Whether you’re a first-time buyer, or you’ve purchased houses before, there are not many things more exciting than hearing your offer has been accepted.
But just what do you need to do or have in place when you get the great news? It’s something we regularly get asked by our customers, so we decided to put together a blog that explains just what happens next.
Sort out a conveyancer
A conveyancer is a specialist lawyer who deals with all the legal aspects of buying and selling property. They’ll sort out a load of things from the leases
You’ll also need a survey, where the mortgage broker will speak to the lender and sort this out.
What will happen is the estate agent will issue a memorandum of sale, introducing all parties to one another. This is merely the start for the estate agent and the hard work will commence from here.
You can then expect regular contact from the estate agent, who will also need to be in touch with the seller at all times, ensuring that the deal is still ok to go ahead, and there have been no stumbling blocks.
The seller’s solicitor will provide a draft contract, and that will come either directly to you or your solicitor.
There is also a tick box sheet for the seller to fill out which states what items and furnishings they are leaving in the house, and what they are taking with them. This is known as an FFC form (fixtures, fittings and contents form).
The next steps?
Once the mortgage offer has been received by all parties and the contracts have been signed, then you come to the point of exchanging the contracts.
This is the legally bound part of the process, where buyers must commit to purchasing, and sellers must fulfil to give up the property.
This means you are now the homeowner, and once you have set the move–in date this can’t be altered. The seller’s solicitor, once they are happy with all the paperwork, will give permission for the keys to be released, which you can then pop back into your estate agents and pick them up, along with relevant ID.
After this, well congratulations you are now a homeowner.
How can Warrington Mortgage Centre help?
If you’d like WMC to act on your behalf as a mortgage broker, then we can sort all of the above without any issues.
You make your offer and application through us, so we’ll need to see payslips, proof of ID and bank statements.
We’ll then do all the dealings with the lender before the mortgage offer comes back and then goes through your solicitor, who will deal with the conveyancing.