Offer accepted

Residential Property Partner Christopher Bean continues his series on the process for the sale of your home.

So you are now under offer, the agents have your solicitors details and they are in touch with the buyers solicitors and you have completed your homework that I wrote about last time… what now?

Keen as no doubt both buyers and sellers are there are certain processes that need to be followed before exchange of contracts and then completion. 

We will prepare a contract pack which will include the forms that you have completed and we will despatch this with various other documents to the buyers’ solicitors. We will contact your mortgage lender if you have one to get a preliminary indication of the money that they are owed and we will send you the contract and transfer to sign.

It is still early days but we like to get you signed up as soon as possible so that there are no delays later on. Whilst we are doing this the buyers’ solicitors will be ordering their searches and reading the contract pack and raising such enquiries as they and the buyers have.

They will send their enquiries to us and some of them we might be able to answer but for others we will need your help. Never panic when you receive the enquiries from us. Clients always tell me that they look complicated or worrying, but remember that we see these every day. We find it easiest for you to read them over at home, maybe look out any papers that you still have and then call us to run through the answers. We then send them to the buyers solicitors.

Sometimes further questions arise and we go through the same process again. We don’t always have the exact answers and so we will work with you to provide solutions to the questions that may involve something called “indemnity insurance” (more on that another time). 

It is important that we both stay in touch with the estate agents at this time as they will be able to speak to other parties in the chain and get ideas on dates, issues and generally they will support you and us in the process. We value working with the agents at all times.

It won’t be long now until we are ready to exchange and that then commits you to the sale. Next time, we will look at the whole process of exchange and completion. 

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