Accepted an Offer on Your Property?
What’s Next?

The pivotal point in continuing your property-selling adventure

The sale of a home is invariably a period filled with stress and significant emotional investment, often mirroring the complexities encountered when purchasing your first property. This experience can become even more intricate for those simultaneously selling their current home while buying a new one.

Following the acceptance of an offer on your property, a wave of excitement is natural, marking an important milestone in the selling process. However, it is essential to understand that this is not the conclusion but a pivotal point in continuing your property-selling adventure.

Legal and financial preliminaries

If you haven’t already, appointing a solicitor to convey your home is critical. Doing this without delay ensures that the transaction advances smoothly. A deposit or a portion of the conveyancing fees is generally required at the outset.

Obtaining your mortgage offer

Next, translating an Agreement in Principle from your mortgage lender into an Offer in Principle is necessary. This step formalises the loan amount you will be granted.

Valuation and documentation

Your mortgage lender will arrange for a professional property valuation, a prerequisite for finalising your mortgage application. This assessment may cost between £150 and £1,500, typically absorbed into the overarching mortgage fees.

Final stages before completion

It is not uncommon for a mortgage lender to request further documentation when finalising the loan agreement. This could include asking for additional identification or proof of income.

Concluding the transaction

Upon receiving a formal mortgage offer, your solicitor will coordinate the signing of contracts, leading to the exchange with the seller’s legal representative.

Completing the sale

The final steps involve transferring funds, including your deposit and the borrowed mortgage amount, to complete the purchase. Following this, the long-awaited moment of moving into your new home arrives, signalling a time for more celebration.

Are you ready to discuss your mortgage requirements?

If you require further assistance or information on the complexities of selling your property or your mortgage requirements, do not hesitate to contact our team. We are here to support you every step of your property-selling journey. For more information, contact our team today!

Please note: a mortgage is secured against your home or property. Your home or property may be repossessed if you do not keep up repayments on your mortgage or any other debt secured on it. 

Author:
Jamie Ewan
Mortgage Adviser
CONTACT

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