It was love at first sight of the open plan kitchen and large garden. When the seller said yes to your offer, you jumped for joy. Now the fluttering in your stomach has settled, it’s time to… what? What do you do once you’ve found your perfect property? Here’s a run down of your next steps once your offer has been accepted.
- Ask the estate agent to take the property off the market. Many estate agents will do this anyway, but if you’re still seeing your dream home on Rightmove, it’s worth asking. This will lower the chances of another buyer swooping in with a higher offer and putting you back to square one.
- Find a conveyancing solicitor. Conveyancing involves things like searches and checks, which are necessary before contracts can be exchanged. The earlier you can get your solicitor working, the quicker the whole process will be. Ask around, find someone who has a good reputation for being professional, reliable and communicative, and set them to work.
- Get advice on a mortgage. There are many mortgages on the market, and depending on your circumstances and needs, some will be more suitable than others. If you want to establish the best mortgage for your needs, then engaging an expert advisor, such as one of our friendly team here at Evolve FS, is the best way to go.
- Arrange your survey. You don’t need a survey to get a mortgage, but it’s an important way to establish whether there are any problems with the property you want to buy. Serious structural faults, for example, might mean you decide to withdraw your offer. Meanwhile, other issues could give you ammunition to negotiate with the seller to see if things can be repaired, or covered by indemnity, to resolve the issue.
- Once your mortgage is approved, it’s time to exchange contracts and pay the deposit. Assuming the survey hasn’t turned up any disasters, the solicitor has completed their searches, and your mortgage has been approved, this is the moment you aandthe seller sign on the dotted lines. At this point, it’s important to understand you are legally committed to the process, and pulling out would mean you not only lose your deposit, but incur other costs too.
- With everything in place, it’s time to sort out your home and content insurance. Mortgage lenders make it a condition that you must have buildings insurance in place for exchange of contracts. Although you won’t yet have a moving date, you will have information, such as the rebuild value of your property, which you can use to calculate your insurance costs. Many people also choose to get content insurance at the same time, to give their valuables protection from fire, flood and the likes of accidental damage. Often, buyers will also decide to take out life and illness cover, to ensure that if something happens, their mortgage payments would continue to be covered. At Evolve FS we can look at your insurance options, and discuss what would work best for you.
- Agree a completion date. This is the date for the big day, when the seller vacates the property, and you move in. If you’re planning on hiring a removal van, now is the time to get it booked. On the completion date, your mortgage lender will release the funds to pay for the property, and you will officially become the owner of the house.
- Collect the keys. The seller’s estate agent will hand over the keys on the completion date. Don’t forget to take a picture of the big moment for Instagram!
- Move in. Congratulations! It’s going to be a busy day, but it’s also one of the most exciting (and let’s be honest, stressful) times of anyone’s life.
- And…. relax. It’s a long process getting a new house into shape, but there’s no more satisfying feeling than drinking a glass of fizz while sat on an unpacked box in your new front room.
Evolve FS will find you the best mortgage. Contact us today.