You Have Accepted an Offer: What Happens Next for UK Home Sellers?
Congratulations, your property has an accepted offer! This is a significant milestone, but it's just the beginning of the journey. Let's walk through the crucial steps that follow, ensuring a smooth path to completion.
Receiving an accepted offer is fantastic news for any vendor. At Moreland, we understand the excitement and perhaps a little apprehension that comes with it. Having guided countless sellers through this process, we know exactly what needs to happen next to turn that offer into a successful sale.
The Initial Steps: From Handshake to Solicitors
Once an offer is formally accepted, our first priority is to issue a 'Memorandum of Sale'. This vital document confirms the agreed sale price, the details of both the buyer and seller, and the solicitors each party will be using. It's our way of formalising the agreement and getting everyone on the same page.
Simultaneously, we'll be in close contact with both sets of solicitors to ensure they have all the necessary information to commence their work promptly. Time is often of the essence, and proactive communication at this stage can prevent unnecessary delays down the line.
Solicitors' Role: The Legal Backbone
Your solicitor will now take the lead on the legal aspects. They will:
Draft the Contract: Prepare the initial draft contract of sale, outlining the terms and conditions.
Request Title Deeds: Obtain the title deeds for your property from the Land Registry.
Send Property Information Forms: Send you a series of forms to complete, including the Property Information Form (TA6), Fittings and Contents Form (TA10), and, if applicable, the Leasehold Information Form (TA7). It's crucial to complete these accurately and honestly, as they form part of the legal contract.
Respond to Enquiries: Once the buyer's solicitor receives the contract and forms, they will raise enquiries based on their findings and searches. Your solicitor will work with you to provide comprehensive answers.
We've seen many cases where a vendor's diligent and swift completion of these forms has significantly accelerated the process.
Surveys and Valuations: What to Expect
The buyer will typically arrange for a mortgage valuation (if they are borrowing) and often a more detailed survey (e.g., HomeBuyer Report or Building Survey). While these are for the buyer's benefit, they can sometimes lead to further enquiries or, occasionally, renegotiations if significant issues are uncovered. We'll be here to advise and mediate should any concerns arise from these reports.
Exchange of Contracts: The Point of No Return
This is a pivotal moment. Once all enquiries are satisfied, searches are returned, and the mortgage offer (if applicable) is in place, both parties' solicitors will agree on a completion date. On exchange of contracts, the buyer pays a deposit (usually 10% of the purchase price), and the agreement becomes legally binding. Neither party can pull out without significant financial penalties.
Completion Day: Handing Over the Keys
On completion day, the remaining balance of the purchase price is transferred from the buyer's solicitor to your solicitor. Once the funds are received and cleared, your solicitor will inform us, and we'll then authorise the release of the keys to the buyer. Congratulations, you've sold your home!
At Moreland, we pride ourselves on being more than just estate agents; we're your partners throughout this journey. From that initial accepted offer right through to handing over the keys, we're here to provide clear communication, expert advice, and unwavering support, just as we would for our own family. We believe in making your selling experience as stress-free and successful as possible.
