Once you’ve found the home of your dreams, made an offer, and had that offer accepted, that’s when the real work starts.
The very first thing to do is to ask the estate agent to take the property off the market to reduce the risk of another offer being made. Here are the key stages of buying a property once an offer has been made.
You can either appoint a solicitor, a property lawyer, or a licensed conveyancer to complete the conveyancing work. Once you’ve appointed a solicitor, they will complete the following legal work:
By now you should know who your mortgage provider will be, so let them know your offer has been accepted. Your mortgage lender will need to ensure that the property's value is at least the same amount as the purchase price you have agreed with the seller. They will sometimes conduct their own checks behind the scenes before finalising the amount they will lend to you.
Your mortgage lender will request a survey of the property to check that the property is suitable for them to offer you a mortgage, and that the price you are paying is in line with the market. You may also wish to instruct your own survey to check that there are no structural (or other) problems with the property. If the survey does come back with any warnings, don’t panic. You are entitled to ask the vendor to fix them, or renegotiate the sale price so that you can cover the costs.
Once you’ve secured your new home, you need to insure it from the moment you exchange contracts. It is sensible to shop around for insurance quotes prior to the exchange date, but the insurance will need to be in place from the date of exchange. There may be cancellation charges if you decide to cancel the insurance policy (for example, if the sale of the property falls through). As well as insuring the buildings, it's a good idea to cover your contents too. To obtain a quote, you will need the address and rebuild cost of your property, as well as the value of the contents you need to cover in your new home.
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You can either appoint a solicitor, a property lawyer, or a licensed conveyancer to complete the conveyancing work when purchasing a property.