Your Offers Been Accepted - What Happens Next?
15 February 2022
If your hunting for your dream property, but don’t know exactly how the process works here’s some information from Associate Solicitor, Graham Taylor. He has shared what happens after your property search comes to a successful end.
So, you’ve had an offer accepted on a property, congratulations! But what happens next?
Finances come first. if you require a mortgage, you will need to submit a full mortgage application to your mortgage lender.
The seller’s solicitor will discuss the terms of your offer with the seller, and take instructions to issue a formal acceptance letter, which then confirms the agreed price, date of entry and any requested amendments to the written offer. This is known as a ‘qualified acceptance’, and your solicitor will explain its terms to you.
You may then exchange further letters, and then, once all parties are satisfied, you may instruct your solicitor to issue a formal letter that creates a binding contract – this is known as ‘concluded missives’.
Your solicitor will then examine ‘title deeds’ documents, to ensure that the seller owns the property, that the property is accurately described, that you are aware of the obligations imposed on you (for example, paying for maintenance of a boundary wall), and that the necessary rights are in place.
The seller will sign a deed, called a ‘disposition’ to transfer the property to you. If you have arranged a mortgage, you will be required to sign a standard security mortgage document which gives the lender certain rights, including their right to take possession of your property if you cannot keep up with mortgage repayments.
Before completion, you will provide your solicitor with the balance of the purchase price and the legal costs. Your solicitor will also request loan funds from your lender.
On the date of entry, your solicitor will pay the purchase price to the seller’s solicitor, in exchange for the signed disposition, keys and required documents.
And that’s it – you can go and collect the keys for your new home!