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Offer accepted - verbally...

hi guys

we've finally had an offer accepted on a property, however, only verbally, from the agent.

at which point can I instruct a solicitor?

I.e. should I request some form of agreement in writing and what is it actually worth? in other words, at what point are we confident to move on? 

the agent is saying the vendor needs approx. "10 days to sort out their solicitor".... So has the offer been accepted or not haha?

In other words; is there some document, agreement that is used in these situations to essentially signal an agreed sale in principle? 
«1

Comments

  • Comms69
    Comms69 Posts: 14,229 Forumite
    10,000 Posts Third Anniversary Name Dropper
    Yes the offer has been accepted. But no-one is legally bound until exchange (months away) so the offer can subsequently be rejected.

    There is no document, because there is no contract to buy/sell at the moment.
  • Lokolo
    Lokolo Posts: 20,861 Forumite
    Part of the Furniture 10,000 Posts
    Get some quotes for a conveyancor, then choose one. You don't need to instruct one yet. 
    Pass the details onto estate agent, then when everyone is ready they will send out a memorandum of sale which will contain each others details and solicitor info. You can then start.
    Make sure the chain is complete before starting anything. 
  • in_my_wellies
    in_my_wellies Posts: 1,680 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    Comms69 said:
    Yes the offer has been accepted. But no-one is legally bound until exchange (months away) so the offer can subsequently be rejected.

    There is no document, because there is no contract to buy/sell at the moment.
    How very true
    My niece in New Zealand decided to move. 
    1 Saw a house she liked go on the market on Thursday am
    2 Viewed Thursday pm
    3 Offered Friday am
    4 Offer accepted Friday pm
    5 Moved in the following Friday
    Sorted! 
    In NZ there are two types of 'offer' conditional (i.e. need survey, etc) and unconditional. conditional adds an extra 3 days!
    Love living in a village in the country side
  • eddddy
    eddddy Posts: 17,865 Forumite
    Part of the Furniture 10,000 Posts Name Dropper
    edited 18 June 2020 at 11:47AM

    Nothing is binding at this stage, whether it's verbal or written - to use the legal terminology, everything is "subject to contract".

    But to avoid misunderstandings and arguments later, if the EA hasn't confirmed anything in writing, I'd probably do it instead - probably in an email to the EA. Maybe something like:


    I am very pleased to hear that my offer of £x has been accepted, subject to contract, for 12 Acacia Gardens, including carpets, curtains, built in kitchen appliances. I assume that the property will now be taken off the market; marked as 'Sold STC' or 'Sale Agreed'; and no further viewings will be arranged.

    I note that the sellers will be finalising their choice of solicitors within the next 10 days. I understand that this sale is dependent on the sellers finding another property to purchase.

    I am not planning to instruct my solicitor and mortgage lender to proceed until the sellers have found a property and a complete chain is formed [or whatever other terms you what to specify]

    Please let me know if I have misunderstood any of the above.



  • Andy499
    Andy499 Posts: 120 Forumite
    Third Anniversary 100 Posts Name Dropper
    As nothing is binding its up to the vendor.

    Have they taken the property off rightmove, or moved to STC status?

    Im in a similar situation, I put an offer in on a house I love before selling mine, which has been accepted, and the vendor has decided to take the house off rightmove in "under offer" status and wait for us. Theyre not accepting any more viewings either.

    Get your solicitor sorted now and wait until they have theirs, then you can start moving on it.
  • happy_2008
    happy_2008 Posts: 216 Forumite
    Tenth Anniversary 100 Posts Name Dropper Combo Breaker
    Comms69 said:
    Yes the offer has been accepted. But no-one is legally bound until exchange (months away) so the offer can subsequently be rejected.

    There is no document, because there is no contract to buy/sell at the moment.
    How very true
    My niece in New Zealand decided to move. 
    1 Saw a house she liked go on the market on Thursday am
    2 Viewed Thursday pm
    3 Offered Friday am
    4 Offer accepted Friday pm
    5 Moved in the following Friday
    Sorted! 
    In NZ there are two types of 'offer' conditional (i.e. need survey, etc) and unconditional. conditional adds an extra 3 days!
    That is crazy efficient, if only the UK worked on the same basis.

  • proformance
    proformance Posts: 345 Forumite
    Part of the Furniture 100 Posts Name Dropper Combo Breaker
    eddddy said:

    Nothing is binding at this stage, whether it's verbal or written - to use the legal terminology, everything is "subject to contract".

    But to avoid misunderstandings and arguments later, if the EA hasn't confirmed anything in writing, I'd probably do it instead - probably in an email to the EA. Maybe something like:


    I am very pleased to hear that my offer of £x has been accepted, subject to contract, for 12 Acacia Gardens, including carpets, curtains, built in kitchen appliances. I assume that the property will now be taken off the market; marked as 'Sold STC' or 'Sale Agreed'; and no further viewings will be arranged.

    I note that the sellers will be finalising their choice of solicitors within the next 10 days. I understand that this sale is dependent on the sellers finding another property to purchase.

    I am not planning to instruct my solicitor and mortgage lender to proceed until the sellers have found a property and a complete chain is formed [or whatever other terms you what to specify]

    Please let me know if I have misunderstood any of the above.



    Thanks for this. Had already drafted something to this effect in anticipation!

    Will go ahead and send now
  • greatcrested
    greatcrested Posts: 5,925 Forumite
    Part of the Furniture 1,000 Posts Name Dropper
    edited 18 June 2020 at 12:23PM
    As this is a huge decision and huge amount of money, and you seem to have limited understanding of the process, you need to remedy that. Either use the internet to learn how property sales work, or get abook on the subject. You are going to have countless questions, and hit countless issus, in the coming months.



  • MovingForwards
    MovingForwards Posts: 17,139 Forumite
    10,000 Posts Sixth Anniversary Name Dropper Photogenic
    Comms69 said:
    Yes the offer has been accepted. But no-one is legally bound until exchange (months away) so the offer can subsequently be rejected.

    There is no document, because there is no contract to buy/sell at the moment.
    How very true
    My niece in New Zealand decided to move. 
    1 Saw a house she liked go on the market on Thursday am
    2 Viewed Thursday pm
    3 Offered Friday am
    4 Offer accepted Friday pm
    5 Moved in the following Friday
    Sorted! 
    In NZ there are two types of 'offer' conditional (i.e. need survey, etc) and unconditional. conditional adds an extra 3 days!
    That is crazy efficient, if only the UK worked on the same basis.


    Some of the UK does.

    OP, you can sort your solicitor out now, just tell them not to do anything yet, make sure they are on your proposed lenders solicitors panel. Then pass the details onto the agents.
    Mortgage started 2020, aiming to clear 31/12/2029.
  • csgohan4
    csgohan4 Posts: 10,600 Forumite
    Ninth Anniversary 10,000 Posts Name Dropper Photogenic
    Comms69 said:
    Yes the offer has been accepted. But no-one is legally bound until exchange (months away) so the offer can subsequently be rejected.

    There is no document, because there is no contract to buy/sell at the moment.
    How very true
    My niece in New Zealand decided to move. 
    1 Saw a house she liked go on the market on Thursday am
    2 Viewed Thursday pm
    3 Offered Friday am
    4 Offer accepted Friday pm
    5 Moved in the following Friday
    Sorted! 
    In NZ there are two types of 'offer' conditional (i.e. need survey, etc) and unconditional. conditional adds an extra 3 days!
    That is crazy efficient, if only the UK worked on the same basis.

    how can legals and mortgage be sorted that quick, even a cash buyer needs legals done. I think something has been exaggerated or left out
    "It is prudent when shopping for something important, not to limit yourself to Pound land/Estate Agents"

    G_M/ Bowlhead99 RIP
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