Buying An Investment Property: Offer Accepted, What Happens Next?
Introduction:
Are you considering buying an investment property? Whether you’re a seasoned investor or just starting out, understanding the process is crucial. Bryony, our experienced sales processor, has helped countless investors navigate the property buying process. She’s here to provide a step-by-step overview of what to expect after your offer has been accepted.
Preparing Your Documents
Before you begin, let’s gather the necessary documents first:
- Proof of ID
- Proof of funds
- Proof of address
- Decision in principle or agreement in principle (if using lending)
Securing the Sale
Once your offer is accepted, then you need to secure the sale with the estate agent and get a memorandum of sale as soon as you can. It is a written evidence that an offer has been accepted.
After that, an introduction to your solicitor and broker will be set up. You may also consider arranging a home buyer survey.
Instructing the Solicitor
Your solicitor will request money on account to order searches. These searches check the land registry, planning history, and other local factors to ensure the property is a sound investment.
Sales Progression
Sales progression involves chasing updates from solicitors, brokers, and surveyors to keep the sale moving smoothly. Any issues that arise can be resolved promptly.
Regular updates and communication are vital throughout the process. If you have a sales progression team, they will provide updates on the status of the sale and address any concerns.
Timeframe for Completion
The estimated timeframe for completion varies depending on whether the purchase is made with cash or mortgage/bridging. If you are a cash-buyer, it normally takes 2-3 months. With mortgage or bridging loan, the timeframe is around 3-4 months. Unexpected delays may occur, but sales progression helps navigate these challenges.
Conclusion
Buying an investment property involves several key steps after an offer has been accepted. Preparing documents, instructing a solicitor, and working with sales progression are crucial for a smooth and successful completion.
NPP's End-to-End Investment Service
Are you a busy individual looking to invest in property but don’t have the time or expertise? NPP’s end-to-end investment service is here to help.
We provide a comprehensive range of services to make your property investment journey seamless and stress-free:
- Buying support: We guide you through the entire buying process, from finding the right property to securing the best deal.
- Negotiations: Our experienced team handles all negotiations on your behalf, ensuring you get the most favourable terms.
- Conveyancing: We take care of all the legal aspects of the transaction, including searches, contracts, and completion.
Don’t let a lack of time or knowledge hold you back from investing in property. Contact NPP today and let us help you achieve your investment goals.
