If you’re in the process of buying a house in UK and want to understand what happens after your offer is accepted, follow our step by step guide below. Whether you’re a first-time buyer or moving up the chain, purchasing a house can feel overwhelming, and our step-by-step guide aims to help you grasp the process.
You’ve discovered a new home to buy—what comes next? Our comprehensive guide breaks down each step of the process of buying a house, from making an offer to completing your purchase.
If you’re in the process of buying a house and want to understand what happens after your offer is accepted, watch our video below. Whether you’re a first-time buyer or moving up the chain, purchasing a house can feel overwhelming, and our step-by-step video aims to help you grasp the process.
Step 1 – Secure a mortgage agreement in principle Before diving into the house-hunting journey, it’s helpful to assess property costs and determine your affordability. Obtain a mortgage agreement in principle (AIP) to understand the amount you can borrow from your mortgage lender.
This will streamline your search within your budget, making it easier to make offers when you find the right home. While an AIP doesn’t guarantee a mortgage, it can expedite the approval process. In competitive markets, estate agents may require an AIP for property viewings.
Step 2 – Discover your home and submit an offer Once you’ve found your dream home, promptly notify the estate agent to forward your offer to the seller. Speed is crucial in securing your dream home, as the next viewer might make an offer before you do.
Step 3 – Select a conveyancer If you haven’t chosen a conveyancer yet, it’s time to do so after your offer is accepted. Choose a conveyancer to represent you and guide you through the house-buying process, managing the necessary legal work.
Step 4 – Conduct conveyancing searches Your conveyancer will arrange property searches to provide more information about the house. These searches include Land Registry, local authority, environmental, and drainage searches, revealing potential issues like flood risk and ground stability. If you’re getting a mortgage, your lender may require these searches.
Step 5 – Schedule a survey While your mortgage lender performs a desk-based survey for property valuation, consider arranging a home buyers survey to assess the property’s overall condition and identify potential repairs. Home buyer surveys, though an additional cost, can offer valuable insights.
Step 6 – Finalize your mortgage Once the survey is complete, inform your lender of your readiness to proceed. Upon successful mortgage approval, review the offer from your mortgage provider to ensure it suits your needs.
Step 7 – Pay the deposit Transfer the deposit to your conveyancer’s account to avoid delays, ensuring it clears in time for the exchange. Additionally, be prepared to cover conveyancing fees and Stamp Duty Land Tax.
Step 8 – Agree on moving dates Discuss provisional moving dates with the seller and the chain, allowing you to plan and obtain house removal quotes.
Step 9 – Exchange contracts Your conveyancer will guide you through exchanging contracts, marking a legally binding commitment to purchase the house.
Step 10 – Complete your purchase On completion day, your conveyancer transfers the remaining funds to the seller’s lawyer, officially making the property yours. Your conveyancer notifies the Land Registry of your ownership, and once registration is complete, provides you and your mortgage provider with copies of the title deeds.
Now, enjoy your new home! If you need conveyancing assistance, explore our conveyancers located across England and Wales. Browse conveyancing services in Birmingham, Manchester, Nottingham, or view all available locations.