So you’ve had an offer accepted on a property, what happens next?
Follow our simple step-by-step guide to ensure that you hit the ground running with your property purchase.
1. Get confirmation in writing
The first step is to request confirmation in writing from the estate agent or developer. The document to confirm that your offer has been accepted is called the Memorandum of Sale.
The memorandum of sale is an important document and most solicitors will await receipt of this document before they draft the official contract of sale (or ‘draft contracts’ as they are also known).
Some estate agents may delay sending the memorandum of sale when trying to convince you to use their in-house services. If they have verbally told you that your offer has been accepted they must issue confirmation in writing without delay.
2. Instruct a solicitor to act for you
Find an independent solicitor who has good reviews, specifically when it comes to speed and communication. In the not so good firms, communication can be laboured and progress will be slow. In some cases, this could mean that the seller will become frustrated and withdraw from the sale in favour of another buyer.
Your solicitor doesn’t have to be local, but local solicitors are best used when there are known issues in the area (such as old mining sites for example).
Avoid using in-house services as the developer or estate agent will receive a kickback and generally, these solicitor firms will be based in call-centres and deal with bulk.
When you instruct a solicitor to act for you send them the Memorandum of Sale to get started.
3. Use a free mortgage broker to get the best mortgage deal
Now is the time to submit your mortgage application. Even if you have already been quoted or have an Agreement in Principle in place, now is the time to ask a mortgage broker to check if there any better deals.
Mortgage rates can change on a daily basis, so it is always best to carry out fresh research at the point when you are looking to proceed with your mortgage application.
Here at Glow, we do not charge any fees to find the best possible mortgage for you.
Once we process your mortgage application, we are on hand to support you with all aspects of the purchase all the way through to completion.
Author: Ben, Glow Mortgage Advisor (CeMAP, BSc Hons)
Date Published: 25th April 2018