From accepted offer to moving day: what happens?

An offer has been agreed, but what happens before the buyer receives the keys and the seller completes their move?

There are several legal, financial, and practical stages to work through. Your local Reeds Rains team will help make these steps as straightforward as possible by keeping in touch with the buyer, seller, and their legal representatives.

You can also use MyReedsRains to access information about the progress of your property journey.

The sale is confirmed

Once the offer is agreed, Reeds Rains will confirm the details with the buyer, seller, and their legal representatives.

In England and Wales, this will usually include issuing a memorandum of sale. In Northern Ireland, the agreed details are passed to the buyer’s and seller’s solicitors so they can begin the legal process.

The property will normally be marked as sold subject to contract. This means an offer has been agreed, but the buyer and seller are not yet legally committed.

If you are buying

You should:

• Appoint a solicitor or licensed conveyancer in England or Wales, or a solicitor in Northern Ireland

• Complete your mortgage application

• Provide evidence of your deposit and source of funds

• Arrange an independent survey if required

• Complete the necessary identity and anti-money laundering checks

If you are selling

You should:

• Appoint your legal representative

• Complete the property information forms

• Confirm which fixtures and fittings are included

• Provide relevant guarantees, certificates and planning documents

• Supply information about any mortgage secured against the property

Returning documents promptly can help prevent unnecessary delays.

The legal and financial work begins

The seller’s legal representative prepares the contract and supplies information about the property, its ownership, and anything included in the sale.

The buyer’s legal representative reviews the documents, checks the legal title, arranges the appropriate searches, and raises any necessary enquiries.

These enquiries may cover:

• Property boundaries

• Rights of way

• Planning permission

• Building regulations

• Leasehold charges

• Guarantees or warranties

• Shared access and maintenance responsibilities

If the buyer needs a mortgage, their lender will normally arrange a valuation before issuing a formal mortgage offer.

A mortgage valuation is for the lender’s benefit and is not a detailed assessment of the property. Buyers may therefore want to arrange an independent survey to identify possible repairs or maintenance issues.

Keeping the transaction moving

A property transaction involves several people, including legal representatives, mortgage lenders, surveyors, local authorities and managing agents.

If the transaction is part of a property chain, progress may also depend on other buyers and sellers being ready.

Reeds Rains will keep in contact with the parties and their legal representatives, helping to monitor progress and identify outstanding steps. Buyers and sellers can also use MyReedsRains to access updates about their property journey.

Exchange of contracts

Once the buyer has their mortgage offer and the searches, survey and legal enquiries have been dealt with, the buyer and seller can agree a completion date.

Both parties sign the required contract documents before their legal representatives formally exchange them.

Exchange of contracts is normally the point at which:

• The buyer becomes legally committed to buying

• The seller becomes legally committed to selling

• The agreed completion date becomes binding

• Withdrawing can result in serious financial consequences

The buyer will usually provide an exchange deposit and may need buildings insurance to begin from the exchange date. Their legal representative will confirm the arrangements.

What happens on completion day?

Before completion, the buyer sends any remaining funds to their legal representative and the seller prepares to leave the property.

On completion day, the buyer’s legal representative transfers the purchase money to the seller’s legal representative.

Once the funds have arrived:

• The transaction completes

• The seller must leave the property as agreed

• Reeds Rains can release the keys to the buyer

• The seller’s mortgage and agreed costs are repaid

• The remaining sale proceeds are transferred to the seller

The exact time the keys become available can vary, particularly where several transactions form part of a property chain.

How does the process differ by country?

The main stages are similar across England, Wales and Northern Ireland, but there are some important differences involving property tax and registration.

Buying or selling in England

The buyer and seller usually become legally committed when contracts are exchanged. Completion takes place on the agreed date, when the purchase funds are transferred and Reeds Rains can release the keys.

Buyers may need to pay Stamp Duty Land Tax. Their conveyancer will calculate any amount due, submit the return and arrange payment.

Following completion, the buyer’s ownership is registered with HM Land Registry.

Buying or selling in Wales

The Welsh process also usually moves from an accepted offer through conveyancing, exchange of contracts and completion.

Buyers in Wales may need to pay Land Transaction Tax rather than Stamp Duty Land Tax. The buyer’s conveyancer will calculate any amount due and normally submit the return and payment to the Welsh Revenue Authority on their behalf.

The buyer’s ownership is registered with HM Land Registry following completion.

Buying or selling in Northern Ireland

In Northern Ireland, both the buyer and seller should appoint a solicitor when the offer is agreed.

The seller’s solicitor prepares the contract and title documents. The buyer’s solicitor investigates the title, arranges the relevant searches and property certificates, raises enquiries and confirms the buyer’s mortgage arrangements.

An accepted offer is normally subject to contract. The buyer and seller generally become legally committed when the signed contracts are exchanged.

On the agreed completion date, the purchase money is transferred and Reeds Rains can release the keys. Buyers may need to pay Stamp Duty Land Tax, and their solicitor will arrange registration through the appropriate Northern Ireland land register.

Supporting buyers and sellers

Every property transaction is different, but responding promptly to requests and keeping your mortgage, legal and removal arrangements organised can help keep your move on track.

If you need help finding legal support, ask your local Reeds Rains branch about the conveyancing options available. You are not required to use a recommended provider.

Whether you are buying or selling in England, Wales or Northern Ireland, your local Reeds Rains team will help keep you informed from the accepted offer through to moving day.

Read our guide to selling your property

Read our guide to buying a property

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Frequently asked questions
 

Can a buyer or seller withdraw after an offer is agreed?

In England, Wales and Northern Ireland, either party can usually withdraw before contracts are exchanged. They may lose money already spent on legal work, surveys or searches.

How long does it take to reach completion?

There is no guaranteed timescale. Mortgage arrangements, surveys, searches, leasehold paperwork and property chains can all affect how long the transaction takes.

When can the buyer collect the keys?

Reeds Rains can release the keys once the seller’s legal representative confirms that completion has taken place.

Is property purchase tax the same everywhere?

No. Buyers may need to pay Stamp Duty Land Tax in England or Northern Ireland. Land Transaction Tax applies in Wales instead.

The amount and any available reliefs depend on the buyer’s circumstances and the property. Their legal representative can confirm what applies.

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YOUR PROPERTY MAY BE REPOSSESSED IF YOU DO NOT KEEP UP REPAYMENTS ON YOUR MORTGAGE.

Your initial mortgage appointment is without obligation. Embrace Financial Services normally charge a fee for their services; however, it is payable only on the submission of your mortgage application. The fee will depend on your circumstances but the standard fee is £599. Complex cases usually attract a higher fee. Embrace Financial Services will discuss and agree the fee with you prior to submitting any mortgage application.

Reeds Rains is an introducer to Embrace Financial Services Ltd. Embrace Financial Services Ltd is an Appointed Representative of PRIMIS Mortgage Network, a trading name of First Complete Ltd. First Complete Ltd is authorised and regulated by the Financial Conduct Authority.

You are under no obligation to use our recommended mortgage or protection adviser. Your decision will not affect the seller’s decision, the acceptance of your offer, or the progress of your purchase.