- Thu 31 Dec 2020
For many first time buyers or anyone who hasn’t moved in a long while, there are many questions as to what happens once you have your offer accepted. From instructing a solicitor to arranging your removal van for move in day, there is a lot that happens in between that may be a grey area for you.
It is easy to get caught up in the excitement of buying your home, after months of searching you have finally found the one and the seller has accepted your offer. What next? There is a lot of work that happens in between as this is the first step of the transaction. We recommend you be organised and use local conveyancing to ensure your moving process is as smooth and stress free as possible.
Firstly you will need to instruct your solicitor so that the conveyancing process can begin. Bradleys have a great relationship with the top law firms in the region and are able to instruct these local solicitors on your behalf. We know they are able to provide you with the best service that will make your move as smooth as possible. The benefits of using Bradleys local solicitors are that they are no sale no fee, a fixed quote that will not change and if you instruct them at point of marketing you will have a much quicker transaction.
Your solicitor will complete all the necessary legal work for you. This will include gathering your initial documents, drawing up the contract, deeds and mortgage offer, the searches and enquiries, the transfer of contract and finally completion. This may sound complex, the solicitor will do the majority of the work you just may need to submit documents so that they are able to go onto the next stage such as ID, filling out fixture and fittings forms, giving information on your mortgage lender. We recommend as soon as you receive a letter or document from your solicitor you act straight away to dismiss any delays or if there is a problem, you can identify this early on.
Next, you must submit your formal mortgage application. To have your offer accepted, you would of already showed your mortgage in principal to your estate agent, which gives them a good indication that you can afford the property you are offering on. This is not a set in stone decision, you will need to go back to your broker who will request documents and information from you to submit your application and hopefully in return get your formal mortgage offer.
Your mortgage lender will check your credit history and ensure the value of the property reflects the agreed purchase price, they will do this by scheduling a mortgage valuation at the property. If both are fine, you will then receive your formal offer. Once your mortgage offer has been accepted, you can either resume comparing lenders or accept and continue the process. Once the details have been finalised, you should have up to 7 days to decide if it’s right for you. It’s possible to pull out of a mortgage offer up until the exchange of contracts, but you may lose money if you do so.
Bradleys offer independent mortgage advice and can search across the entire market to see what the best mortgage deal is for you. Bradleys have vast knowledge across all mortgages including Buy to Let mortgages and Help To Buy applications. We recommend you speak to our advisors to ensure you save as much money as possible in your monthly mortgage repayments and so that you are not restricting yourselves from the few products your bank may be offering you.
You may want to arrange a property survey. Your mortgage lender will request a valuation, but it’s recommended to arrange a more comprehensive house survey such as a Homebuyers Survey or Building Survey. The survey will include an inspection of the property where the surveyor will highlight any defects or structural issues.
Home surveys aim to highlight problems that may need tending to, try not to panic if you see a list of issues as many may not be major and may just be there to consider in the future. The survey gives you reassurance that your property is a worthy investment and that you are confident in purchasing it.
Bradleys have RICS accredited surveyors who can aid you in a wide range of property services such as a Building Survey or HomeBuyer Report to assist you with your purchase or one of the various valuations we specialise in. Bradleys Surveyors have expertise in both residential and commercial property to satisfy our many different clients. Contact us for a free quote if this is something you are considering arranging.
Finally, it is time to start preparing to exchange contracts and complete your purchase. Once your mortgage has been approved and the conveyancing searches are complete, you’ll be able to sign and exchange contracts. Once these steps are complete, ownership of the property is transferred to the buyer. It is at this point that both buyer and seller are no longer legally able to pull out of the sale and if you do so you risk losing your deposit.
When you have your completion date, you may want to book in your removal service if this is something you need to use in order to move. Ask your local Bradleys office for local firms they often recommend. When completion day comes, you will receive a call from your solicitor confirming you are ok for completion to take place, once this has been done you will receive a phonecall back from wither your solicitor or estate agent to confirm you have completed and that you are able to pick up the keys to your new home!