Making an offer on a house

If you’re ready to make an offer on a new home, we can help answer the questions and scenarios you might face at this point.

 

We can help you to:

  • find your next home
  • make an offer
  • get mortgage ready
  • understand what happens once you’ve made an offer
  • learn about what happens at the completion date.

Step one: Finding your next home

A house is more than just bricks and mortar. It’s a lifestyle choice. Make sure that not only can you afford it, but that it meets all your needs.

Where to live

Before you make an offer on your new home, you might want to think about:

  • how close it is to your work
  • local transport options
  • local schools
  • local places of worship
  • level of investment in the local area
  • planned infrastructure changes
  • flooding or subsidence issues.

Things to consider

Ask your estate agent about what's important to you. Here are a few questions to get you started:

  • Are there any known issues with the property?
  • What are the neighbours and the local community like?
  • Why is the current owner selling?
  • How long has the property been on the market?
  • How much interest has there been in the property?
  • Have there been any offers and are they under or over the asking price?

Doing your research will help you decide if it’s the right property for you. It may also help you decide on what price you should offer.

Step two: Making an offer

Things to consider

When you make an offer for a house and it’s common to negotiate on the asking price.

Depending on the housing marketing in your area, you may have to offer more than the property is for sale for. This is usually when there is a high demand for the type of property you want to buy.

The seller may also accept less than the asking price if the property has been on the market for a long time.

Making a lower offer

If any of these things apply, you could offer a lower price:

  • The house needs repair work.
  • It’s been on the market for a long time.
  • There have been no recent viewings or offers.
  • The owner wants to sell quickly.
  • It has a short leasehold period.

Step three: Get mortgage ready

Agreement in Principle

To get the house sale moving as quickly as you can, it’s worth having a mortgage Agreement in Principle before you start looking for your new home. This will tell you what lenders are willing to lend you.

Your best bid

If there's a lot of interest in the property you want to buy, you could get in a ‘bidding war’. This is when you may need to send your best and final offer. This should be the maximum amount you would be willing and able to pay for the property.

Mortgage amount

Remember that, although you won’t know what the other buyers are bidding, mortgage lenders will only lend what the property is worth, not how much you are willing to pay for it.

Applying for a mortgage Agreement in Principle

Before you start your full mortgage application, get a mortgage Agreement in Principle.

This will show you how much a mortgage lender is willing to let you borrow.

Our mortgage Agreement in Principle guide has more information to support you.

Start an AIP

You could lose your home if you don’t keep up your mortgage repayments

What happens once you’ve made an offer

  • Once your offer is accepted, there is still some way to go before you can celebrate and know the house is yours.

    Next steps:

    1. Find a mortgage deal that’s right for you.
    2. Make sure you have all the necessary paperwork to apply for a mortgage.
    3. Get a valuation to check how much the house is worth.
    4. Engage a conveyancer to carry out the legal work.
    5. Pay your deposit to your conveyancer when you are ready to exchange of contracts.
    6. The conveyancer will arrange the transfer of funds on completion day.
    7. Get the keys to your new home.

  • Once your offer is accepted and your mortgage is agreed, you’ll need to get your survey done and ask your conveyancer to draft the contracts. This can take anywhere from a week to a month.

    The time it takes will also depend on a few things:

    • Your circumstances
    • Whether the house you are buying is part of a property chain
    • If there are any issues on the survey or searches.

    Once you exchange contracts, you’re legally obliged to purchase the property. Look at our mortgage guide on exchanging contracts. It has more information if you need it.

  • The completion date is the day when the property ownership transfers to the buyer. It’s the day you get the keys and can finally move in.

    Completion usually involves:

    • legal checks
    • transfer of Certificate of Title
    • transfer of funds – this can take a few hours.

    This all happens in the background. Your conveyancer will call you, usually in the afternoon, to tell you it is complete. Once you get the call, you can collect your keys and start moving in.

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Get in touch

You can call us or book a video mortgage appointment from the comfort of your own home. 

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Important legal information

The content on this page is for reference and does not constitute finance advice.

For impartial financial advice, we recommend government bodies like the MoneyHelper.

Telephone calls may be monitored or recorded in case we need to check we have carried out your instructions correctly and to help us improve our quality of service.