From Offer to Keys: What Really Happens in the Buying Process
You’ve found the property you love, your offer is accepted, and now the real journey begins.
The time between an accepted offer and getting the keys can feel like a blur of jargon and paperwork. This guide breaks it down step by step, so you know exactly what to expect.
Step 1: Formal Mortgage Application
Once your offer is accepted, it’s time to move from Agreement in Principle (AIP), also called a Mortgage in Principle (MIP), to a full mortgage application. Your lender will need detailed documents – payslips, bank statements, ID, and proof of deposit. A property valuation will be arranged to ensure the house is worth the agreed price.
Step 2: Instructing Your Solicitor (and Searches)
A solicitor or conveyancer will handle the legal side of your purchase. They’ll:
- Check the property title.
- Review key reports and documents from the seller.
- Liaise with the seller’s solicitor to iron out any issues.
At Martyn Russell, we take a proactive approach and order searches up front. This means when your offer is accepted, we’re not waiting around for weeks – the critical information you need is already available. It speeds up the process, reduces delays, and gives you more confidence right from the start.
Step 3: Surveys and Property Checks
While we handle the searches upfront, you’ll still want a Homebuyer Report or Building Survey to assess the property’s condition. This is separate from the searches and can flag issues like damp, roof damage, or structural movement. Think of it as your safety net before you commit fully.
Step 4: Exchange of Contracts
Once the solicitor is satisfied and you’re happy with the survey results, contracts are exchanged. At this stage:
- You pay your deposit (usually 10%).
- The deal becomes legally binding.
- A completion date is set – this is the day you’ll get the keys.
Step 5: Completion Day
On completion day:
- Your solicitor transfers the remaining funds to the seller.
- The keys are released, and the property officially becomes yours.
- It’s time to celebrate – and start moving boxes!
FAQs for First-Time Buyers
1. How long does the buying process take?
On average, it takes 8 to 12 weeks from offer acceptance to completion, but with pre-ordered searches like we provide, it can often be faster.
2. Do I still need a survey if searches are pre-ordered?
Yes. Searches cover legal and environmental checks, but surveys look at the property’s physical condition, such as structural issues or damp.
3. When do I pay my deposit?
You pay the deposit when you exchange contracts, not when your offer is accepted.
4. Can I back out after exchange?
You can, but you’ll lose your deposit and may face penalties. Exchange is the stage where the deal becomes legally binding.
Final Word
From the moment your offer is accepted to the day you collect the keys, the process involves several moving parts. Our upfront searches cut weeks off the timeline, helping you move faster and with fewer surprises. Stay organised, keep on top of your solicitor and broker, and remember – your AIP/MIP is just the start. Once your mortgage is approved, it’s all about smooth communication to get you to completion day.
CTA
Need to budget for this stage? Use our free MAB calculator to work out your numbers.