Congratulations – you’ve had an offer accepted on your future new home. But before you start planning décor and furniture, there are several essential steps you need to take to ensure a smooth and successful property purchase. Here’s what happens next.
Step 1: The Sale Agreement is Drawn Up
Once your offer is accepted, the seller’s estate agent will prepare a memorandum of sale. This document includes:
- The property address
- The agreed purchase price
- The names and addresses of both the buyer and seller
- Contact details for solicitors or conveyancers
The memorandum of sale is sent to all parties involved, including solicitors, and formally initiates the home-buying process.
Step 2: Finalise Your Mortgage
If you have a mortgage-in-principle, now is the time to inform your lender that your offer has been accepted. They will guide you through the next steps, which typically include:
- Submitting final paperwork for approval
- Completing affordability checks
- Arranging a mortgage valuation survey to confirm the property’s value
Your lender will only issue a mortgage offer once this process is completed. It is important to act quickly to avoid unnecessary delays.
Step 3: Arrange a Surveyor and Conveyancer
A property survey provides a detailed assessment of the home’s structure and condition, highlighting any potential issues that may affect your purchase. While not legally required, many experts recommend having one carried out to avoid unexpected repair costs after moving in.
You will also need to appoint a conveyancing solicitor to handle the legal side of the transaction. Your solicitor will:
- Review legal documents and contracts
- Conduct property searches to check for planning restrictions, boundary disputes, or potential risks
- Liaise with your mortgage lender and the seller’s solicitor
If you do not already have a solicitor or conveyancer, it is advisable to seek recommendations from family or friends or use an online comparison service.
Step 4: Legal and Financial Processes
At this stage, the seller’s solicitor will prepare a draft contract of sale and send it to your solicitor. Your solicitor will then:
- Review the contract and raise any necessary queries
- Carry out property searches
- Work with your mortgage lender to finalise the financial arrangements
The duration of this stage varies depending on the complexity of the sale, how quickly documents are processed, and whether any issues arise during searches or surveys. It can take anywhere from a few weeks to several months.
Step 5: Signing the Contract and Exchange
Once all legal checks and negotiations are complete, your solicitor will ask you to sign the contract. This means:
- Both parties are legally committed to the sale
- A completion date is agreed upon
- The final steps of the transaction can proceed
On completion day, the funds are transferred, and ownership of the property is legally transferred to you. At this point, you will receive the keys and can move into your new home.
Final Thoughts
While waiting for the sale to go through, you can start planning how you will settle into your new home. However, it is important to remember that the sale is not legally binding until contracts are exchanged. The process may vary slightly in Scotland, where different legal systems apply.
If you are still searching for your perfect home, contact us today – we may have the ideal property for you.
If you know someone who has had an offer accepted, share this article with them to help them navigate the next steps with confidence.
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