The Buying Process
Step-by-step guide from offer to completion.
Making an Offer
Once you have found a home, you make an offer through the estate agent, who passes it to the seller. Do your homework on recent sold prices in the area before you decide your number.
Your offer is not legally binding when it is accepted. Until contracts are exchanged, either side can withdraw or change the price.
Mortgage and Survey
After your offer is accepted, you submit a full mortgage application. Your lender will value the property, and you can choose to book a survey to check its condition.
Conveyancing
Your solicitor handles the legal work, known as conveyancing. This includes searches, checking the contract and answering questions from the seller's solicitor.
Most purchases take around 16 to 20 weeks from offer accepted to completion. A straightforward freehold with no chain can take 12 to 16 weeks, and the quickest cases around 8 to 10. Leasehold homes and longer chains usually take more time.
💡 Tips
- •Get quotes from several solicitors
- •Stay in regular contact with your solicitor and reply to questions quickly
- •Plan for delays, they are common
- •Do not give notice on your current home until you have exchanged
Exchange and Completion
At exchange, both sides sign the contracts and you pay the deposit, often 10% of the price. The sale is now legally binding. Buildings insurance must be in place from this point.
Completion is when the remaining money is transferred and you get the keys, usually a few days to a few weeks after exchange.