Firstly, request the property to be de-listed. Once your offer is accepted, it's wise to ask the estate agent to remove the property from the market. This minimises the risk of a rival buyer submitting a higher offer, a scenario known as "gazumping".
Next, appoint a conveyancing solicitor. This legal expert will handle your side of the transaction, carrying out necessary searches and checks on the property. It's crucial to select a quality solicitor within your budget, preferably regulated by the Solicitors Regulation Authority or the Council of Licensed Conveyancers. A proficient solicitor can identify and resolve potential issues early, preventing future headaches.
If you're not buying the property outright, you'll need to submit a mortgage application. This process can take up to six weeks and requires proof of ID, address, earnings, and recent bank statements. Research the best mortgage deals and secure an agreement in principle from your chosen lender. This strengthens the offer your agent presents to the seller.
We recommend arranging an independent survey from a RICS surveyor. While your lender will value the property, an independent survey provides a detailed report for your records. Any discrepancies between the valuation and your offer may require renegotiation.
Once your searches are completed, prices agreed, and mortgage approved, it's time to exchange contracts and pay your deposit. This legally commits you to the purchase. Your solicitor will then ensure the mortgage funds are transferred to the seller's solicitors.
Finally, the moment you've been waiting for - completion! The property ownership is transferred to you, and you can collect your keys and move in. Plan your key collection, removal van, and move-in date in advance to avoid any last-minute hitches.
In total, this process typically takes 12-15 weeks. While it may seem lengthy, it's well worth the wait when done correctly. If you have any questions or need assistance, our team is here to help. Happy moving!
