What Happens After an Offer Has Been Accepted?
When you buy or sell your home, it can feel like all the anticipation builds up to the moment when you make an offer on a property and have it accepted. Actually, so much more of the process happens after that.
Selling your home can be a stressful process!
It goes without saying, but the process of selling your home causes its fair share of stress and anxiety. It can be even worse if you’re both selling and buying a new home at the same time, which adds complications to the process.
When you have had an offer made on your property, it can feel incredible! However, that is not the end of the journey of buying and selling your home. There are a few more steps that you need to complete before you are the owner of a brand-new home.
Step 1: Appoint Your Solicitor
If you haven’t yet selected the solicitor to handle the conveyancing of your purchase, you need to do that as soon as possible to prevent any issues with the sale. Generally, you’ll pay a deposit for the conveyancing fees or, alternatively, you may pay a percentage of it upfront.
Step 2: Secure Your Offer in Principle
Once you have received your Agreement in Principle from your mortgage provider, you’ll need to have this upgraded to an Offer in Principle. This confirms the precise amount that the mortgage provider is going to be lending you.
To get your Offer in Principle, you’ll need to provide:
- Proof of Income
- ID
- Property Details
- Solicitor’s Information
- Deposit Details
Your mortgage provider will also need to run a full credit check (this is known as a ‘hard enquiry’) on you and anyone you may be buying with.
Step 3: The Property Valuation
A valuation of your property will be organised by your mortgage provider in advance of them approving your mortgage. This is likely to take about two weeks and will cost somewhere between £150-£1,500 (it will often be included as part of your total mortgage fees).
Step 4: Get a Formal Mortgage Offer
When your mortgage provider is happy that you can afford the mortgage after they conduct their underwriting process, and the property valuation has come back approved, they will provide you with an official mortgage offer, a copy shall be posted to you and one provided to your solicitor.
Step 5: Signing of the Contracts
Your solicitor will request that you sign the contracts for the sale and will exchange them with the seller's solicitor.
Step 6: Receiving the Funds
On an agreed date, your mortgage provider will send your funds to the solicitor.
Step 7: Pay Remaining Conveyancing Fees & Stamp Duty
At this point you’ll pay any leftover conveyancing fees to your solicitor. These can include fees for the land registry, searches, and stamp duty if it is payable.
Step 8: Transfer of the Funds
You will now need to send your deposit to your solicitor, and they will send the total sales amount to the seller’s solicitor to finalise the sale.
Step 9: Get Ready to Move
When all the payments have been transferred, the purchase has been completed. You will receive the keys to your new home and can get ready to move in!
If you are preparing to buy a new home, getting the right mortgage deal for your situation is essential. A mortgage and buying a home is probably one of the biggest investments you’ll ever make, so it’s imperative to get it right. To discuss your mortgage options in more detail, contact Transparent Mortgage Services by phone on 01424 444597 or by email on info@tms-fs.co.uk.
