Offer Accepted on House - What are the Next Steps?
Now your offer on a house has been accepted, here are our 10 essential steps for what happens next.
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Now your offer on a house has been accepted, here are our 10 essential steps for what happens next.
After you put an offer on a house, you should be ready to supply evidence that you are able to confirm your offer by having a mortgage agreed in principle. If your offer is not accepted, you should be prepared for rounds of negotiations.
After you have an offer accepted on a house, you should make sure the house has been taken off the market. You should then find a conveyancing solicitor to complete the legal aspects of your move. The next stage is to complete your mortgage application and hire a surveyor.
The amount of time until completion after an offer is accepted can vary. Different factors can affect how long it takes, such as conveyancing times and exchange of contracts. The average time is around 2-4 months.
Yes, even after an offer is accepted a house sale can fall through. This can be down to factors such as a buyer pulling out, gazumping, mortgage problems, or a broken property chain.
Buying a house with no chain involved is often a faster process than buying a house with a longer property chain. However, the process still takes an average time of 8-12 weeks to completion.
Gazumping is when a buyer has had an offer on a property accepted by the seller, but before the sale is completed, the seller accepts an offer from another buyer.
There are steps you can take to avoid this and to increase the security of the sale. By obtaining a mortgage in principle and finding a conveyancing solicitor in advance, it can keep the process moving smoothly.
Steps you can take to avoid gazumping:
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