So you have had an offer accepted by a seller so that you can buy your first house – what do you do next??
Ask the agent to take the property off the market
This may seem obvious but many sellers like to leave the property on the market in the early stages of a transaction to see if they can get a higher offer. They are allowed to accept any offer for the property until contracts have been exchanged (see our later blog in relation to exchange) but if the property is not on the market there is less chance of another buyer seeing it
Appoint a Solicitor
Your solicitor will protect your interests in relation to the buying of the property. They will check such things as whether the seller owns the property that you are buying or whether there is anything that will affect the property for example a road widening.
Check your finances
It may seem very early to do this but you need to be working on this now – particularly if you are wanting a mortgage to help you with your purchase. Your mortgage lender will want to see proof of your earnings and proof of who you are and where you live. They are also going to want to make sure that the property is worth what they are lending to you and will order a valuation.
Organise a survey
As mentioned above the lender will want to make sure that the property is worth what they are lending. Many buyers want to rely on this but be careful. It is a valuation for the lender and only shows if the property is worth what the lender is lending to you. It will not show if the property is worth the amount that you as a buyer are paying the seller and you will not be able to take action against the valuer if there is a problem when you move in. You may want to consider RICS Home Buyers Survey to give you more information about the property and the practical risks of taking it on. If the property is an older property or, for example, has suffered from subsidence in the past you may want to consider a more detailed structural survey.