Navigating the Post-Offer Process: A Simple 3-Step Guide to Follow After Your Offer on Property Has Been Accepted

So, you have found your perfect home in the UK, made an offer on it and it has finally been accepted! Now what? Not sure what the next steps are??

There are several things to consider before completing the purchase.

1.?????Research finance options and work out your budget for your down payment

Need to finance your property? Consider and plan out the deposit amount you have versus the amount of finance you can get from a bank, as well as associated costs and timeline.

The costs associated can vary but typically you will need to be aware of the following and ensure that these are worked into your budget:

·???????Finance application or arrangement fee

·???????Valuation fee

·???????Solicitor costs?

·???????Stamp duty costs -?Stamp Duty Land Tax: Residential property rates - GOV.UK (www.gov.uk)

·???????Moving costs – removals / storage / cleaning?

·???????Insurance costs

2.?????Appoint a Conveyancer

A conveyancer is a person whose job is to manage the legal process of preparing sales contract, moving land or property from one owner to another and other property related legal work.?Once your offer on the property has been accepted, you will need to contact the bank to get the finance application submitted and appoint a conveyancer.

3.?????Prepare documents?

Your bank finance application will require several documents. Ensure that you have all the necessary paperwork available for your finance application. Generally, to make an assessment, banks can ask for:?

·???????Proof of income

·???????Bank statements

·???????Copy of local credit file

·???????Proof of deposit (for some cases)

Nomo Property Finance has simplified this process, verifying your ID and address digitally when you onboard through the App for your current account.?Reducing the amount of documentation, you provide for your property finance application. Please note that for residential financing, an advice call is required before submitting an application.

Once the application has been submitted, an underwriter will assess this. Once all their checks are complete, they will subject your application to valuation. A surveyor will be appointed to carry out a valuation and provide a report to the bank. Once the bank is satisfied with this they will progress to formal offer.?

The formal offer is sent to your solicitor and the bank’s solicitor so that they can commence the conveyancing. Once all the conveyancing is underway and you have formally exchanged, a date of completion is set by the buyer and the seller via the solicitor. The bank is then notified so that funds can be released in time.?

The whole process can take 3- 6 months so it’s important that you give yourself enough time.

*Your property may be at risk if you do not keep up the payments on your Nomo Property Finance.

To learn more about Nomo Property Finance, visit:

www.nomobank.com