WHAT HAPPENS ONCE YOUR OFFER HAS BEEN ACCEPTED?
Maybe you have discovered the home of your dreams and your offer has been accepted? Or, maybe you are intrigued to know what will happen when you reach this stage?
To get things moving, here are four things you should do after your offer has been accepted:
CONFIRMATION OF ACCEPTANCE
Once your offer is accepted, your estate agent will almost certainly contact you to congratulate you, and they will likely want to confirm a few details with you, to finalise the offer.
Generally, you will be expected to send confirmation for the following for the agent to finalise your agreed offer and mark the property as ‘Sold Subject To Contract’:
- Proof of funds – This is to ensure you have enough funds to make the purchase, this may be a copy of your mortgage agreement in principle along with your bank account showing your savings to be used as your deposit, or if paying outright, a bank statement showing the full amount payable. If paying cash on completion of the sale of your current home, a memorandum of sale from your agent will be required as proof of the amount your home is selling for and funds you will receive. This could also include receipts from the sale of another property, savings, inheritance monies and financial gifts from family and friends.
- Solicitors details – You will need to instruct a solicitor or conveyancer to handle the legal proceedings of your purchase, their contact details will be required to finalise your agreed offer.
- Proof of ID – Valid photo ID such as a passport, driving licence, EEA member state identity card.
- Proof of address – For example, a driving licence, bank or credit card statement, utility bill (not more than 3 months old). Mobile phone bills are not a valid proof of address.
GET IN TOUCH WITH YOUR SOLICITOR
Instructing your solicitor as soon as possible is likely to assist in speeding up your purchase. If you have not already found a solicitor, you can request a quote here.
To save time when your offer is agreed, you can find a solicitor ahead of time (before finding your dream home and agreeing an offer), simply speak to a member of staff who will be able to provide a quote for you based on your budget.
At this point, your solicitor will begin conducting property checks and searches. Depending on the solicitor, they may require payment in advance for some services.
COMPLETION OF YOUR MORTGAGE APPLICATION
You will need to submit a full application for your mortgage once your offer has been accepted, to apply for the specific amount of money you need to purchase the house.
If you are working with a mortgage professional, they will walk you through this procedure and inform you of the information you will need to provide. An independent financial advisor who is able to access all mortgage products available on the market (also known as ‘Whole of Market’) is a good choice, to ensure you’re getting the best mortgage deal for your personal circumstances. Our team at Hardisty Financial are independent financial advisors who are whole of market, if you need advice, fill out the form on our website and we’ll call you back.
ARRANGE A PROPERTY SURVEY
While surveys are not mandatory when purchasing a new house, they are a wise investment. Surveys can assist you in determining any present or prospective difficulties with the property. To arrange a survey, ask your estate agent to schedule a time with the sellers.
If you’re still on the lookout for a new property, we may have what you need!