Having an offer accepted on a property is an exciting milestone, but there are still several important steps to complete before you officially become the owner. Understanding what happens next can help make the process feel much less daunting.
1. Instruct Your Solicitor
If you haven’t already done so, you will need to instruct a solicitor or conveyancer to handle the legal side of your purchase. They will begin the conveyancing process and communicate with the seller’s legal representative.
2. Finalise Your Mortgage
Your mortgage application will need to be completed if it hasn’t already been. Your lender will carry out its checks and arrange a mortgage valuation of the property before issuing your formal mortgage offer.
3. Property Searches and Enquiries
Your solicitor will carry out searches, which can include checking local authority records, drainage and water information and environmental matters. They will also raise enquiries about the property and review the legal documents provided by the seller.
4. Arrange a Survey
Although your mortgage lender may arrange a valuation, you may also choose to have your own property survey. This can highlight potential issues with the property that you may want to investigate before proceeding.
5. Exchange Contracts
Once the legal work is complete, your mortgage is in place and both parties are ready to proceed, contracts can be exchanged. At this point, the purchase becomes legally binding and a completion date is agreed.
6. Completion
On completion day, your solicitor transfers the purchase funds to the seller’s solicitor. Once completion has taken place, the property officially becomes yours and you can collect the keys.
How Long Does It Take?
Every purchase is different. A straightforward transaction can sometimes complete within a few months, while delays can occur if there are legal issues, mortgage complications or a property chain.
The key is to stay in regular contact with your solicitor, mortgage adviser and estate agent throughout the process.
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