There are a number of legislative changes that come into force from August 1st 2007 which affect the home buying process. Rightmove is currently in the process of comprehensively updating our website information to ensure our content is as accurate as possible. Please come back soon to see our brand new Buying Guide.
Congratulations. Your offer has been accepted. Now, the hard work begins of working through the legal steps to secure ownership of your new home.
Offer accepted
England & Wales
Once your offer has been accepted...
- The property can be advertised as "Under Offer" or "Sold Subject to Contract". Under Offer means that the vendor has been made an offer for the property but has not yet decided whether to accept. Sold Subject to Contract means that the vendor has accepted an offer but the sale has not been finalised. Properties which are Sold Subject to Contract are usually pending surveys or completion of paperwork.
- At this point you are not committed to the sale. If, for any reason, you decide not to go through with the purchase you can pull out now without penalty.
- The seller is also not committed to the sale, and may entertain higher bids from other buyers. This is called gazumping.
- Some agents or developers may try to get you to pay a small deposit to show that you are serious about the purchase. However, you should consult your legal representative before parting with any money or signing anything.
- If the survey highlights any factors that you think should be reflected in the price, now is the time for re-negotiation.
See Legal Work in England & Wales for more information
Scotland
Once your offer has been accepted...
- It is legally binding
- Usually, you'll arrange surveys and solicitors before making an offer on the property.
See Legal work in Scotland for more information
Next steps checklist
These are the steps you'll need to go through before moving day.
- Offer accepted
- Review your costs. Download costs checklist (pdf)
- Get property taken off the market
- Get offer from mortgage lender in writing
- Agree costs of solicitors in writing
- Choose survey you want and arrange a time for it to take place
- Get an exchange date
- Have cheques drawn up/direct debit organised/cash-ready for deposits and bills
- Insure your new home from the exchange date
- Set a completion date
- Notify all contacts about your new address, Contacts checklist
- Exchange contracts
- Arrange to pick up the keys.