Receiving an Offer
Receiving an Offer
What Happens When My Offer is Received by my Selling Agent or Conveyancing Direct?
We will go over it with you over the telephone and then send you out a copy. If you wish to accept an offer we shall let the offering solicitor know that it is acceptable in principle. If you don't wish to accept the offer we will advise the offering solicitor accordingly.
Once you receive the copy of the offer you should read it carefully as it will run to a number of conditions all of which are equally important.
Contact Conveyancing Direct who will explain it to you in detail. Since most offers are subject to the Home Report being acceptable to the Purchaser and their lender or occasionally subject to a separate valuation, the valuation report or an indication that the lender will accept the Home Report will be requested from the Purchaser's solicitor. If this is forthcoming we shall then prepare a qualified acceptance accepting some of the clauses and deleting others and adding other clauses all designed to protect your interests without scaring the potential buyer away.
What Sorts of Clause are Crucial?
- the extent of the property being sold and to ensure you hold the title to it
- that all necessary consents for any alterations are available
- items included in the price
- the date the prospective purchaser wants to move in known as 'the date of entry'
- that things like the heating system are working properly
A Purchaser will also want to know that you haven't received notice of any proposed developments near the house which might affect its value and amenity.
How is The Contract Struck?
In response to Conveyancing Directs qualified acceptance the prospective purchasers solicitor will discuss the qualifications with the purchaser.
If the purchaser is happy their solicitor will send a letter to Conveyancing Direct confirming the offer. You will then have a deal which neither you nor the purchaser can change unless you both agree.
This is called the missives.
How Long do Missives Take?
This varies according to each transaction. However in most straightforward cases 10 to 14 days from the date of the offer is the norm. If there are problems with the titles or missing documents or hold ups with purchasers' mortgage papers the process can take several weeks. Your solicitor will write to you confirming when there is a binding contract.
What do I do Next?
You should arrange your removal either on or before the date of entry. If you are hiring a van for a DIY removal remember you must be out of the house by lunchtime so that this leaves little time for more than one trip in the van.
- advise the Council Tax office and any factor or management agent of the sale.
- have your gas, electricity and telephone provider provide final bills
- arrange a redirection of your mail for at least six months
- have any heating system serviced so that the purchaser can't claim it's not working when they take entry
- place in the kitchen all operating instructions for appliances and systems included in the sale
- make sure all rubbish and unwanted goods are removed before the date of entry
Do I Sign Anything?
All sellers must sign the Disposition which is the document which transfers the title to the purchaser. As it is prepared by the purchaser's solicitor it may only be available the day or so before the date of entry. It is essential therefore that you are contactable so that the Disposition can be signed. If you will not be at home at the time of the date of entry you must give Conveyancing Direct plenty of advance notice so that a possible alternative arrangement to sign can be made. This may involve additional costs. Normally documents can be sent to you to sign.