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Q&A: I've found the perfect home, what’s the next step?

You might think that having an offer accepted on the right house means that the most challenging task is now over. The reality is different and you now need to make sure that, among other things, you can complete the funding and legal processes that any such purchase involves. As a guide to the next steps you should:

- Convince the vendor that you are proceeding fast with the purchase. They must believe that, even if another offer comes in, you are the best people to run with.

- Agree with the agent that the property should be taken off the market

- Progress your mortgage application as fast as possible

- Get a structural survey carried out from a surveyor approved by your building society/bank.

- Get quotes for the conveyancing i.e. the legal work and then instruct a solicitor to act for you

-Spend some time in the area of the house to see if there are any nasty surprises lurking!

- Keep in contact with your solicitor and building society/bank to ensure that they are making progress

- Brief the vendor on how you are getting on

- Understand the legal processes and the advice that you are given

- Subject to satisfactory offers of funding and acceptable terms, be ready to exchange contracts

Only when you have exchanged contracts can you begin to relax: at that point you have a legally enforceable agreement. Completion i.e. when the balance of the purchase price less any deposit has to be paid, is normally one month after exchange of contracts. You then have possession of the house, can move in and celebrate. Ahead of you are the joys of DIY and home improvements that many new purchases involve.

Posted by Ben Henzell on February 21, 2008 04:43 PM |

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