Once your offer on a property has been accepted, the conveyancing process begins. You will need to instruct a solicitor, complete identity and Anti-Money Laundering (AML) checks, arrange your mortgage and survey where applicable, and allow your solicitor to investigate the property’s legal title, carry out searches and raise enquiries.
The transaction then progresses towards exchange of contracts and, ultimately, completion, when ownership of the property passes to you.
In England and Wales, an accepted offer does not normally mean that you legally own the property or that the transaction is legally binding.
Table of Contents
- What happens after an offer is accepted?
- Instruct your solicitor
- Complete AML and source of funds checks
- Arrange your mortgage and survey
- Searches and legal enquiries
- Review the legal documents
- Exchange of contracts
- Completion
- What happens after completion?
- Frequently asked questions
- Speak to a conveyancer
What Happens After an Offer Is Accepted? At a Glance
The main stages are:
- Instruct your solicitor
- Complete AML and source of funds checks
- Progress your mortgage and arrange a survey
- Your solicitor reviews the title and carries out searches
- Legal enquiries are raised and answered
- You receive advice on the property and contract
- Contracts are exchanged
- Completion takes place and you receive the keys
- Your solicitor deals with post-completion requirements
The exact process and timescale will depend on the property and your individual transaction.
Step 1: Instruct Your Solicitor
Once your offer has been accepted, instruct your solicitor as soon as possible and provide their details to the estate agent.
Your solicitor will handle the legal aspects of the purchase, including reviewing the property’s title, carrying out appropriate searches, raising enquiries and preparing the transaction for exchange and completion.
Starting promptly can help prevent avoidable delays during the early stages.
Step 2: Complete AML and Source of Funds Checks
Your solicitor is required to carry out identity and Anti-Money Laundering (AML) checks and will usually ask you to provide evidence of your source of funds.
These checks can sometimes feel intrusive, but they are a necessary part of your solicitor’s legal and regulatory obligations.
Provide the requested information and documentation as promptly and completely as possible. The quicker these initial requirements are satisfied, the sooner your solicitor can progress the transaction. If you delay in providing this information, your solicitor cannot move forward, so your attention to this step is paramount to avoid delays.
Step 3: Arrange Your Mortgage and Survey
If you require a mortgage, progress your application promptly with your mortgage broker or lender.
It is important to understand that arranging the mortgage is the responsibility of you, your broker and your lender – your solicitor does not arrange your mortgage. Your solicitor will, however, deal with the legal aspects of the mortgage as part of the purchase.
You should also consider arranging an appropriate property survey. A lender’s mortgage valuation is primarily for the lender and is not the same as an independent survey of the property’s condition. Please note that your solicitor does not arrange your survey, but they can recommend surveyors if you require them.
Step 4: Searches and Legal Enquiries
Your solicitor will investigate the property and arrange the searches considered appropriate for the transaction.
These may include local authority, drainage and water, and environmental searches, together with additional searches depending on the property’s location and circumstances.
Your solicitor will also review the information supplied by the vendor and raise enquiries about any matters requiring clarification.
Step 5: Review the Legal Documents
Before exchange, your solicitor will report to you on the legal aspects of the property.
Depending on the transaction, this may cover:
- Ownership and title
- Boundaries
- Rights of way and easements
- Restrictive covenants
- Planning and building regulation matters
- Lease terms and service charges, where applicable
- Mortgages, charges or restrictions affecting the title
Read your solicitor’s report carefully and ask questions if there is anything you do not understand. It is much better to resolve concerns before you become legally committed to the purchase. Anything raised after completion will not always be able to be addressed, and there is no obligation on either solicitor to address any points post-completion.
Step 6: Exchange of Contracts
Once the legal work has been completed satisfactorily, your mortgage arrangements are in place where required and both parties are ready to proceed, contracts can be exchanged.
In England and Wales, exchange of contracts is generally the point at which the purchase becomes legally binding. The buyer must insure the property from the point of exchange of contracts, not from the date of completion.
Until exchange has taken place, either party can generally withdraw from the transaction. For this reason, avoid making irreversible moving arrangements based solely on having an offer accepted.
Step 7: Completion
Completion is when ownership of the property passes to the purchaser.
Your solicitor will arrange for the purchase funds to be transferred to the vendor’s solicitor. Once completion has been confirmed, the keys can normally be released via the estate agents, and you can take possession of your new property.
The completion date will usually have been agreed before or at exchange of contracts.
What Happens After Completion?
Your solicitor will still have important legal work to complete after you receive the keys.
This normally includes dealing with the relevant property tax requirements and registering your ownership with the appropriate land registration authority.
In England, Stamp Duty Land Tax (SDLT) generally applies. In Wales, the equivalent is Land Transaction Tax (LTT).
Registration can take several months to complete at the Land Registry. Once the registration is back, your solicitor will contact you with the completed deeds. If you require the property to be registered more quickly, for instance, if you are looking to sell or remortgage, please just let your solicitor know, and the Land Registry can expedite it.
Frequently Asked Questions
Is an accepted offer legally binding?
Generally, no. In England and Wales, accepting an offer does not normally make a residential property transaction legally binding. The parties generally become legally committed when contracts are exchanged.
How long does it take from an offer accepted to completion?
There is no fixed timescale. How quickly you complete will depend on factors including the property chain, mortgage arrangements, searches, enquiries, title issues and how promptly everyone involved responds.
What should I do immediately after my offer is accepted?
Instruct your solicitor, complete your AML and source of funds requirements, progress your mortgage application if required and consider arranging a property survey. Respond promptly whenever your solicitor requests information or documentation.
Can a vendor accept another offer after accepting mine?
Before contracts are exchanged, an accepted offer does not normally create a binding contract. Another offer could therefore potentially affect the transaction. Speak to your solicitor if you are concerned about the position in your particular circumstances.
When do I get the keys?
The keys are normally released once completion has taken place and the vendor’s solicitor has confirmed receipt of the completion funds.
Speak to a Conveyancer
Every property transaction is different. Having an experienced conveyancer involved from an early stage can help you understand what needs to happen next, identify potential issues and keep your transaction progressing towards exchange and completion.
If you are purchasing or selling a property in England or Wales , please contact one of our offices or please email quotes@ivesandco.com so that we can offer you a quotation or call to discuss how we can assist.
Our conveyancing team will be happy to discuss your transaction and guide you through the next steps.