Congratulations! You’ve searched all the local listings, dragged the kids to house viewing after house viewing and you’ve put in an offer that has been accepted. You finally are a homeowner! Stop right there though, your celebrations are warranted, but the hard work doesn’t end there. Being at the early stages of buying a property means that you are not yet locked in and can still withdraw your offer on the house of your dreams. The seller can also decide to take a better offer elsewhere, so cork the champagne and leave it on ice for now. Wait until you sign on that dotted line before you pop it again!
There are still some steps that you need to take before the property is properly and legally yours, so check out the steps below before you get too overexcited. Once you’ve followed these steps, the property of your dreams should be well within your grasp!
Get It Off The Market. It’s worth double checking with the estate agency that you have used that they will take the property straight off the market on the acceptance of your offer. This means there is much less of a chance of someone pipping you to the post with a sneakily higher offer and it reduces the risk of further viewings.
Research Conveyancing Solicitors. The person who will complete the legal side of your home move is your conveyancing solicitor. They will complete the relevant searches and checks that are applicable to your property and ensure the legal side runs as smoothly as possible.
Complete. Offering a figure on a house is not completing a mortgage. You need your mortgage to actually fund the purchase of the property and once you’ll have forms to fill and an ID checklist to provide. It’s better to have an early agreement from your lender so that your estate agency can push forward your offer.
Surveyors. Another legal hoop to jump through, you will need to appoint a qualified and professional surveyor to look over the property to ensure the property is worth what you are paying for it. Your mortgage provider will be doing this, but there’s no harm at all in appointing an independent surveyor who works for you. You should never rely on your mortgage valuation alone, and you can read why here.
Pay Up. Once all the rigmarole of searches, surveys and mortgages have been accepted and approved, it’s time to put down the deposit you’ve been sitting on for years! This can range from 5-10% of the value of the property and if you pull out after you’ve paid the deposit, you will lose the money. So please, always do your research!
Confirmation. Now is the champagne popping part! You’ve done everything you are supposed to, so now you can negotiate the date your vendor moves out and you can pick up the keys and move in!
Mortgages and house buying are not easy processes, but once they’re done you have a whole house that belongs to you – and that feeling cannot be replicated!