How to make an Offer I The Property Fox Leicester
Posted on 1st February 2022
The first thing you will need to do is set out how much the property is worth to you.
Remember, this amount is very subjective and usually differs from what the seller thinks his or her home is worth. When you come up with a figure for your offer, put it down on paper.
Before you contact an Estate Agent, make sure you know this amount so they can appraise the property.
You should have at least 5% of your total purchase price available for use when buying that property, sometimes more is needed. (5% is usually a deposit, but sometimes it can be other holding funds). Many estate agents will pass up on an opportunity to work with you if you are not willing to pay the asking price.
Once your offer has been accepted by the seller, you will need to proceed quickly with your part of the transaction - namely, obtaining mortgage approval. If you are planning on funding 95% or more of your property purchase then it is usually best that you arrange this before you make the offer on the property. If this is not possible, then at least get your mortgage approved before your contract expires.
The seller will need to agree to several points of your standard contract before you can proceed. If they do not, it may be necessary for you to change some clauses or even withdraw your offer and start over. Once a competitive offer to purchase has been made and accepted, the next step is to make an appointment to meet with your solicitor.
At this point, you will need the following documents: Your Offer Letter, A copy of your mortgage application, All identification documentation.
In addition, your solicitor will ask for proof of any deposit funds you have paid as well as proof of any remortgage funds.
You may also need to provide evidence of the sale of your present home if you are selling it as part of the transaction.
If you would like any further advice, please don't hesitate to contact us, we are more than happy to help!
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