Your Property is Under Offer: What Happens Next?
An Easy Guide to the UK Sales Process and what you can expect..
This is an exciting moment, bringing you closer to a successful sale. But what exactly happens between now and completion? Don't worry, we're here to guide you through every step.
Receiving an offer on your property is fantastic news, and while it's a significant milestone, it's also just the beginning of the journey. A good estate agent will ensure communication throughout and updates where needed - GLP are dedicated to making this process as smooth and transparent as possible.
Understanding the key stages will help you feel prepared and confident.
Navigating the Journey from Offer to Completion
Once you've accepted an offer, whether it's at the asking price or a negotiated figure, the process moves into the legal and administrative stages. Here's a clear breakdown of what to expect:
1. Anti-Money Laundering (AML) Checks
Before anything else, both you and the buyer will undergo Anti-Money Laundering (AML) checks. This is a legal requirement for all property transactions in the UK, ensuring transparency and preventing financial crime. We'll guide you on what documentation is needed, typically proof of identity and address.
2. Instructing Solicitors and Essential Forms
If you haven't already, you'll need to formally instruct a solicitor or conveyancer. They will handle all the legal aspects of the sale. Your solicitor will then send you important forms to complete, such as the Property Information Questionnaire (TA6) and the Fixtures and Fittings Form (TA10). These forms provide vital details about your property to the buyer's solicitor, covering everything from boundaries and disputes to what items are included or excluded from the sale. We work with an excellent legal team who can support you through the process beginning to end - please let our Sales Team know if you would like an introduction.
3. Sales Memorandum Issued
Once the offer is formally accepted and AML checks are underway, your estate agent will issue a 'Memorandum of Sale'. This crucial document confirms the agreed sale price, details of both the buyer and seller, the property address, and the solicitors instructed by both parties. It officially kick-starts the legal conveyancing process.
4. Mortgage Valuation
If your buyer is taking out a mortgage, their lender will arrange a valuation of the property. This is for the lender's benefit, to ensure the property provides sufficient security for the loan. It's not a full survey of the property's condition, but a brief assessment of its market value.
5. Buyer's Survey
Following the mortgage valuation, your buyer will often commission their own independent survey. This could be a HomeBuyer Report or a more comprehensive Building Survey. This survey assesses the property's condition in detail, highlighting any potential issues or defects. It's an important step for the buyer to understand their investment fully.
8. Contracts Signed and Deposit Paid
Once all legal enquiries are satisfied, searches returned, and any renegotiations finalised, both you and the buyer will sign the contracts. At this point, the buyer will pay a non-refundable deposit, typically 10% of the purchase price, to their solicitor. This deposit is held until completion.
9.Exchange of Contracts
This is a pivotal moment! Once both solicitors confirm all conditions are met, they will 'exchange contracts'. This makes the sale legally binding, meaning neither party can pull out without incurring significant penalties. Crucially, at this stage, a fixed completion date is set, giving everyone a clear moving timeline.
10. Book in Your Movers!
With the completion date now firmly in place, it's time to start planning your move! We recommend booking your removal company as soon as contracts are exchanged to secure your preferred date, especially during busy periods. We work closely with Kiwi Movers and would be happy to forward a discount code if you wish.
11. Completion Day
The big day! On completion, 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 confirm completion. At this point, the keys are officially released to the buyer, usually collected from our office. Congratulations, your property is officially sold!
We're Here to Help Every Step of the Way
Selling a property can feel complex, but you don't have to navigate it alone. Our team is here to provide constant support, clear communication, and expert advice from the moment your property goes under offer right through to completion. We pride ourselves on our local market knowledge and commitment to client satisfaction, ensuring you receive the best possible service.
If you have any questions at any stage, please don't hesitate to contact us.
We're always happy to help!
Thank you as always,
Greater London Properties