Making an offer

Do you know about making an offer on a property?
Initial Offer
Initial Offer This is where you put forward a price that you would like to buy the property for, to the Estate Agent acting on behalf of the seller. The Estate Agent will put your offer to the seller and the property becomes ‘Under offer’, if accepted. The Estate Agent must confirm to you in writing that the offer has been put forward, accepted or rejected
Revised Offer
Revised Offerr If your offer is rejected you could make another higher offer if your budget allows.
Offer Accdepted
Property Size Once your offer is accepted then you can proceed with the purchase and application for a mortgage. The property is usually taken off the market at this point and the property becomes ‘Sold subject to contract (SSTC), this is normal practice once survey is booked.


Legal Process

Do you know the legal process of buying a property?
Conveyancing
Conveyancing This is the legal work necessary when buying a property. It can involve local searches to check there is no major work due nearby, ensuring the property and land are legally owned by the current owners and the boundaries are as they are claimed to be, amongst other things. Why not get an instant conveyancing quotation.
Exchange and Completion
Exchange and Completion You are legally bound to the purchase of the property at exchange of contracts and you may be required to pay a deposit. Ownership passes to the buyer on completion, at which point the money is transferred to the seller’s solicitor and the deeds to the purchaser or their mortgage lender.
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