Offer Accepted on a Property? What Happens Next Before You Get the Keys?

Having an offer accepted is a big milestone, but there are still legal and mortgage steps to complete before you can move in. In England and Wales, an accepted offer is not legally binding until contracts are exchanged.

If you’re selling your current home to help fund the move, get an instant online valuation from Yopa to see what it could be worth.

Your next steps

1. Confirm the agreed details

Check that the agreed price and any conditions are clear. If the property is marketed by Yopa, contact the Yopa agent handling the listing with questions about the home or the next step. Your conveyancer will handle the legal process.

2. Instruct your conveyancer

Choose a solicitor or licensed conveyancer and give them the details of the property and your offer. They’ll review the contract, arrange searches and raise legal questions about the property. Reply promptly when they ask for information or documents.

3. Complete your mortgage application

If you’re buying with a mortgage, move from your mortgage in principle to a full application for this property. Your lender may arrange a valuation to check the property is suitable security for the loan. That valuation is for the lender; it isn’t a survey of the property’s condition.

For mortgage advice, you can contact Scout Financial Services.

Your home may be repossessed if you do not keep up repayments on your mortgage. There may be a fee for mortgage advice. The actual amount you pay will depend upon your circumstances. The fee is up to 1% but a typical fee is £599.

4. Arrange a survey

A survey can help you understand the property’s condition and flag problems that may need further investigation. If it identifies an issue, discuss the findings with your surveyor and conveyancer before deciding how to proceed.

5. Keep things moving and protect your money

Stay in touch with your conveyancer and lender, and send requested information as soon as you can. Property purchases involve transferring large sums of money, so verify any new or changed bank details by calling your conveyancer on a number you already trust.

Until contracts are exchanged in England and Wales, either side can withdraw. It’s sensible to wait for your conveyancer’s go-ahead before making major non-refundable commitments, such as booking removals.

Exchange, completion and getting the keys

At exchange, the purchase becomes legally binding in England and Wales. Your conveyancer will confirm the completion date and explain what needs to happen before then. On completion, the money is transferred and you can collect the keys.

The process differs elsewhere in the UK, so follow your conveyancer’s guidance on the steps and timings that apply to your purchase.

Buying a Yopa-listed property?

The Yopa agent handling the listing can help with property-related questions and updates. For legal advice or questions about your mortgage, speak to your conveyancer or lender.

Have a question about the home you’ve offered on? Contact a Yopa agent.