Once you’ve found a property you like, the next step is to put in an offer. This is where you tell the seller that you want to buy the property and how much you’d like to buy it for.
You can only put in an offer if you have the funds available or have an agreement in principle from a mortgage lender. An agreement in principle is where the lender tells you how much you can borrow from them based on your current financial situation. When putting in an offer, having proof of your deposit and an agreement in principle can greatly increase the chances of your offer being accepted, as it sets you apart from the competition.
The seller may reject your initial offer and ask for a higher amount, especially if you offered under the asking price or there is a lot of offers on the property already. There is often some negotiation involved at this stage.
Once the seller has accepted your offer, you can arrange for a property survey to check the condition of the property. Your conveyancer will carry out the necessary legal checks. If the property survey picks up any major issues, you can get quotes for the works and negotiate the original sale price with the seller. There are different types of surveys available, depending on how much detail you’d like on the property condition.
When both parties are ready to exchange, you pay the deposit and are no longer able to back out of the sale without losing out financially.
Completion is where the rest of the funds are exchanged in return for the keys and the title deeds. At this point, the property is officially yours.