Under Offer to Completion

04 Jul 2017

Hurrah your offer has been accepted on your dream property but what are the next steps? 

It is so important to be pro – active when purchasing and not to just think that everything is going through.  Unfortunately we see more and more sales fall through due to a number of factors (finance being the main one) but if you follow these handy steps hopefully your sale will complete on time.

  1. If your offer has been accepted you should have already spoken to your lender or financial advisor but if not this is your first step.  It is crucial to make them aware that your offer has been accepted and your date for completion
  2. If you need to send paperwork (pay slips, contract, id) to your lender don’t wait a couple of weeks get the details to them as quickly as possible
  3. Check that your lender has received the paperwork and ask if anything else is required from you.
  4. Some lenders will want to carry out their own mortgage valuation so check when this is going to be carried out.
  5. Check with your lender at least one a week on how the application is going.  Until your mortgage offer is with your solicitor nothing else will be carried out.
  6. Once your mortgage offer is issued you then will need to speak to your solicitor.  Check with them if searches have been carried out and if the formal acceptance has been received.
  7. Ideally you want to sign missives as quickly as possible as once these are signed you can start to arrange removals and relax a little. Once missives have concluded both parties are now legally bound to the sale/purchase.
  8. Arrange removals – Get a couple of quotes as prices do vary, also if you are in a rush some companies offer a packing service and you will be surprised that it does not cost that much more.
  9. Once you have your completion date arrange home & contents insurance for the date of entry.  Your financial advisor may have already offered you this service but it is always good to shop around.
  10. Utilities – Speak to your utility suppliers, council tax and broadband/tv to ensure a smooth transfer
  11. Your solicitor will draw up the Standard Security (the deed securing the loan) and you must sign this.
  12. Completion – The full purchase price will be paid to the seller’s solicitor and once the money is received, the seller’s solicitor will tell the estate agent to release the keys to your new property!

Hopefully your purchase/sale does go through on time and as stress free as possible.  Any questions please get in touch laura.beard@fineholm.co.uk.

 



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