Making an Offer and the Process That Follows
You've found a home you love. Now what? Making an offer can feel nerve-wracking : especially for the first time. Here's exactly what to do and what to expect once you've taken the plunge.
Working out what to offer
The asking price is just a starting point. Before you make an offer, do your homework:
- Check what similar properties on the same street or area have actually sold for (Rightmove's 'Sold Prices' section is useful for this).
- Consider how long the property has been on the market. Longer on the market often means more room to negotiate.
- Think about the condition. If it needs work, factor that into what you're willing to pay.
- Know your limit. Decide the absolute maximum you'd pay before you make any offer.
First offers are rarely accepted immediately : don't be disheartened if there's some back and forth. That's completely normal.
Making the offer
Offers are made verbally or in writing through the estate agent : never directly to the seller. When you make your offer, you'll want to tell the agent:
- The amount you're offering
- That you're a first time buyer with a mortgage in principle (this makes you very appealing : no chain, no previous sale to fall through)
- Your intended timeline
- Any conditions (for example, if you want certain fixtures or fittings included)
Being a first time buyer is genuinely a strong position to be in. You have no property to sell, no chain, and lenders see you as relatively straightforward. Use that.
Offer accepted. Now what?
When your offer is accepted, take a breath : but know that this isn't legally binding yet. In England, either party can pull out right up until exchange of contracts. Here's what needs to happen next:
- Instruct a solicitor or licensed conveyancer to handle the legal side. Do this quickly : the sooner they're appointed, the sooner things move.
- Formally apply for your mortgage. Your broker will guide you through this, and you'll need to submit documents including payslips, bank statements and ID.
- The lender will arrange a mortgage valuation of the property.
- You should also arrange an independent survey (more on this below).
Do I need a survey?
Yes. The mortgage valuation your lender does is for their benefit, not yours. It simply confirms the property is worth what they're lending against. It doesn't tell you about the condition of the building.
There are a few types of survey:
- Condition Report: the most basic, good for newer properties in good condition.
- HomeBuyer Report: the most popular choice for standard properties. Highlights any significant issues and gives a market valuation.
- Building Survey: the most thorough. Recommended for older properties, unusual builds, or anything that gives you cause for concern.
A good survey can save you from a very expensive mistake : or give you ammunition to renegotiate if issues are found.
What if the survey reveals problems?
Don't panic. Surveys often flag things that look scary but are routine. If there are genuine issues:
- You can ask the seller to fix them before completion
- You can renegotiate the price to reflect the cost of works
- Or, in serious cases, you can withdraw your offer
Your solicitor and surveyor will guide you on what's reasonable to ask for.
Smeaton tip: If you're buying through Smeaton Homes, our team will always be honest with you about a property's condition as far as we're aware. And if you'd like recommendations for trusted local surveyors, just ask.
The period between offer accepted and exchange is often the most stressful part of buying a home. But if everyone does their job, it moves. Stay in touch with your solicitor, respond to requests promptly, and don't be afraid to chase for updates.
