What to do once your home offer’s been accepted
Once your offer is accepted, you should immediately instruct your solicitor. There are several matters that need to be taken care of before any exchange of contracts can go ahead.
There are four key points to address:
In the process of transferring ownership, both solicitors will work together to ensure everything is in order. The seller's solicitor will receive and review all documentation regarding title deeds as well as create a draft contract for approval from the buyer’s lawyer. Additionally, detailed information like fixtures and fittings or leasehold data can be found through completing standard Property Information forms provided by the seller.
As part of due diligence on behalf of both parties involved in this transfer, searches such as those related to local situation, water drainage serviceability needs are also performed - making sure that no issues remain undisclosed which could have negative impacts on future property value or functionality when it comes time to take possession after closing proceedings come into effect.
With their eyes firmly set on the prize, buyers will want to ensure they are getting a property free from any potential problems - such as unusual rights of way or structural alterations. To achieve this, Pre-Contract Enquiries must be sent by the buyer's solicitor to that of the seller for further investigation.
In addition, it is paramount for buyers to get all mortgage agreements in place with written offers from lenders before committing to purchase – thus arming them with peace at mind and clarity throughout their journey.
With the completion of key steps, a solicitor will provide detailed documentation outlining their findings and provisions to the buyer. This report highlights prospective problems that may interfere with an exchange of contracts for intelligent consideration before signing off on any agreement - including sending mortgage deeds over for signature from the purchaser.
Exchange of contracts
When contracts are signed between the buyer and seller, a deposit is typically paid to ensure that legal obligations have been established. Exchange of those contracts marks an official agreement with predetermined timelines for completion - should either party become uncooperative or delay proceedings after this point, they may be subject to compensation from the other.
The buyer's solicitor will take additional steps following the exchange; seeking money from lenders as well as verifying no new agreements have been made on the property in question by way of further searches taken post-exchange.
Completion
After they have achieved the purchase date, both parties' solicitors will make sure to expedite the final payment and promptly issue keys - often in time for a midday celebration.
Post-Completion
After the legal transaction is completed, it's up to your solicitor to ensure all necessary obligations are taken care of. This includes paying Stamp Duty Land Tax and registering title at HM Land Registry for subsequent protection.
Once this step has been finalised, you'll receive a copy of the registered documents approximately 20 days after completion - together with relevant paperwork sent by your mortgage lender and any notifications served upon landlords or other financial institutions if required.