Accepting an offer on your property is an exciting milestone, but it is not the end of the selling process. In many ways, some of the most important stages are still to come.
Once a buyer has been found and an offer agreed, the transaction enters the conveyancing phase. This is the legal process that takes a sale from an accepted offer through to exchange of contracts and ultimately completion.
At Alex & Matteo Estate Agents, we help sellers across Bermondsey, Rotherhithe, Canada Water, Surrey Quays and Deptford navigate this process every day. Whilst every transaction is different, understanding what happens after an offer is accepted can help reduce stress and ensure your sale progresses as smoothly as possible.
When offers begin to arrive, it is important to look beyond the headline figure.
Whilst achieving the best possible price is naturally important, sellers should also consider factors such as:
In some situations, a slightly lower offer from a buyer who is ready to proceed can be more attractive than a higher offer from someone whose own sale is not yet secured.
Once an offer has been accepted, both parties can begin making arrangements to appoint their conveyancing solicitors so the legal process can get underway.
As soon as an offer has been agreed, your solicitor will begin preparing the legal paperwork required for the sale.
Once both parties have instructed their conveyancing solicitors, a Memorandum of Sale is issued. This document confirms the agreed terms of the transaction and provides all parties with the information needed to begin the legal process.
Many sellers choose to instruct a solicitor before their property even goes on the market, allowing some of the initial administration to be completed in advance. If you are unsure which conveyancer to use, Alex & Matteo can recommend trusted local solicitors with extensive experience handling property transactions across SE16 and the surrounding areas.
Your conveyancing solicitor will:
Choosing an experienced solicitor and responding promptly to requests for information can help avoid unnecessary delays later in the transaction.
One of the first tasks sellers are usually asked to complete is a series of property information forms.
These documents provide important information about the property and may cover areas such as:
For leasehold properties, sellers may also need to order a management pack from the freeholder or managing agent. This contains important information about service charges, ground rent, building management and any planned works. As management packs can sometimes take several weeks to arrive, ordering them as early as possible can help avoid unnecessary delays.
Landlords selling tenanted properties may also need to provide relevant compliance documentation, such as gas safety certificates, electrical safety certificates and any other applicable landlord documentation.
Sellers are also required to complete a Fixtures and Fittings Form, which confirms exactly what will be included in the sale.
Providing accurate and complete information at this stage helps minimise questions further down the line.
Shortly after the transaction begins, the buyer’s solicitor will order a series of searches and legal checks. These investigations help identify any issues that could affect the property or the buyer’s decision to proceed.
These may include:
For leasehold properties, additional information may also be requested from freeholders or management companies.
This stage can often take longer than sellers expect, particularly where third parties are involved in providing information.
Whilst the seller and their solicitor are progressing the legal paperwork, the buyer will usually be arranging their mortgage, survey and any lender requirements during the early stages of the transaction.
Although many buyers obtain a mortgage agreement in principle before making an offer, the full mortgage application is typically submitted once an offer has been accepted. The survey is also usually arranged within the first few weeks of the transaction.
The type of survey can vary depending on the property, but common options include:
In many cases the survey proceeds without issue. However, survey findings can sometimes result in additional enquiries or requests for renegotiation if defects or maintenance concerns are identified.
Whilst this can occasionally feel frustrating, it is a normal part of the conveyancing process and does not necessarily mean the sale is at risk.
As the buyer’s solicitor reviews the paperwork, they will often raise additional enquiries.
These enquiries are designed to clarify information about the property and ensure the buyer has a full understanding of what they are purchasing.
Common enquiries may relate to:
The speed at which enquiries are answered often has a significant impact on how quickly a transaction progresses. Sellers can help keep matters moving by responding promptly to requests for information, chasing any third parties involved in providing documentation and speaking with their solicitor or estate agent if anything is unclear.
Proactive communication can often prevent unnecessary delays and help resolve issues before they become obstacles to the transaction.
Exchange of contracts is one of the most significant milestones in the entire process.
Once exchange has taken place:
Up until exchange, either party can withdraw from the transaction. After exchange, financial penalties can apply if either side fails to complete.
For many sellers, exchange is the point where they can finally begin making firm plans for their move.
Between exchange and completion, there is usually a short period to make final arrangements.
This may include:
Having a clear completion date allows everyone involved to coordinate their plans with confidence.
Completion day is when ownership of the property officially transfers to the buyer.
The buyer’s solicitor transfers the purchase funds to the seller’s solicitor, and once the money has been received, the keys can be released.
At this point:
Property transactions in London currently take around four months on average from offer accepted to completion, although timescales can vary depending on the complexity of the transaction, the length of the chain and the responsiveness of all parties involved.
Property transactions do not always progress as quickly as everyone would like.
Some of the most common causes of delay include:
Whilst some delays are unavoidable, proactive communication and early preparation can significantly improve the chances of a smooth transaction.
A good estate agent’s role does not end when an offer is accepted.
At Alex & Matteo, we continue to support our clients throughout the conveyancing process by maintaining regular contact with buyers, sellers, solicitors and mortgage brokers.
By monitoring progress, chasing outstanding actions and helping resolve issues as they arise, we work to keep transactions moving towards a successful completion.
Whether you’re selling a riverside apartment in Canada Water, a Victorian property in Rotherhithe, a modern home in Bermondsey or a family property in Surrey Quays, understanding the conveyancing process can help you navigate your sale with confidence.
At Alex & Matteo Estate Agents, we provide expert local advice and support from the moment an offer is accepted through to completion day.
If you’re considering selling your property in SE16, contact Alex & Matteo today for professional guidance and a free valuation.
