The Home Moving Process
What Happens After Your Offer Is Accepted?
Having your offer accepted is an exciting milestone, but what happens next?
Understanding the Conveyancing process can help you feel more prepared and confident throughout your move.
Your Offer Has Been Accepted
Your offer has been accepted by the seller, but you're not legally committed just yet.
Now is the time to:
- Instruct a Conveyancing Solicitor: This should be one of your first priorities
- Progress your Mortgage application: Your lender will begin carrying our their checks and arrange a valuation of the property.
- Arrange a Survey: Surveys are not legally required, but it is highly recommended. A survey allows any issues with the property to be identified.
- Allow your Solicitor to then begin legal searches: The searches will uncover any matters such as, local authority issues, environmental concerns, drainage and water searches, planning matters and any other legal restrictions affecting the property.
Remember that until Contracts are exchanged, either party can still withdraw from the transaction.
Contracts Exchanged
Once all the legal work is complete, contracts are exchanged and the purchase becomes legally binding.
At this stage:
- A completion date is agreed: Once the Contracts have been exchanged, a fixed completion date is set. This is the day you will officially receive your keys and move into your new home.
- You will typically pay your deposit: At exchange, you will usually pay your deposit, this secures the property and confirms your commitment to the purchase.
- Neither party can withdraw without legal and financial consequences
From this point onwards, both parties are legally committed to completing the sale.
Completion Day
Completion day is the day the legal ownership of the property transfers to you and you become entitled to take possession of your new home.
Funds Are Transferred
Your Solicitor sends the purchase funds to the seller’s Solicitor. Once those monies have been received, the transaction is legally completed.
Once completion has taken place:
- The Estate Agent is authorised to release the keys: If the transaction is private and not through an agent, your Solicitor will have discussed this with you prior to completion.
- You can collect your keys.
- You will move into your new home.
Moving Home Checklist
Moving home involves much more than simply packing boxes. From progressing your Mortgage application to updating your address after you have moved in, there are plenty ff important tasks to keep track of.
Who Should You Tell About Your New Address?
As a reminder, you should notify:
Keeping your details up to date helps to ensure that you continue receiving important correspondence and avoids unnecessary delays after your move.
Moving Home? We Are Here By Your Side
At Bell Lamb & Joynson Solicitors, we understand that buying a home is one of life's biggest milestones. Our experienced Conveyancing team is here to guide you through every stage of the process, providing clear advice, regular updates and support from instruction to completion.
If you have plans to move home, contact our Conveyancing Team on 03444 124348.