Congratulations on having your offer accepted on your future home! While this is an exciting milestone, there’s still a bit more to do before you can start packing up your things and moving in. Here’s an overview of the next steps for homebuyers to ensure a smooth and successful journey to completion.
1. First, the Sale Agreement is Drawn Up
Once your offer is accepted, the seller’s estate agent will usually prepare a sale agreement, often referred to as a memorandum of sale. This document outlines important details such as:
- The property address
- The agreed purchase price
- Buyer and seller contact information
- Any additional terms
It serves as the official confirmation of the agreed sale and kicks off the process of moving forward.
2. Finalise Your Mortgage
If you already have a mortgage-in-principle, now is the time to contact your lender and let them know that your offer has been accepted. Your lender will then guide you through the next steps, which often include arranging a mortgage valuation to confirm the property’s value.
3. Arrange a Surveyor and Conveyancer
Although not a legal requirement, many homebuyers opt for a survey to gain a more detailed understanding of the property’s condition. A survey can uncover potential issues with the property’s structure or condition, which you might want to ask the seller to address before finalising the sale.
You’ll also need to engage a conveyancer or solicitor, who will manage the legal side of transferring ownership. If you don’t have one yet, now’s the time to shop around for quotes or ask for recommendations from friends or family.
4. Let the Professionals Handle the Paperwork
Once your conveyancer is in place, they will work with the seller’s legal team to draw up the contract of sale. Your solicitor will also perform property searches to make sure there are no hidden issues with the property, like planning restrictions or potential disputes. This stage can take anywhere from a few weeks to a couple of months, depending on the circumstances.
5. Sign the Contract
Once everything is checked, your solicitor will ask you to sign the final contract. After this, the exchange of contracts takes place between your solicitor and the seller’s, at which point a completion date will be agreed. On completion day, the property is officially yours, and you’ll receive the keys to your new home.
While the legal processes are taking place, feel free to start thinking about the fun stuff – decorating, buying furniture, or simply picturing yourself in your new space. But remember, the sale is not final until contracts are exchanged (keep in mind, in Scotland, the process can differ slightly).
Brendan Stock, Head of Sales at Home Finders, comments:
“Swindon offers an exciting variety of properties, from charming period homes to modern family-friendly new builds, and we’re seeing more people looking to settle in this vibrant town. With excellent transport links, access to top-rated schools, and a thriving local community, it’s no wonder that Swindon continues to be a popular choice for homebuyers. If you’ve just had an offer accepted, take a moment to appreciate this exciting step, our team is here to guide you every step of the way!”
Still Searching for Your Perfect Home?
If you haven’t yet found your dream home, why not get in touch with us today? We have a wide range of properties that could be exactly what you’re looking for. Whether it’s your first home or your forever home, we can help you find the perfect fit in Swindon and beyond.
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