What happens after my offer is accepted?
The short answer
Once your offer is accepted, the agent sends a memorandum of sale to both sides, you instruct a solicitor, and your mortgage application and survey get underway. In England and Wales the purchase isn’t legally binding until contracts are exchanged, usually several weeks later.
Why?
An accepted offer is an agreement in principle. Before anyone commits, your solicitor checks the legal title and searches, your lender values the property, and you find out about its condition. These run side by side, so starting them quickly saves time.
What can cause problems?
- Waiting too long to instruct a solicitor
- Slow replies to ID and source-of-funds requests
- A mortgage application stalling on missing documents
- Someone else in the chain not being ready
- Leasehold information packs taking weeks
What should you do?
- Instruct your solicitor the same week
- Send ID and proof of funds as soon as you’re asked
- Submit your full mortgage application
- Book a survey
- Tell the agent who your solicitor is
- Avoid taking on new credit
What happens next?
- 01Instruct your solicitor
- 02Confirm your mortgage
- 03Arrange your survey
- 04Searches begin
- 05Enquiries begin
- 06Work towards exchange
How can Properfy help?
Not sure what you need? Tell us about your move and we’ll help you work out the next step.
You might also be wondering
How long until exchange?
Often around 8 to 12 weeks from instructing a solicitor, depending on searches, the mortgage, the property and the chain.
Read more →Can the seller still accept another offer?
Yes. Until exchange, a seller can accept a higher offer. This is gazumping. Moving quickly reduces the risk.
Read more →Do I need a survey?
It isn’t a legal requirement, but it tells you about the home’s condition before you commit.
Read more →Questions this guide answers
- What happens after my offer is accepted?
- What happens after searches?
- What happens before exchange?