Offer Accepted: What Gloucester Homebuyers Need to Do Now
Posted on 7th February 2025 at 18:40
Congratulations – you’ve had an offer on your future new home accepted. But don’t rush out to buy curtains just yet. Here’s some important information about what happens next.
1. First, the Sale Agreement is Drawn Up
The seller’s estate agent will likely draw up a sale agreement, sometimes known as a memorandum of sale, and distribute copies to all parties involved.
This agreement will confirm:
The property address
The agreed price
The names and addresses of both buyer and seller
Other important transaction details
2. Finalise Your Mortgage
If you have a mortgage-in-principle, contact your lender immediately. They will guide you through the next steps, which will likely include arranging a mortgage valuation.
3. Arrange a Surveyor and Conveyancer
Survey:
Provides detailed insights into the property's condition and structure.
Highlights any issues that might need addressing.
Not legally required, but highly recommended.
Conveyancing:
Legal process of transferring property ownership.
Can be handled by a solicitor or licensed conveyancer.
If you don’t have one, seek quotes from comparison sites or ask for personal recommendations.
4. Let the Professionals Do Their Job
The seller’s solicitor (or conveyancer) will:
Draft a contract of sale and send it to your solicitor
Your solicitor will review the contract, perform property searches, and liaise with your mortgage lender
Timeline: This stage can take a few weeks to several months, depending on the complexity of the transaction.
5. Signing the Contract
Once all checks are complete:
Your solicitor will ask you to sign the legal contract of sale
Contracts are exchanged with the seller's solicitor
A completion date is agreed upon
6. Completion Day
On this day:
The property legally becomes yours
You receive the keys and can move in
Important Tips
While waiting for the sale to go through:
Enjoy planning your new décor, but remember, the sale isn’t final until contracts are exchanged
(Note: The process differs slightly in Scotland)
If you’re still hunting for your perfect home, contact us today – we may have just what you’re looking for!
Know someone moving? Please share this guide with them.
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