Acceptance letter

steriley64uk

Hi this might be a stupid question but I cant seem to find the answer online. I am wondering what is needed in an acceptance letter in accepting a word of mouth offer?

Not using an estate agent and I think this is simple but cant find anything to be sure. We have had an offer of the house and want to accept it.

Thanks

davidmcn

You don't need any particular wording or a letter at all. Just tell the solicitors what's been agreed and to get on with it.

eddddy

As davidmcn says, no letter is necessary, and it will have no legal weight...

... but might be an opportunity to double-check that you and your buyer are 'on the same page'. For example...

"I am pleased to accept your offer of £x for 123 Acacia Avenue, which includes carpets and curtains, subject to contract.

I understand that you are a first time buyer, with no property to sell, and you have a mortgage agreed in principle with Acme Bank, plus funds for the deposit, and you are keen to complete as soon as possible.

I have not yet found a property to purchase, but I am confident of finding one within the next few weeks, and I will keep you informed of progress."

As I say, none of it will be binding on either party, but it might prevent one or two misunderstandings showing up later.

steriley64uk

Thanks for the info I kinda assumed given the lack of info on it but thank you for confirming for me.

eddddy

steriley64uk wrote: »

Thanks for the info I kinda assumed given the lack of info on it but thank you for confirming for me.

As an aside, even if you don't write a letter - I would make sure that you understand things like the 'proceedability' of the buyer, and tell them your 'proceedability', before accepting the offer.


I recently came across a seller (with no EA) who simply accepted an offer because the amount was right - but didn't think to ask anything about the buyer's position (i.e property to sell, chain below them etc).

Blazing rows followed - because the seller didn't appreciate that the buyer could only move at the same speed as the slowest link in the chain. As a result, the sale never happened.

badger09

I’ve recently started the process of selling a probate property without involving an estate agent.

Buyer approached me personally and we have agreed the price, and that I will leave all furniture as requested.

Buyer is aware that probate has not yet been granted (delay due to my absence from UK but HMRC/IHT agreed) & I know buyer has to give notice to access purchase funds.

We have nothing in writing but solicitors have started the process. If buyer cannot complete in verbally agreed timeframe, buyer knows I will market through estate agent. All being done on trust at the moment but hopefully I will save the estate around £3.5k.

ThePants999

Interesting - I'd be worried about the possibility of a beneficiary complaining that you can't have gotten the best price for the property without advertising publicly. But that's a matter for another board.

badger09

ThePants999 wrote: »

Interesting - I'd be worried about the possibility of a beneficiary complaining that you can't have gotten the best price for the property without advertising publicly. But that's a matter for another board.

There is absolutely no question of that.

Beneficiaries are my niece & nephew who were expecting house to achieve around £10k - £15k less.

I had 3 EAs to value the property & the buyer has agreed to pay a little over the top ‘ambitious’ value. Then there is the EA fee saved.

G_M

eddddy wrote: »

As davidmcn says, no letter is necessary, and it will have no legal weight...

... but might be an opportunity to double-check that you and your buyer are 'on the same page'. For example...

"I am pleased to accept your offer of £x for 123 Acacia Avenue, which includes carpets and curtains, subject to contract.

I understand that you are a first time buyer, with no property to sell, and you have a mortgage agreed in principle with Acme Bank, plus funds for the deposit, and you are keen to complete as soon as possible.

I have not yet found a property to purchase, but I am confident of finding one within the next few weeks, and I will keep you informed of progress."

As I say, none of it will be binding on either party, but it might prevent one or two misunderstandings showing up later.

As above, but add details of your conveyancer (whether aying someone or DIY).


And ask buyer to confirm accuracy of the content of your letter (eg price agreed etc) and to confirm his conveyancer's details.