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

Hunting for your dream home, but not sure how the process works? Graham Taylor, Associate Solicitor at Thorntons, shares what happens after your property search comes to a successful end.

Congratulations – you’ve had an offer accepted on a property. But what comes next?

First, finances. If you require a mortgage, you’ll need to submit a full mortgage application to your mortgage lender.

The seller’s solicitor will discuss the terms of your offer with the seller, and take instructions to issue a formal acceptance letter, which confirms the agreed price, date of entry and any requested amendments to the written offer. This is called a ‘qualified acceptance’, and your solicitor will explain its terms to you.

Further letters may be exchanged, and once all parties are satisfied, you may instruct your solicitor to issue a formal letter that creates a binding contract – known as ‘concluded missives’.

Your solicitor will examine ‘title deeds’ documents, to ensure that the seller owns the property, that the property is described accurately, that you are aware of the obligations imposed on you (for example, paying for maintenance of a boundary wall), and that the necessary rights are in place (such as rights of access).

The seller will sign a deed, called a ‘disposition’, to transfer the property to you. If you have arranged a mortgage, you will sign a standard security mortgage document which gives the lender certain rights, including a right to take possession of the property if you cannot keep up with mortgage repayments.

Prior to completion, you will provide your solicitor with the balance of the purchase price and the legal costs. Your solicitor will also request loan funds from your lender.

On the date of entry, your solicitor will pay the purchase price to the seller’s solicitor, in exchange for the signed disposition, keys and required documents.

And that’s it – you can now collect the keys for your new home!

For more help and advice from Thorntons, visit thorntons-law.co.uk or call 03330 430150.