Your offer's been accepted. Now what?
Having your offer accepted doesn't mean the sale is finalised as there are a few checks which need to be carried out before it can move onto the next stage.
Get your property checked out
A survey tells you the condition of the home and reduces the risks by pointing out problem areas such as cracked walls. Surveys are an essential step but there are three main options to choose from:
A valuation survey ensures that your offer is realistic. It will include a few general comments about the condition of the building but the main purpose is to satisfy your mortgage lender that the property is worth investing in.
A homebuyer's survey and evaluation includes a basic valuation but the surveyor will also spend more time checking the condition of the property, including the roof, electrics, boiler and windows.
A full survey is the most expensive option but is strongly advised if you are buying an older property or one in poor condition. The surveyor will carry out a thorough check of the building, to make sure that everything is in order. You will usually have to arrange a separate valuation to satisfy your mortgage lender.
Choose a surveyor
Once you've decided on a survey, you'll need to find a chartered surveyor. Your mortgage lender might recommend someone locally but if not you can find information and a list of surveyors through fish4homes. It's worth getting a couple of quotes to make sure you get the most competitive price and it's essential to look for the initials FRICS or MRICS next to the surveyors name as this shows that they are qualified.
The surveyor will send you a written report, highlighting any areas of concern. Take some time to read through the report, so that you can make sure you are happy with everything before you fully commit yourself to buying the property. Your surveyor's office should be happy to answer any queries you have on it. If it looks like there might be some major work required, you can always go back to the seller and try renegotiating your offer.
Know your paperwork
Your solicitor should arrange all the other necessary paperwork for you, which will include some, or all, of the following:
Statement of sale – this includes basic information about your new home including the address, whether the property is freehold or leasehold, if the property is registered and whether or not it is being sold with vacant possession, which means it will be left empty before you move in.
Fixtures & fittings list - this will outline everything the seller is intending to leave in the property for you, such as curtains and carpets. This will also state whether the seller intends to take kitchen appliances or whether these will be included in the sale.
Searches – there are a number of searches which are usually carried out.
From December 14th 2007, property sellers will have to provide a Home Information Pack (HIP) for all properties, regardless of their size. The HIP will include the sale statement, searches and land registry documents but it's best to check with your solicitor what additional information you require.
Finally, if there is more than one home in the building, for example if you are moving into a flat, you solicitor will get a copy of the freehold or leasehold agreement. Always check how many years are left on the lease, so that you don't get any surprises later on.