Woohoo, offer accepted, what do I do now?

bouicca21

Fingers firmly crossed that no nasties turn up, but my quest for a place to buy may finally be over as I have had an offer accepted on a flat.

What is my next step? What sort of survey should I get - it is a chain free ground floor flat in small purpose built block, probably about 30-40 years old. Do I instruct solicitors now? I know (or at least the EA has said) how long the lease is, the ground rent and the maintenance charge. I will obviously want that information confirmed and to know how the maintenance is arranged, is that something to get the solicitor to ask further down the line?

I am buying with the proceeds of selling my family home and as I am in rented can have a gap between my sale and my purchase. Under those circumstances is there any risk in exchanging and completing on the same day?

Seabee42

Firstly cross your fingers! How fast you get going depends on whether there is a chain in place. I.e. if the sellers are looking for a place you are not totally wanting to rush so that you do not spend money you do not need to do. However you are correct you should at some point instruct some solicitors and also arrange for a survey to be done.

Any property can have defects including new builds so its up to you which survey you get done but I personally avoid the basic one.

Dan-Dan

You need to provide the EA with your sols details so that a memo of sale can be confirmed to all partys , this probably will mean the property gets marked as STC (check) , yes , take anything the EA says with a lorry load of slat , the conveyancing process will reveal all , but always ask aks ak and ask your sol again if unsure on anything regards questions answered

The other thing is , if the chain is NOT complete , make sure you instruct chosen sol but ask them NOT to start any work until instructed otherwise

cattie

The solicitor will read & ask all necessary questions regarding the lease, service charges, maintenance, any possible future works planned (5yrs). If he/she feels anything is of concern or is a bit different than is normal with a lease then they will advise you.

Regarding the survey, surveyors don't do full surveys on blocks of flats, only on single family houses, so your choice is a homebuyer's survey or just be content with the mortgage lender's valuation.

My own experience with buying a flat about 18 months ago is that really the approx £400 I spent on a homebuyer's report was a total waste of money. It didn't tell me anything I couldn't really see for myself & as per usual with a homebuyer's report, was full of recommendations to get such things as electrics, boiler & ch etc. etc. checked out by professionals. When I moved in it was to find that the boiler wasn't in working order, so no bath or shower possible.

Shop around for solicitors if you haven't got one via recommendation (not from ea!!) & remember that buying a leasehold property usually works out a bit more expensive than a freehold house (approx £150-£200).

Hope all goes well & there are no complications to slow things down or stop you in your tracks.