19 May What happens after your offer is accepted?

You’ve had your offer accepted – congratulations! But now what? At Kaytons, we know the property journey can feel like a maze so in our latest blog we break down what to expect at this stage of the game and answer the question, what happens after your offer is accepted? 

Step 1: Offer confirmation

When your offer has been accepted, you’ll receive confirmation of the agreed price, any conditions and proposed timelines. It’s crucial to ensure that everything discussed is included and if you have any questions don’t hesitate to ask them!

Step 2: Instructing a solicitor  

Next, you need to appoint a conveyancing solicitor to handle the legal work. If you don’t have one in mind your estate agent will likely have a contact. 

Step 3: Property removed from market 

Many agents will take the property off the market to avoid any further interest. But remember this isn’t always guaranteed so if this is important to you consider getting it as part of the offer. And make sure you know exactly when and how this will happen. 

Step 4: Mortgage application

If you’re using a mortgage to buy the property, it’s now time to finalise your application. In some cases, your mortgage lender will want to carry out a formal valuation of the property. 

Step 5: Surveys and searches 

Your solicitor will carry out various searches and your mortgage lender may ask for a survey of the property. This can also give you extra peace of mind as it helps to uncover any potential issues before it’s time to exchange.

Step 6: Exchange of contracts 

When contracts are exchanged, this is when everything becomes legally binding. You’ll also often have to pay a deposit at this point.

Step 7: Completion 

The final step happens on completion day. Funds are transferred, keys are released, and the property is officially yours! Don’t worry though as your agent will be with you every step of the way.

 Got any other questions about the process? Whether buying, renting, selling, letting or just looking for advice, our friendly team are always here to help.