Congratulations – the searching, house viewings and big decisions have paid off and your offer on the house of your dreams has been accepted. Although it may seem like all the hard work is over, you are still at the early stages of the property purchase and able to pull out of buying the house without facing a financial penalty should you change your mind.
Additionally, the seller of the property can still decide to take a higher offer from somebody else, or choose to not move at all.
Before the property is legally yours there are still several steps to go through in your property transaction.
1. Ask the estate agent to take it off the market
Although this is something that many estate agents will do once an offer has been accepted, it is worth asking to make sure that the house is taken off the market as soon as possible. Doing this reduces the possibility of another home buyer visiting the property and making a higher offer.
2. Appoint a conveyancing solicitor
It is your conveyancing solicitor that will complete the legal aspect of your move, therefore it is important that you appoint a professional and reputable solicitor that is aware of the checks and searches relevant to your property.
All conveyancing solicitors partnered with reallymoving.com are regulated by the Solicitors Regulation Authority or the Council of Licensed Conveyancers, so when you receive your quotes you will be confident that the conveyancer undertaking your transaction is professional and experienced.
3. Complete mortgage application
For the majority of home buyers, a mortgage will be needed to fund the house purchase. Once your offer has been accepted you will need to fill in a mortgage application form and provide your lender with the necessary documentation.
The documentation they will require includes:
Proof of ID
Proof of address
Proof of earnings
Recent bank statements.
To facilitate the early stages of your move, it will help to have already researched the mortgage you’ll be getting and have an agreement in principle from the lender, as it’s likely the estate agent will want to know details of how you will finance the purchase before they put your offer forward to the vendor.
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4. Organise an independent survey from a RICS surveyor
Although your mortgage lender will be organising a mortgage valuation survey for the property, it is important to commission an independent survey from a RICS Chartered Surveyor for a detailed report on your potential new home.
The mortgage valuation is conducted for the benefit of the lender to ensure the property is worth what is being paid for it and thus the security of the mortgage. A house survey is performed by a RICS Chartered Surveyor for the home buyer’s best interests. It will include an in-depth, impartial account of the structural condition of the property that will assist with your decision about whether to proceed with the purchase.
You can find out more information about why you should not rely exclusively on your mortgage valuation here.
5. Get quotes for a removal company
You won’t have an exact move date to give them yet, but it is worth getting in contact early with a removal company so you can ensure there is time for a pre-move survey to assess the volume of your belongings. You will also be able to discuss the requirements of your move and whether there are any parking restrictions at either address.
To find the best price for your removal, you can compare quotes from Ombudsman-regulated, professional removal companies.
6. Exchange contracts and pay deposit
Once your mortgage has been approved and the searches have been completed by your conveyancing solicitor you will now be able to sign and exchange contracts which legally commits you to the purchase of the property. You will then be asked to pay the deposit, which is usually 10% of the property’s value. Through the government’s Help to Buy Mortgage Guarantee scheme it can, however, be reduced to 5%.
At this stage of the transaction you can no longer pull out without losing your deposit and further costs that were incurred.
7. Confirm date of completion and date of move
The contracts have been exchanged and the deposit has been paid, you can now agree a completion date.
On the day of completion the vendors will have to vacate the property, so once you have this date you will be able to organise a day for you to move into the property. You will then be able to confirm the date and the details of your move with your removal company.
Although the time between exchange of contracts and completion can be anything from days to months, it is usually between 5 and 20 working days.
At the stage of completion the mortgage lender releases the funds for the cost of the property and ownership of the house is transferred from the vendor to the buyer.
The house is now legally yours.
9. Pick up keys
Following completion, you can now pick up the keys to your new home from the vendor’s estate agent. It is best to organise a date with the estate agent a couple of weeks in advanced, to ensure both parties keep a convenient time free.
It is recommended, if possible, to pick up the keys before the moving date to reduce the amount of time your removal company will be waiting at either property.
10. Move in
Congratulations – you’re in! Except for some unpacking, but this can be done at a leisurely pace, all that is left to do is to relax and enjoy your new home.
The hard work is now finally over.