So, how do I make an offer?

moneysaver1867

Possibly a very stupid question, but I've never bought a house before. I just wondered about the mechanics of how I actually go about making an offer on a property?

Presumably I phone the estate agent, they relay offer to vendor, back and forth with a bit of negotiating until offer is accepted? At what point do I need to have my mortgage agreement in principle ready/send to estate agent? Do I need to send written confirmation of the offer to support any verbal agreement? If so, is there a template somewhere? At what point do I need to get a conveyancer?

Sorry for all the questions, but the internet advice doesn't really seem to address timings and at what point you involve which parties (unless I'm looking in the wrong place). Thanks for your help.

Pixie5740

I'd see a mortgage broker and get a mortgage-in-principle sorted first, that should give you an indication if your budget is realistic.

The next step depends on where you are, for example in Scotland, offers are made through your solicitor so you'd need one in place before making an offer.

In England & Wales, not sure about NI, you could maybe make your offer through the estate agent before engaging a solicitor.

http://www.adviceguide.org.uk/scotland/housing_s/housing_buying_and_selling_s/buying_a_home_scotland.htm

http://www.adviceguide.org.uk/england/housing_e/housing_moving_and_improving_your_home_e/buying_a_home.htm

moneysaver1867

Thanks Pixie. Yes, I'm in England, so that's really helpful.

martin.cat

You can make an offer at any time but to be taken serious or have it accepted you need to get yourself in a strong position. Personally I would not accept an offer from someone whom hasn't sold or got a mortgage sorted in principle. The EA I dealt with financially qualified you once offer was accepted. As for solicitor you will need to name one for the memorandum of sale to be drawn up by the EA. At that stage you don't need to have fully instructed them but I would make contact to discuss terms / cost in advance

moneysaver1867

Thanks martin.cat. So, get my MIP sorted before putting an offer in and find a solicitor/conveyancer I'm happy with, who would be ready to go when instructed. Do I need to put the offer in writing to the estate agent, when accepted, and accompany it with MIP information? Or will the estate agent tell me what info they need and when? Thanks again for your help.

martin.cat

You can contact EA any way you like email telephone or in person. Best not to email as first contact though. The EA will want to know your situation etc and then pass on to vendor.

harrys_dad

Do not get bullied into using the EA's mortgage broker or in house solicitor. The EA represents the seller not you.

Pixie5740

harrys_dad wrote: »

Do not get bullied into using the EA's mortgage broker or in house solicitor. The EA represents the seller not you.

Sage advice.

SourChocolate

harrys_dad wrote: »

Do not get bullied into using the EA's mortgage broker or in house solicitor. The EA represents the seller not you.

Most likely, EA's broker may want to talk to you anyway to assess your financial situation.

As for the mortgage broker, I'd suggest engaging an independent one who charges for their services. "Free" ones will have no hesitation in presenting you with offers which give them the highest commission and potentially hiding or discouraging you to the ones which may be very good but make them little money.

There is no guarantee the paid one won't be biased towards higher commission ones, but the chance is lower.

moneysaver1867

Thanks for your help, everyone. Some really useful advice for a novice!

cannyClaire

I concur with martin.cat, best to negotiate prices over the phone. Further dealings can be done by email, certainly easier these days than waiting for the post!

I've just had an offer accepted and EA would not take it off the market until she saw proof of finances, so you will need some proof of a mortgage offer first. EA was happy to receive that info by email.