It’s tempting to celebrate as soon as you have received an offer of acceptance on a new property. However, there is a still lot to do and secure before you can truly call it home! Solicitors will handle all the legal paperwork on your behalf but it’s always good to know the stages in the process of legal and financial transfer and what you need to be taking of care of at your end. Here’s a 10 point summary of the next steps after an offer of acceptance on a property – before you can turn the key to the house you’ve been dreaming of!

1.     Begin the conveyancing process

Following an acceptance of your offer, your solicitor should get the ball rolling with all legal matters. The seller’s solicitor will issue a qualified acceptance along with papers for the property, including the titles, planning papers, reports and property enquiry reports for your solicitor to check through and raise any questions within a number of working days. At this point there is no legally binding contract and it’s a good idea to make sure the property has been taken off the market to help prevent any other offers being made.

2.     Complete a mortgage application

The next thing to do is get back in touch with your mortgage providers to get funds in place, remembering that you will need to cover purchase price, stamp duty and registration dues on the title. In most cases you will have obtained an agreement in principle from the lender prior to your offer being made. Remember you can still shop around for better mortgage deals at this point and the option is there to employ your estate agent or a mortgage broker to help you find the best deal available.

3.     Solicitor to complete searches

Your solicitor should now be completing necessary searches for you, including checking that your local authority has no plans in place that could adversely affect your property. Some searches are optional, such as looking into drainage and checking there are no environmental issues of contamination, however some mortgage providers will insist on all of these searches being carried out. Remember to follow up with solicitors and make regular calls to them as these processes can slow things down.

4.     Mortgage confirmation

You should now be looking to receive your mortgage offer with all terms and conditions attached – an important step in securing conclusion of the sale.

5.     Conclusion of the missives

This refers to conditions of the sale, which both parties’ solicitors must now agree on and which can only be done when a mortgage offer has been received. Conclusion of the missives, or conditions of the sale, means that both seller and buyer are now legally bound to the purchase – a pivotal moment!

6.     Agree date of entry & organise removals

Now to get the final steps in place and begin to look forward to moving in! Both seller and buyer will agree on the move in date and you can begin to get business in order at your end such as packing and contacting removals companies.

7.     Insure home and contents

It’s also a very good idea to purchase new home and contents insurance, getting this in place before you even set foot in your new home. Again this is something to put a bit of research into as there are a range of providers offering competitive products. Your estate agent will be able to give advice on this too.

8.     Notifications of new address

Another job you are responsible for is letting all relevant people know about your change in address. A good plan is to write a list and work through it, it’s not just your friends and family who need to know but utility companies (who will need to take final readings), banks and employers etc. You can also organise mail redirection for a fee.

9.     Final conveyancing completed

The last legal bits. The seller’s solicitor will draw up the disposition, the document that transfers legal ownership, and the buyer’s solicitor will draw up the Standard Security, the deed securing the loan, which the buyer must sign.

10.  Keys and completion!

Now, the all-important transfer of funds. The full purchase price must now be paid to the seller’s solicitor and, once funds are received, the keys will then be released to the new owners. Now, all that’s left to do is turn the key and step inside your new home for the first time. Oh, and that small job of unpacking! Happy new home.

As one of the West of Scotland’s longest-standing estate agents, we have had lots of experience managing the ups and downs of the housing market in recent times, so you can be confident you’ll be in safe hands when working with us. With an expert team by your side and a variety of properties on offer, including both property to let and homes for sale, Caledonia Bureau are confident that we can match you with the right home. Give our friendly team a call today, choosing from our offices in Clydebank, Helensburgh, Dumbarton and Paisley.