Having an offer accepted is an exciting milestone, but it is far from the end of the buying process. The period between offer acceptance and moving in involves a series of legal, financial, and practical steps that typically take ten to sixteen weeks for a standard transaction.

Immediately After Acceptance

As soon as the offer is accepted, both parties instruct their solicitors. The buyer instructs a conveyancing solicitor or licensed conveyancer to handle the legal transfer of ownership. The seller's solicitor prepares the contract pack, which includes the contract, the title documents, the seller's property information forms, and the fittings and contents form. This pack is sent to the buyer's solicitor, who then begins their investigation of the title and searches.

The buyer should also submit their full mortgage application immediately if they have not already done so. The mortgage application requires the formal property address and agreed purchase price, and the lender arranges a valuation of the property as part of the application process.

Surveys and Searches

The buyer should book an independent building survey as quickly as possible after offer acceptance. A survey takes time to arrange and the results may prompt further investigation or price negotiation. The buyer's solicitor orders property searches, including the local authority, water and drainage, and environmental searches, which take one to six weeks to return depending on the local authority.

Legal Investigation and Enquiries

The buyer's solicitor reviews the contract pack, the search results, and the title documents, and raises any necessary enquiries with the seller's solicitor. These enquiries clarify any gaps, ambiguities, or concerns in the information provided. The seller's solicitor collects answers from the seller and replies. Several rounds of enquiries and replies may be needed for more complex properties.

Mortgage Offer

Once the lender's valuation is satisfactory and the mortgage application is processed, the lender issues a formal mortgage offer. The buyer's solicitor reviews the offer, reports its terms to the buyer, and confirms any conditions that must be met before completion.

Exchange of Contracts

When all enquiries are answered satisfactorily, the searches are returned, the survey is reviewed, the mortgage offer is received, and all parties in any chain are ready, contracts are exchanged. The buyer pays a deposit (typically ten percent of the purchase price) and both parties commit legally. A completion date is agreed. Between exchange and completion, the buyer arranges removal, change of address notifications, and utility transfers.

Summary

After offer acceptance, the buyer instructs a solicitor, submits the mortgage application, and books a survey. The solicitor orders searches and investigates the title. Exchange of contracts, typically ten to sixteen weeks after offer acceptance, creates the legally binding commitment. Completion follows, at which point the buyer pays the balance and receives the keys.