After your offer is accepted
The estate agent confirms the sale and issues a memorandum of sale. Your solicitor begins the conveyancing; you progress your mortgage application and arrange a survey. The seller’s solicitor prepares the contract papers, and the legal investigation gets underway.
Usually as soon as your offer has been accepted. Your lender will need to assess your finances and value the particular property before making a formal mortgage offer, so unnecessary delay at this stage can hold up the whole transaction.
A mortgage valuation is primarily for the lender to decide whether the property provides suitable security for the loan. A survey is commissioned for you and considers the property’s condition in greater detail. Do not assume a lender’s valuation gives you the protection of a survey.
It is usually a sensible investment. A property is a major purchase, and a survey can identify defects, maintenance issues and areas requiring further investigation. The appropriate level depends on the age, construction and condition of the property.
A conventional property in reasonable condition may suit a mid-level home survey, while an older, altered, unusual or visibly defective property may justify a more detailed building survey. Ask a qualified surveyor which level is appropriate before instructing them.
First understand the seriousness and likely cost rather than reacting to the wording alone. You may seek specialist advice, proceed as agreed, ask the seller to carry out work or renegotiate if the issue materially changes what you believed you were buying.
You can, but there should ideally be a genuine reason. Significant defects that were not apparent when you offered may justify discussion. Routine maintenance or issues already reflected in the property’s condition are less persuasive reasons to reopen an agreed price.
The lender may reduce the amount it is prepared to lend, leaving you to increase your deposit, renegotiate the price or reconsider the purchase. Before reacting, understand whether the valuation reflects a genuine market concern or simply one valuer’s assessment.
Searches are enquiries made by your solicitor about matters that may affect the property but are not necessarily apparent from a viewing. They commonly include local authority, drainage and water, and environmental searches, with additional searches where appropriate.
After reviewing the title, contract papers and searches, your solicitor asks the seller’s solicitor questions about the property and transaction. These can range from boundaries and alterations to rights of way, guarantees, leasehold matters and information missing from the paperwork.
A chain is a series of linked transactions where one person’s purchase depends on their sale and so on. Your completion can therefore depend on people several transactions away from you. The longer the chain, the more important good communication and progression become.
Have finance and a solicitor ready, return forms quickly, pay for searches promptly and arrange your survey without delay. Respond to requests for information and keep your agent and solicitor informed of anything that changes. Preparation before offering can save weeks later.
