Congratulations! You’ve gone sale agreed on a property – but what happens now? Here are the key steps that come next to help you move from sale agreed to SOLD!
Appoint a Solicitor
Engage a conveyancing solicitor to handle contracts, title checks, and all legal paperwork. We’re happy to recommend reliable local solicitors to help you get started.
Pay Booking Deposit
Paying the booking deposit secures the property and is typically paid to the auctioneer. Don’t worry – it’s important to note that at this stage, the agreement is not yet legally binding!
Property Valuation
If you are purchasing the property with a mortgage, your lender will require an independent valuation to confirm the property’s market value before finalising the offer.
Engineers Report
Your lender may also require a structural survey and engineer’s report to evaluate the condition of the property. If you need a referral, we’re happy to help.
Final Mortgage Approval
Submit any outstanding documents required, and receive your formal loan offer.
Sign Contracts
After your solicitor has reviewed the contract and you’re satisfied, contracts are signed and the balance of the deposit is paid (usually 10% of the purchase price, minus booking deposit). Once both parties sign, the contract becomes legally binding.
Arrange Insurances
Secure mortgage protection insurance and home insurance, as these will typically be required before the mortgage drawdown.
Complete Legal Formalities
Your solicitor will finalise all necessary legal documents, ensuring conditions have been met for the sale to proceed.
Prepare for Closing
Once all conditions are satisfied, both parties will agree on a final inspection (if needed) and a closing date. On this day, the remaining funds are transferred, and the keys can be released.
The property is now SOLD and you are officially a new home owner!