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I want to Buy a House and My Offer has Been Accepted so What Happens Next?

Updated: Jun 3

Firstly, congratulations on your accepted offer! However, there's still work to be done to ensure a smooth purchase process. In this article, we'll provide you with the information you need to feel confident that everything is taken care of. Rest assured that we have you covered.

A solicitor meticulously reviewing essential home buying paperwork, emphasising the crucial initial step in the home purchasing process.
Home Buying: Solicitor First!

Buying a house, Organising a Solicitor is step one

To buy a house you will need to instruct a solicitor, commonly referred to as a ‘Conveyancer’, to support you with your purchase. Your solicitor will take care of all the legal paperwork, so local searches, drawing up of contracts as well as handling any enquiries with the sellers solicitor.

If you don’t know where to start in terms of finding a solicitor, other than searching online you can also ask the estate agent or your mortgage broker to make some recommendations.

To kick things off with your solicitor they are likely to request a deposit to cover the local searches. Typically £200 or so. (check out What Fees Will I Pay And When for a more detailed indication of costs / fees payable)

What is Conveyancing?

Conveyancing is essentially the legal process of transferring ownership or securing debt over a house. It ensures that both parties involved in such transactions are protected and allows for smooth, successful property transfers from one owner to another.

Image illustrating a mortgage broker guiding a client through the process of submitting a mortgage application, symbolising the broker's expertise and value in achieving a successful application.
Broker: Path to Approval

Submit Your Mortgage Application

Once your offer has been accepted it is now time to submit your mortgage application to your chosen lender. With this in mind you should arrange another meeting with your mortgage broker, or speak with your bank / building society directly if this is your preferred route. Check out Why Should I Use A Mortgage Broker for more details on the benefits of working with a broker.

As well as up to date pay slips and bank statements you will need to provide some further details at this point, most notedly your solicitors details, the property details along with the estate agent or person selling the property.

Await your mortgage offer. Once this has arrived you can check through the details and ensure it is as you expect, so the loan / interest rate you have applied for – if you are using a mortgage broker they will do this for you.

Organise a Survey

Your chosen lender will arrange a valuation of the property but it’s important to remember that this IS NOT a survey – in fact, many lenders will no longer visit the property, relying on data found on-line.

So, depending on the type of property you are purchasing you may want to arrange your own independent survey – it's advisable to only consider doing so once your mortgage has been approved and an offer received, to simply minimise your immediate outlay until you have a formal tick in your mortgage box.

If you’re undecided on whether you should organise a survey or not, check out Should I Arrange A Survey?

Arrange Your Mortgage Protection & Insurance

When your mortgage offer arrives, it's an exciting moment because it means your finances are in place. As you prepare to make the biggest investment of your life - buying a home - it's important to think about how you'll manage your mortgage and bills in the long run. While you're healthy and have a steady income, paying your mortgage and bills shouldn't be a problem. You can still enjoy your favourite activities, although maybe with some moderation. But what happens if you suddenly get sick?

That's why it's crucial to consider protecting yourself and your mortgage. Your mortgage broker can explain the different options available, such as protecting your mortgage in the event of death, receiving a lump sum if you suffer a critical illness, or replacing your income if you're unable to work due to illness or injury. Explore Critical Illness Cover Explained and Why Income Protection is Crucial for Home Owners for more details.

You will also need to organise a suitable Buildings Insurance policy in preparation for Exchange of Contracts as this will be a condition of your mortgage offer.

Get Ready to Set Your Move Date

Your solicitor is nearing the end of their searches and enquiries after approximately 8 to 12 weeks. Now is the time to finalise contracts and agree on a move date. You will need to transfer your deposit to your solicitor at this stage.

Exchange Contracts

The moment to exchange contracts has finally arrived. It's time to sign on the dotted line. All parties will agree on a move date, known as Completion. Solicitors will then arrange the Exchange of Contracts, which legally commits you to purchasing the property. Typically, there is a minimum of one week between exchange and completion.

You should start your Buildings Insurance and then any policies which you have elected to protect yourself and your mortgage.

Your solicitor will now provide you with a ‘Completion Statement’ and request funds from your lender.

Completion Day

On completion day, the seller will move out and hand over the keys to you, ususally via their estate agent. This will happen once your solicitor has received the funds from your lender and transferred them to the seller's solicitor. If applicable, your stamp duty payment will also be sent to HMRC.

Congratulations on becoming the proud owner of your new home!

Buying a property can often feel complex and overwhelming. But with the help of an experienced mortgage broker, you can stay on track and make well-informed decisions throughout your journey. Contact us now to learn more about mortgages and the home buying process.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Published by Beechwood Mortgages Ref: 219335 with review and approval from Stonebridge Mortgage Solutions Limited who is authorised and regulated by the Financial Conduct Authority Ref: 454811.


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