifying utility companies of your change of address.
Note: We only accept full cash buyers and do not accept buyers requiring a mortgage.
The journey from having an offer accepted to moving into your new home involves several important steps. Understanding what happens after your offer is accepted can better prepare you for the process and ensure a smooth transaction.
If you're considering buying, get your free conveyancing quote today. Alternatively, get in touch with our team, who can help you with all your conveyancing needs.
For more information, please give us a call at 020 3923 9188 or email info@alsternsolicitors.co.uk
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