You’ve had an offer accepted – but what happens next?

Having your offer accepted on a property is an exciting milestone in your home-buying journey. It’s the moment when your dream of homeownership begins to feel like a reality. However, the process doesn’t end here; several critical steps must be completed before you can officially call the property your own. From finalizing your mortgage to legally transferring ownership, understanding what comes next will help ensure a smooth and stress-free transaction. This guide walks you through the key stages after your offer has been accepted, providing clarity and helping you feel confident as you move forward.

1. Mortgage application

If you're financing your purchase with a mortgage, promptly submit a full mortgage application to your chosen lender. This process involves providing detailed financial information and supporting documents to secure a formal mortgage offer. It's advisable to have a mortgage agreement in principle before making an offer, as this can expedite the process.

2. Formal acceptance and qualified acceptance

The seller's solicitor will review your offer and discuss its terms with the seller. They will then issue a formal acceptance letter, known as a 'qualified acceptance.' This document confirms the agreed price, date of entry (the date you take possession), and any amendments or conditions to the original offer. Your solicitor will explain the terms of the qualified acceptance to ensure you understand any implications.

3. Negotiation and concluding missives

There may be further correspondence between your solicitor and the seller's solicitor to negotiate specific terms. Once all parties agree on the conditions, your solicitor will issue a formal letter to conclude the missives. In Scotland, 'concluding missives' refers to the exchange of letters that form the binding contract for the sale. At this point, both buyer and seller are legally committed to the transaction.

4. Examination of title deeds

Your solicitor will examine the property's title deeds to ensure:

• The seller has legal ownership and the right to sell the property.
• The property's description matches what has been agreed upon.
• You're aware of any obligations, such as maintenance responsibilities for shared structures.
• Necessary rights, like access routes, are in place.

This thorough examination ensures there are no legal obstacles that could affect your ownership.

5. Signing the disposition and standard security

The seller will sign a 'disposition,' the legal document that transfers ownership of the property to you. If you're using a mortgage, you'll sign a 'standard security,' granting the lender rights over the property, including the right to take possession if mortgage repayments are not maintained. These documents are essential for the legal transfer of ownership and securing the lender's interest.

6. Financial settlement

Before the completion date, you'll need to provide your solicitor with the balance of the purchase price, along with any legal fees and associated costs. Your solicitor will also arrange to receive the mortgage funds from your lender. It's crucial to ensure that all finances are in place to avoid any delays in the transaction.

7. Date of entry and completion

On the agreed date of entry:

• Your solicitor transfers the purchase price to the seller's solicitor.
• In exchange, they receive the signed disposition, keys, and all necessary documents.

Once these exchanges are complete, you officially own the property and can collect the keys to your new home.

Purchasing a property involves several legal and financial steps to ensure a smooth transfer of ownership. Maintaining clear communication with your solicitor and promptly addressing any requests or requirements will facilitate a successful transaction. With these steps completed, you're well on your way to enjoying your new home.