Once you’ve found your dream home as a buyer or accepted an offer as a seller, there are some key milestones to complete before those keys officially change hands.
In this guide, we’ll take you through what happens after an offer is accepted on each side of the transaction.
What should sellers do after an offer is accepted?
Step up your search for a new home (if you haven’t already)
Now there’s an offer on the table, it’s time to ramp up your search for a new home. As well as checking estate agents’ websites and Rightmove, OnTheMarket, and Prime Location, reach out to the agents in the area you’re moving to and tell them what you’re looking for.
Thanks to the unique way Mullucks is formed, we can give you nationwide access to the other estate agents in our group, helping you to get to where you’re going sooner. Speak to your agent for more information on this.
Think about your mortgage
It makes sense to meet with your lender to discuss porting your mortgage or secure an agreement in principle from a mortgage lender before you start your search for a new home.
Having your mortgage approved lifts a significant burden early on, providing assurance throughout the journey. Additionally, your lender will assess the property’s value to ensure it aligns with the loan amount.
Instruct your conveyancer
After accepting an offer on a house, both buyers and sellers must promptly decide on a solicitor or conveyancer.
Seeking recommendations from friends and family – or even your agent – can be useful in selecting someone to handle the legal aspects of your sale or purchase. Your local branch can also offer advice on reputable local solicitors.
What should buyers do after an offer is accepted?
Arrange a survey on your new property
Whether you choose a Homebuyers Report or a full structural survey for older properties, a property survey can reveal potential issues early on, saving substantial costs in the long run.
Top tip: Schedule this early to avoid delays, especially during busy sales seasons.
Coordinate your move
Like property surveyors, removal companies experience peak demand during certain periods. Speak with multiple companies about their availability and gather recommendations from friends and family when compiling a list for quotes.
Also instruct a conveyancer
While the legal aspect of property transactions can be frustrating, it is crucial to recognise that solicitors bear a level of liability in approving the sale. Patience is key, and both buyers and sellers can each help to keep things on track by providing requested information promptly.
What happens next for both buyers and sellers?
Contract signing
As long as everything progresses smoothly, both parties’ solicitors will approve the draft contract. This marks the readiness for contract exchange, where contracts are confirmed as identical, signed, and dated, making the sale legally binding.
Exchange of contracts
Contracts are exchanged, typically over the phone, and agreed-upon contents are signed and dated. The sale becomes legally binding, with mortgage redemption figures clarified by the seller’s solicitor.
Preparation for completion
Final checks, including Land Registry searches, are conducted by the buyer’s solicitor. They arrange for the mortgage deed signing, prepare a completion statement, and collect any outstanding funds from the buyer.
Completion day
On completion day, both buyer’s and seller’s solicitors play pivotal roles, arranging the transfer of title deeds, redeeming the seller’s mortgage, and releasing keys to the buyer.
For any queries about the home-buying process, speak to your local agent.
