UK MORTGAGE CENTRE
Offer accepted on your house, what happens next?
September 3, 2022
Congratulations on your accepted offer for a house. What comes next?
After all the searching, viewings, and decisions, having your offer accepted on your dream home is a significant milestone. However, it’s important to note that this is an early stage, and you or the seller can still change your minds without financial penalties.
Here, we’ll outline the next steps to guide you in knowing what to expect after your offer has been accepted.
Take the property off the active market
Once my offer has been accepted an estate agent is likely to automatically take the property off the active market.
If the property remains actively for sale there is a chance someone can come in and make a higher offer than yours and you will lose the property.
Instruct a conveyancing solicitor
You will need to appoint a solicitor to act on your behalf for the purchase of the property.
The conveyancing process covers the legal side of purchasing the property and the searches that are required to make the sale legal.
The searches include:
- Local authority searches
- Land register and title changes
- Flood searches
- Chancel search
- Water searches
- Environmental searches
You will no doubt already have an agreement in principle in order to have made your offer on your new property.
You will need to provide us with Proof of ID, Proof of address, Proof of earnings and your recent bank statements. Once we have this leave it in the hands of our expert mortgage advisors and we will do the rest.
Get a quote from a removal company
Unless you have many friends and family with large vehicles the likelihood is you will need a removal company. Research and compare quotes to ensure you get the best price.
Remember, unbeknownst to you, lots of other people will be moving home on the same day and will be requiring the services of a removal company at the same time.
Exchange of contracts and deposit payment
Once the searches are complete and the mortgage is approved the time has come to exchange contracts. This is legally binding and you are committed to buying the property.
The deposit will be paid also at this point via your solicitor.
Completion date confirmation
Once the contracts are exchanged there is no going back and the completion date can be set. This will be the date that you can get your keys and move into your new property.
It is usually between 7 and 20 days from exchange. When the completion date is set the vendor will have to leave the property on this day ready for you to receive the keys and move in.
Pick up keys
This is the date of completion and the process is complete you can pick up your keys and move into your new property – congratulations.
It may seem daunting however our friendly mortgage advisors are here to help and we will do everything we can to make the mortgage application and completion process as simple as possible for you. If you need any help or advice please do not hesitate to contact us.
*UK Mortgage Centre is a Trading Style of The UK Mortgage Centre Group. The UK Mortgage Centre Group is authorised and regulated by the Financial Conduct Authority – FRN 826982. Registered in England & Wales: 11614569. As a mortgage is secured against your home, it could be repossessed if you do not keep up the mortgage repayments. The Financial Conduct Authority does not regulate some forms of buy-to-let mortgages. The Financial Conduct Authority does not regulate will writing and taxation and trust advice.