So, you're offer has been accepted, what now? It starts to become real and a little bit daunting. But don't worry, we're here to help and this page will give you some great tips and insight regarding what happens next and what is expected of you.
Firstly, there are a number of wheels you will need to set in motion if you are to be successful in securing the property.
1. Choose a Solicitor
At some point in the following stages you will need to instruct a solicitor to carry out the the legal process. You should not instruct them to commence work just yet, but you may need to name the individual or company you will be using shortly, so you are best placed to find one straight away. If you are unsure or have no experience in such matters, please ask us as we have wealth of experience of working with solicitors across the area and can help you to choose the right one.
The immediate priority is to get your finances organised if you haven't done so already. Most buyers who lose out on their dream property, do so because of delays with their mortgage application or other issues relating to their finances. So don't get caught out and provide the Estate Agent with the documentation they need at the earliest opportunity. You will have to provide evidence to show your finances are in place to purchase the property. This will include a copy of your mortgage in principal and recent bank statements showing the full amount required to buy the property. It doesn't stop there, if you need to secure a mortgage, you should complete your full mortgage application as quickly as possible. The application process will require you to supply an amount of information and documentation to the lender regarding your circumstances and income and can take some time to process. The lender will want to conduct a valuation of the property which all needs to be done before the actual legal processes can commence. So don't delay, make this your top priority.
If you are trying to secure a mortgage your lender will want to arrange for a surveyor to visit the property and carry out a valuation. As this is a condition of them loaning the funds to purchase the property it is not recommended that you or the owner instruct solicitors to start work until this is in hand, as you may incur costs unnecessarily if things don't pan out as hoped. Many financial advisers and lenders will attempt to up sell additional optional surveying services, you should read our guide to having a survey before making any decisions which may create unnecessary and expensive delays.
4. Instructing Solicitors
Once your lender has arranged the valuation survey or if you are buying without a mortgage, the point at which you have provided proof of funds in your bank, you are ready for the solicitors to start the legal process. The estate agent will write to both the buyers and sellers solicitors to provide them with the instructions that will help them to get going. This document is know as the Memorandum of Sale. From here on your solicitor and estate agent will liaise with you and your mortgage lender to gather all of the information required complete the sale and transfer the ownership of the property. Remember, the sale will not be legally binding and either party can withdraw up until the point at which the contracts have been exchanged and a completion date is set. This can take on average between 6-12 weeks from the point of agreeing the sale. So, if you are asked to provide information and documentation during the process, you should respond promptly, as delays are often caused by a lack of appropriate action.
The Property Hive team are on hand to help, should you have any questions regarding the process of buying a property, please don't hesitate to contact us.