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Offer been accepted what happens next?

This guide explains what happens once an offer has been accepted. In addition, it will also provide you with guidance on the actions to take to speed up the process.

Offer been accepted what happens next?

Once an offer has been accepted, the speed in which a sale progresses depends on how long it takes for everyone involved to take action. The quicker people within the chain respond to enquiries and complete paperwork, the quicker the sale will go through. So bearing this in mind, here’s a general guide of what happens once an offer has been accepted and what you need to do yourself to help speed up the process.

If you are selling the property

  • Firstly, inform your solicitor where the property deeds are located. To speed things up, provide this information in advance of an offer being accepted.
  • Your solicitor will send fixtures & fittings and property information forms for you to complete. Fill the paperwork in and send back to your solicitor as quickly as possible. It is worth double checking that they have received them in the post/or via email, so give them a call to confirm.
  • Once you return the paperwork, your solicitor will prepare a draft contract and send it to the buyer’s solicitors. After that, the conveyancing process will begin.
  • The buyer’s solicitor will raise ‘enquiries’ with your solicitor. To avoid any delays, you should reply to enquiries straightaway.
  • Once all enquiries have been carried out, contracts will be signed and a completion date set.
  • Exchange of contracts takes place.
  • Completion with a handover of keys.

If you are buying the property

  • If applicable, submit your mortgage application.
  • Provide any information your solicitor requires and pay them for searches.
  • Solicitors will receive contract documents and will send for searches.
  • If applicable, a survey of the property is instructed and carried out.
  • Survey report received.
  • Solicitors receive searches back and raise enquiries with the sellers’ solicitors.
  • Mortgage offer received.
  • Contracts signed, deposit paid (if applicable) and completion date proposed.
  • Exchange of contracts takes place.
  • Completion with a handover of keys.

The timescale between agreeing a sale and exchanging contracts is difficult to predict. A lot is dependent on the work carried out by various solicitors instructed within the chain. Therefore, stay in regular contact with your solicitor and encourage them to keep the sale moving forwards.

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Date Posted

April 25, 2019

Article Category

Author

Katy Storer

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