Offer accepted on a house – what comes next?

1. Request property removal from market

Once your offer has been accepted, it's prudent to request the seller to take the property off the market. This action helps prevent competing offers and reduces the risk of being 'gazumped'. Typically, your estate agent will require details of your solicitor and mortgage offer in principle to facilitate this request.

2. Complete your mortgage application

If you're not purchasing the property outright with cash, it is essential to apply for a mortgage. This involves submitting required documents such as proof of address, ID, earnings, utility bills, and bank statements.

3. Engage a conveyancing solicitor

Selecting a conveyancing solicitor is a critical step in the home-buying process. Your conveyancing solicitor will handle legal aspects, including drafting and reviewing contracts, conducting local searches, liaising with the Land Registry, managing funds, and providing legal counsel when needed.

4. Conduct a property survey

Obtaining a property survey is highly recommended to assess its condition accurately. You can opt for a basic Level 1 survey, a 'home buyers survey', or a structural survey, depending on your requirements.

5. Sign and exchange contracts

Exchanging contracts marks the point where the agreement becomes legally binding. At this stage, the buyer typically pays a deposit of 10% of the sale price. After this exchange, neither party can withdraw without facing significant penalties.

6. Completion

Completion is the final step where all funds are transferred, and the sale is confirmed. The completion date depends on factors such as the size of the property chain and the availability of your chosen removals company.

 

Frequently Asked Questions

How long does it take to buy a house once the offer has been accepted?

Completion timelines vary, but on average, it takes around three months from offer acceptance to completion. Delays can occur due to factors like lengthy property chains or complications revealed during surveys.

What happens if my offer is accepted then rejected?

Unfortunately, a seller can still entertain other offers even after accepting yours. This situation, known as 'gazumping', can be frustrating. However, you can make a counter-offer and hope for a change of heart from the seller.

Is an offer on a house legally binding?

No, a buyer isn't legally bound until the exchange of contracts occurs.

Does 'under offer' mean a house is sold?

No. 'Under offer' indicates that an offer has been accepted, and the property has been withdrawn from the market, signalling intent to proceed with the purchase.

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