So, you’ve found your dream home and you want to make an offer? It’s not as complicated as you’d think – but here are a few tips to help you feel more confident.
I’d decided to take the plunge and make an offer. That’s when I realised I didn’t know how to do that. After panicking and consulting my mum and friends, I learned it’s as simple as phoning or emailing the estate agent and saying: ‘I’d like to put it an offer of £[amount] on the [address] property‘.
You could offer the price it’s on the market for. But there’s a solid chance they’ve put it on for more than it’s worth. You can have a snoop around and see how much similar homes have sold for. Or you can do what I did and just deduct 10% from the price and offer that.
They’re probably not going to accept that – and that’s OK! We’re haggling.
I went back and forth with my vendor a couple of times. I even did the ‘that’s my final offer’ schtick. They came back to me and we eventually settled on £2,500 off the asking price. It’s not loads but it made my mortgage about £30 cheaper per month. I could have been even more stubborn but I wasn’t sure if I was competing against others and this was the only home I’d taken a shine to.
And once your offer has been accepted? Well, get ready for a lot of paperwork. And you’ll need a solicitor or conveyancer to handle the legal side of things. My mortgage advisor suggested a solicitor they often work with (which is a very common practice), so I didn’t have to worry about finding one. Having a mortgage advisor was incredibly helpful here, as she worked closely with the solicitor, chased people when they needed it, and relieved a lot of stress for me.
After a few weeks of emails, surprise fees and signing mostly boring pieces of paper, it was time to exchange. That’s when the contract becomes legally binding and you can’t wriggle out of it. And a week later, we completed – and that’s when I was handed the keys. It was mine.
For some (usually those with no chain), you can go from an offering being accepted to getting the keys in a month. With a long chain and complications, it can take several months.
This is where I hope our paths diverge, as I was booted into hospital and diagnosed with a chronic illness 3 days later. That was fun.
Anyway, who’s ready for a series of interiors posts? Coming soon!
