4. Making an offer

4. Making an offer

When you do find that property, you need to speak to us and we’ll have an open conversation on what figures our vendor is looking to accept. From that you can offer a figure you feel comfortable with. We will liaise with the vendor regarding the offer and your own timescales and we will want to check that you are able to fund the purchase of the property. If you have followed our advice, you’ll have arranged your finance already and we’ll be able to put your offer forward to our vendor in the best light possible.
See our ‘get your finance ready first’ video for more information on what you need to provide.
Once we have your offer and proof of your financial arrangements, we will negotiate an agreement between you and the seller. This is called a ‘Memorandum of Sale’ and we will send this through to yourself, the seller and both sets of solicitors which will form part of the Draft Contract. We will also forward the solicitors the property particulars (brochure) and the full Energy Performance Certificate (EPC).
If there are things to be included within the sale (cooker, white goods etc) these will be stated on the Memorandum of Sale as well as any proposed timescales.
Because we are working on behalf of the seller, we are obliged to maximise the value we achieve for their property. But you won’t get a rough deal from us. Good advice to you from us will help ensure the sale, and both parties must be happy with the agreement, and the mortgage provider will only agree if the price is reasonable and can be backed up by comparable properties which have Sold recently close-by.
The legal process of buying and selling a property is such in England and Wales that an offer is not legally binding until contracts have been exchanged, which can be several weeks later. Please bear this in mind, as it gives room for either party to pull out of the deal – and you may still be liable for your solicitor’s costs up to that point. Our job is of course to make sure that both parties are as secure as possible so as to make sure that the property goes through to exchange of purchase as smoothly as possible.