The Short Answer
Firstly, congratulations!
Having your offer accepted is an exciting milestone, but it is important to remember that the property is not yet legally yours. In England and Wales, neither the buyer nor the seller is legally committed to the transaction until contracts have been exchanged.
Until then, there is still a legal process to complete, and your conveyancer will work to ensure that you can proceed with confidence.
What Happens Next?
Once your offer has been accepted, the seller's solicitor will prepare and send a draft contract pack to your conveyancer. This usually includes:
- A draft Contract
- Official copies of the Land Registry title
- Property Information Forms completed by the seller
- Fixtures and Contents Form
- Supporting documents relating to the property
Once these documents are received, your conveyancer can begin reviewing the legal title and investigating the property.
What Will Your Conveyancer Be Doing?
Your conveyancer will begin carrying out a number of important legal checks, including:
✔ Reviewing the legal title to ensure the seller has the right to sell the property.
✔ Checking for any rights, restrictions, covenants or other matters affecting the property.
✔ Ordering the appropriate property searches.
✔ Reviewing the seller's paperwork.
✔ Raising legal enquiries where further information or clarification is required.
✔ Reviewing your mortgage offer (if applicable) and ensuring your lender's requirements can be met.
Every property is different, so the work required will depend on the individual circumstances of your transaction.
What Will You Need To Do?
Whilst your conveyancer carries out the legal work, there are several things you can do to help keep your purchase moving.
You may be asked to:
- Provide proof of identity.
- Provide evidence of your deposit and Source of Funds.
- Sign initial paperwork.
- Arrange your survey, if you have not already done so.
- Read and respond to any requests from your conveyancer promptly.
Providing information quickly can often help avoid unnecessary delays later in the transaction.
When Can I Book My Removal Company?
It is always best to wait until contracts have been exchanged before making any firm arrangements such as:
- Booking removals
- Giving notice on rented accommodation
- Arranging deliveries
- Booking time off work that cannot easily be changed
Although everyone hopes a transaction will proceed smoothly, dates can change before exchange of contracts.
How Long Will It Take?
Every transaction is different.
Factors such as property chains, mortgage offers, searches, enquiries, leasehold management information and responses from third parties can all affect timescales.
Rather than focusing on a specific completion date too early, your conveyancer will keep you updated as your transaction progresses and advise when it is appropriate to begin making arrangements.
Top Tip
No two property transactions are ever exactly the same.
Avoid comparing your purchase to a friend's or family member's experience. Your conveyancer's role is to ensure the legal process is completed thoroughly and correctly, helping to protect your investment both now and in the future.
Did You Know?
Many people believe that once their offer has been accepted, the property is theirs.
In fact, neither party is legally bound until Exchange of Contracts. Until then, either party can withdraw from the transaction without the legal consequences that apply after exchange.