When The Offer Has Been Accepted For A Property, Property Guide, Furniture In Fashion
So, the owner of the property has accepted your offer. What you have to do now is start acting fast, before he changes his mind and gives his preferences to other prospective buyers. Technically, he should indicate that the property you want to purchase in now �under offer� or �sold subject to contract�. That doesn't oblige you to buy it yet, and if you find any serious defects, you can refuse. However, the buyer can still be considering other offers and this is considered legal, so you need to hurry up. Your first step would be paying an initial deposit, so that the seller would see that you have serious intentions.
If you still haven`t applied for the mortgage, it's time to do so. The lender will be making the final decision about the loan and will most probably request the valuation of the property in question and you will have to pay for this procedure. The valuation will be carried out by an expert on lender`s behalf and is meant to ensure that the lender can get his money back if you fail to pay mortgage. The percent of mortgage payments differs depending on the amount of money you borrow. If you want your mortgage to cover 70-80% of the property price, some additional payments and legal information may be needed and the lender will inform you on that. The next step is not required for getting mortgage, but is highly recommended for the sake of your own security. If you are going to spend substantial amount of money on a property, you have to know that it is in good condition. That`s why it would be a good decision to request a survey. Property surveys vary according to complexity: a complex structural survey is required for old property or property in questionable condition. You can also request a more simple �house/flat buyers report� which will help you understand the condition in which more visible parts of the house or flat are. If more thorough inspection is needed, this report will indicate so.
After all this has been settled, it is time to begin the conveyancing process � the legal procedure of handing property ownership rights over to you from your seller. You can hire a solicitor to do the conveyancing work, just make sure he/she is experienced in this kind of procedures. You can also use services of a licensed conveyancer. This person is not a solicitor, but has been instructed and licensed by the Council of Licensed Conveyancers to do exactly this type of legal work. Conveyancing fees may vary considerably, so make sure you contact several conveyancers or solicitors to find out how much they charge. Also, it makes sense to find out if the fees you pay may be refundable if the deal is canceled (the seller decides to sell property to other buyer, etc). You may opt to do this legal work yourself, but that can be difficult and stressful.
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