Your Move Doesn't End When You Accept an Offer: A Buyer's Guide to Completion
Navigating the Path from Offer to Keys
Securing an accepted offer on a property is undoubtedly exciting, marking a significant step towards owning your new home. However, many buyers are surprised by the intricate process that follows. Understanding each stage can help you prepare, reduce stress, and ensure a more efficient transaction. Here's a step-by-step roadmap to guide you from offer acceptance to finally collecting your keys.
1. Offer Accepted: The Starting Line
Once your offer is accepted, both you and the seller will typically instruct your respective estate agents to confirm the agreement in writing. At this point, the property is usually taken off the market, or marked as 'under offer' or 'sold subject to contract' (SSTC). This initial phase is about formalising the agreement before the legal and financial processes begin in earnest.
2. Solicitors Instructed: Your Legal Team
The very next crucial step is to instruct a solicitor or conveyancer. They will handle all the legal aspects of the property transfer. Your solicitor will receive the draft contract from the seller's solicitor and begin their due diligence. Choosing a reliable and proactive solicitor is paramount to keeping the process moving efficiently.
3. Mortgage Application: Securing Your Funds
If you require a mortgage, now is the time to finalise your application. Your lender will conduct their own valuation of the property to ensure it provides sufficient security for the loan. Be prepared to provide all necessary financial documentation promptly to avoid delays.
4. Survey & Searches: Understanding Your New Home
As a buyer, it's highly recommended to arrange a property survey. This independent inspection will identify any structural issues or significant defects that might not be apparent during a viewing. Simultaneously, your solicitor will conduct various 'searches' with local authorities and other bodies. These searches reveal important information about the property, such as planning permissions, environmental factors, and drainage, which could impact its value or your enjoyment of it.
5. Legal Enquiries: Clarifying Details
Following the survey and searches, your solicitor will raise any necessary enquiries with the seller's solicitor. These questions aim to clarify details, address concerns raised by the survey or searches, and ensure all legal aspects are in order. This stage can sometimes involve a back-and-forth exchange until all parties are satisfied.
6. Exchange Contracts: The Point of No Return
Once all enquiries are resolved, the mortgage offer is in place, and both solicitors are satisfied, you will be ready to exchange contracts. This is the legally binding point of the transaction. You will typically pay your deposit (usually 10% of the purchase price), and a completion date will be set. From this moment, neither party can pull out without incurring significant penalties.
7. Completion: Keys in Hand!
Completion day is when the remaining balance of the purchase price is transferred from your solicitor to the seller's solicitor. Once the funds are received and confirmed, the property officially becomes yours! Your estate agent will then release the keys to you, and you can finally move into your new home.
Thinking about your next move? If you're already under offer but haven't found your next property, we'd be happy to register you as a buyer and keep you informed about suitable properties as soon as they become available. You don't have to buy the first property you see. You just need to be ready when the right one comes along.