Once your offer is accepted for the agreed purchase price, your agent will likely give you a congratulatory call. But this won’t just be a courtesy. They’ll also request confirmation of a few things so they can finalise the offer.
You’ll usually need to provide confirmation of things like:
Proof of funds available to purchase your new home.
Address proof and bank statements regarding your deposit funds.
Your mortgage offer or mortgage agreement in principle from your mortgage company.
Details of a conveyancing solicitor ready to undertake local authority searches, water authority searches, land registry and title register legal work.
Whether you will have a building survey (you are not legally obliged to have a property survey but it can help identify any structural issues.)
Normally, estate agents will take the property off the market as soon as your offer is agreed. However, you’ll want to make sure this is definitely the case.
Remove the competition immediately and ask your agent to cancel any scheduled viewings and mark the property as SSTC (Sold Subject To Contract). If the listing isn’t taken down, you could be at risk of getting outbid or even gazumped by a cash buyer or buyer without a property chain, and lose money.
There’s no better time to get the ball rolling than straight after your offer is accepted. For a quicker completion, you’ll want to instruct your solicitor as soon as possible. If you haven’t already found a conveyancer, ask Fortis for a recommendation.
At this stage, your solicitor will start completing the local and environmental searches on the property, liaise with the seller's solicitor, and work towards making you the legal owner.
Your solicitor will advise you on the whole process, including the draft contract, stamp duty costs (and any other costs), location-specific searches, and all the legally binding parts of the sale process right up to exchanging contracts.
Depending on the solicitor, they may ask you to pay up-front for some of their services.
Since the mortgage in principle was an interim agreement with your mortgage lender, you’ll need to take mortgage advice and complete a full application for the loan now that your offer has been accepted, and also get a mortgage valuation survey on the property.
You’ll need to apply for the exact amount of money you need to borrow from your mortgage provider.
If you have a mortgage advisor, they’ll guide you through this process and let you know what information you need to supply.
While surveys aren’t compulsory when you buy a new home, they’re a good idea. During a survey, a surveyor will inspect the property and cast a professional eye over the property. Surveys can help you understand any current or future issues you may have with the property.
To arrange the survey, you’ll need to speak with your estate agent about booking time with the sellers. Survey costs can vary so if you are planning on getting a house survey it's important to look at the options available to you.
Once all the searches have been completed, the survey is concluded, and all the paperwork is in order, your house move will enter the exchanged contracts part of the process. Then, a completion day will be agreed upon. On completion day, your solicitor will ensure the mortgage lender releases the funds, and Fortis will ensure both you and the seller are in the loop right up to the point when the sale is legally binding.
If you’re still looking for your new home in Cardiff, Fortis could have just what you’re looking for! Check our listings or register with us and let us know what type of property you’re interested in so we can help keep you updated.
Call today on 02920561111 or email hello@fortis.homes to speak with a member of our friendly team so that your moving date becomes a reality.
In the meantime, we've answered some of your common questions about offering on a property.
The conveyancing process typically takes between 6-12 weeks, although it can be longer depending on the complexity of the sale and how quickly solicitors work.
If the seller pulls out after accepting your offer, you may be entitled to compensation depending on the reason for them pulling out and whether contracts have already been exchanged. It's always best to speak with a solicitor to understand your rights in this situation.
Gazumping refers to the practice of a seller accepting an offer but then continuing to market the property in hopes of receiving a higher offer. While not illegal, it is considered unethical by many.
There are several reasons why a mortgage application might be rejected, such as a poor credit score, not being able to afford the monthly repayments or a deposit that is too small. It's important to check your credit score and discuss your finances with a mortgage advisor before applying.
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