Finding a new home is an exciting process. You look online, view some properties, and then finally find the house of your dreams. Once your offer has been accepted you may be wondering what happens next. Here are seven things to do once your offer has been accepted.
Find a Solicitor
To get the ball rolling you will need to find a solicitor. They will conduct legal searches on things such as water authority and environmental issues and they will check the title register. They will liaise with your seller’s solicitor and your buyer’s solicitor too if you are selling a property as well, and once the legalities are taken care of, they can transfer the ownership of the property to you.
Complete Your Mortgage Application
It is important to find yourself a mortgage and get a Decision in Principle before you start looking at houses. You will have to supply bank statements, payslips, and proof of identity and address to your lender, and see how much money they will lend you. You then know what price range you can look in for your new home.
Once you have found the property, completing the paperwork is relatively simple. You need to add the property details to your mortgage application and see if the property is suitable for your lender to loan you the money against.
Your lender will want to carry out a basic survey for their lending purposes to make sure they are happy to lend you the money and then they will send an offer letter to both yourself and your solicitor offering you the mortgage.
Instruct Your Own Survey
Although your lender carries out a basic survey, this is done for their purposes rather than yours. Therefore, you have no comeback if the property is not all that it seems once you move in. To check the house properly and make sure you are happy with it, you need to instruct a more in-depth survey.
There are two types of surveys. A homebuyer’s report will give you a more in-depth view of the property and let you know if there are any serious issues you need to be aware of before you move in. You should have this done if you are moving to a reasonably new house or a flat.
A full structural survey will leave no stone unturned when it comes to thoroughly check the property. This survey will give you peace of mind and should be carried out if you are unsure of the property or if it is an older-style house.
Set Up Home Insurance
You need to have buildings insurance in place from the time you exchange contracts as this is the point at which you are legally obligated to buy the house. If anything happens to the house between the exchange of contracts and completion it is your responsibility to put it right. For example, if there is a fire then you would be billed for the repair costs. Therefore, it is imperative to set this up early.
Contents insurance does not need to be set up until moving day but preparing yourself early and setting this up as soon as you have a moving date means that you won’t have to remember to do it on the day you move which is likely to be a stressful day anyway. Prices differ so it is best to compare home insurance online at Quotezone.co.uk to make sure you get the best deal.
Get Quotes from Removal Companies
If you are planning to use a removal company to move your belongings, then now is a good time to shop around and get some quotes. You will then need to confirm your moving date with them once you have exchanged contracts.
This is something the solicitors do once all the paperwork has been signed, the searches are done, they have a copy of your mortgage offer, and you have paid the deposit. They will speak to you beforehand to make sure you are happy to exchange and set the completion date and then confirm this with the other solicitors in the chain. Once they have exchanged contracts you are legally bound to buy the house.
At this point, your mortgage lender will release the funds to pay for the house. This will go straight to the solicitor who will then transfer the property into your name. This is the point at which you legally own the property. For most people, this is also moving day.
It may seem that there is a lot to do before you can move but it is usually the point just after your offer has been accepted and just before you move that is the most hectic. Make sure that you follow these steps and moving should hopefully be a smooth process. Remember that it will all be worth it in the end.