Congratulations, your offer has now been accepted. What comes next?
You need to ensure that you make everything happen that needs to occur before exchange of contracts. You do not want to be the cause for delay.
Instruct your solicitor to proceed to exchange of contracts, confirm with them who the seller's solicitors are as well as any other information you need to share.
Are you getting a mortgage? Get all the documents over to your broker that they need to finalise approval. Book your survey & valuation of the property.
Did you have any subject to clauses in your offer, for example, a structural survey, or perhaps a detailed inspection of the roof? Whatever was outstanding, get it done asap.
Review the contracts with your solicitors. Make sure you understand what you are signing. A good solicitor will be able to sit down with you and talk you through the whole contract in simple terms. Make sure you are happy with all the conditions, there might be some further back and forth negotiations between your solicitors and the seller's solicitors to get to an agreement.
Your solicitor will also do all their searches and checks during this time, confirm they have completed all of them.
Get everything in place with your bank for the transfer of funds before the exchange happens. (Depending on the agreed terms of your offer, this is typically 10%). Sometimes banks will not just let you transfer the more substantial sum of money in one go if it has not been pre-arranged. I have seen too many people on the other side of a deal get stressed out and frantic when they are not able to get their funds transferred on the day they are supposed to.
With the results of all final surveys, valuations and inspections in hand. Evaluate their findings, if they are all fine and all in line then proceed to the next step. If issues are raised, determine if you need to renegotiate, if they are small enough to deal with, or if you need to walk away. Don't try and do this after an exchange.
Just before you exchange contracts, with everything in hand - assuming all inspections & surveys were clear and sufficient - have one last chat with your solicitor double check everything is in place as agreed ahead of time.
Transfer the funds, do so via your solicitor, to the seller's solicitors. NEVER PAY THE SELLER DIRECTLY. Let me just make that clear.
NEVER PAY THE SELLER DIRECTLY.
Your money will be held securely in escrow or held as a stakeholder by the seller's solicitor until completion.
Completion and exchange can be simultaneous; or depending on the type of purchase, days weeks or months later. (extended periods of time between exchange and completion is typical when buying off plan, when buying completed property there is not much reason to have an extended period between exchange and completion unless there is a slight delay in finalising the release of a mortgage)
Going through the steps above will make your buying experience a lot simpler and a lot less stressful. Planning your tasks makes a huge difference.
Next step is to book any work required, sign up your contractors and move on to completion.
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