What happens after you've had an offer accepted on a house?

Having an offer accepted on a house is an exciting milestone in your home buying journey, but it's important to understand this is just the beginning of the legal process.

Until contracts are exchanged (typically 8-12 weeks later), neither party is legally committed to the sale.

During this period, you'll need to arrange a mortgage, hire a conveyancer, conduct property surveys, and complete various legal checks before you can officially call the property yours.

This guide walks you through each essential step from accepted offer to getting your keys, helping you navigate the process smoothly, especially if you're a first-time buyer.

The journey from accepted offer to completion typically takes 8-12 weeks but can vary based on your specific circumstances. Factors that affect the timeline include:

• The complexity of the property's legal status.
• Whether you're in a property chain.
• How quickly mortgage arrangements can be finalised.
• Any issues discovered during surveys or searches.

Guide: How long does it take to buy a home?

Each property purchase is unique, making it difficult to provide an exact timeframe for your specific situation.

Offer accepted, now what? Here’s what happens after your offer has been accepted (click links to jump to section):

1. Ask for the property to be taken off the market
2. Complete your mortgage application
3. Hire a conveyancer
4. Arrange a property survey
5. Get quotes and book removals
6. Exchange contracts
7. Pre-completion
8. Complete your purchase
9. Post-completion

Typically, this is something that many estate agents will do once an offer has been accepted on a property.

Despite this, it’s still worth asking the sellers to take the house off the market as soon as possible. This is to reduce the possibility of another home buyer visiting the property and making a higher offer, or in other words, gazumping you.

Gazumping is when another buyer offers more money than you and the seller decides to go with their higher offer.

Although they have already agreed to your offer, they are within their rights to accept a higher one. Pushing to get the property off the market as soon as possible can reduce the chances of this happening as no new buyers will be able to see the property.

The majority of home buyers are going to need a mortgage to fund their property purchase. You’ve likely got a mortgage in principle to get a rough idea of how much you could borrow. But now your offer has been accepted, you’ll need to fill in the full mortgage application form and supply your lender with certain documentation.

This could include but is not limited to:

• Proof of ID (passport, driving licence etc.).
• Proof of address (utility bills or bank statements).
• Proof of earnings (payslips or tax returns).
• Statements proving your source of funds for the purchase.

Your lender will also need information about the property purchase and will conduct a valuation as well as additional credit checks on you and anyone else purchasing with you. Once they’re happy, they’ll approve your mortgage.

Do I need a mortgage broker?

A mortgage broker will help you find a mortgage that you can afford and from a bank or building society that lends money against the type of property you are buying.

The conveyancing process is the legal work that transfers ownership of a property from seller to buyer. Your conveyancer plays a crucial role during this stage, working on your behalf from accepted offer through to completion.

This can be a solicitor, licensed conveyancer, or legal executive. All these people are authorised to help you deal with the legal side of buying a house.

What's the difference between a conveyancer and solicitor?

What your conveyancer does during this stage:

• Examines property information: Reviews title deeds and documents sent by the seller's conveyancer to confirm the seller legally owns the property and can sell it.
• Conducts essential searches: Orders and reviews reports about the property including:
  • Local authority search: Reveals planning permissions, building regulations compliance, and any council-funded modifications
  • Water and drainage search: Confirms connection to mains water and sewerage
  • Environmental search: Assesses flood risk and identifies nearby contaminated land
  • Additional regional searches: Some areas require specific searches (like mining searches in Cornwall)
• Raises enquiries: Asks questions about anything unclear in the searches or property documents, then provides you with a comprehensive property report.
• Handles mortgage arrangements: Reviews your mortgage offer and communicates with your lender to prepare all necessary documentation.
• Prepares for completion: Drafts the transfer deed, arranges for payment of Stamp Duty Land Tax, and coordinates with the seller's conveyancer to establish dates for exchange and completion.

Talking to a surveyor after your offer on a house has been accepted is a key part of the home buying process. A surveyor will do a detailed inspection of the property’s condition. Don’t get this confused with the property valuation for your mortgage. Property valuations are typically conducted to confirm that the value of the property is accurate for your lender.

What a mortgage valuation doesn’t look at is the structure or condition of the property. That is what a survey does. Getting a survey isn’t a legal requirement, but it’s always best to get one, so you get as much information about the property as possible.

Surveys can uncover defects or issues, like damp or issues with the roof, which could cost thousands to fix. It’s always best to know what you’re getting into before purchasing.

For anyone moving to a new property, considering how to transport your belongings is an essential step in the planning process. Depending on your situation, you might have a modest collection of furniture and possessions that makes a DIY move or van rental quite practical.

However, if you've accumulated a substantial amount of belongings over the years or have larger furniture pieces, you might want to book a removal company to assist with your move.

Remember that everything needs to align on completion day, so scheduling your removals for this specific date is crucial. Always verify the removal company's availability in advance to ensure a smooth transition. The cost of professional removal services typically depends on the volume of items being transported and the distance between your current and future home.

A lot has happened since your offer on a house was accepted, but now it's time to make it legally binding.

Exchanging contracts involves your conveyancer and the seller's conveyancer swapping the duplicate contracts that have been signed by both parties, formally committing both sides to the transaction.

It is at this stage that a buyer pays the seller a deposit, which is normally 10% of the property purchase price. If you have a mortgage over 90% of the property purchase price, then you would pay a smaller deposit.

At this point, even though you haven't moved in yet, you need to take out building insurance for the new property. This coverage protects you from the moment contracts are exchanged until you take possession.

The reason is twofold: it ensures continuous protection if the seller cancels their policy after exchange, and it means any insurance claims for damage occurring during this period would be paid to you - important since you're now legally obligated to complete the purchase regardless of the property's condition.

You now need to make sure that your house is packed up and ready for the day you move.

Between exchange and completion (typically 7 to 28 days), your conveyancer will arrange to get your mortgage funds from your bank or building society, and you will give them any balance that you need to pay.

You may skip this step if you’re exchanging and completing on the same day, but this can only happen in specific circumstances.

It’s moving day!

It’s probably been a few months at least since your offer on a house was accepted, but the day you’ve been waiting for has now arrived.

Your conveyancer will send the purchase funds to the seller’s conveyancer.

Your conveyancer won’t know exactly what time the bank system gets the money to the seller’s conveyancer, so there is often a difference between what is happening with the physical move and the legal processes.

As soon as the seller’s conveyancer has received the money and the seller has moved out, you will get the keys and be able to move in.

You’ve moved in, your accepted offer has turned into your new home, and you're settling in nicely, but your conveyancer’s work continues.

They will pay any stamp duty you owe and will get the signed paperwork in from the seller’s conveyancer so that they can update the Land Registry.