Frequently Asked Questions
Buying a Property – Frequently Asked Questions
Buying a home is exciting, but we know it can also raise plenty of questions. Whether you're buying for the first time or have moved many times before, our team is here to make the process as straightforward as possible.
Below, we've answered some of the questions we're most frequently asked by buyers.
1. Do I need a mortgage agreement in principle before I start viewing properties?
Not necessarily, although we would strongly recommend having one in place if you require a mortgage.
An Agreement in Principle (AIP) gives you an indication of how much you may be able to borrow and demonstrates to a seller that you've already taken some of the initial steps towards arranging your finances.
When you make an offer, we will ask for information about how you intend to fund the purchase, so having this prepared can make the process considerably smoother.
2. Do I need to have sold my own property before I can make an offer?
No. You can make an offer at any stage, although your position will form part of the information we provide to the seller.
For example, a buyer who has already sold their property and has a complete chain may be in a stronger position than somebody whose own home has not yet been placed on the market.
We will always explain your circumstances accurately to the seller so they can make an informed decision.
3. How do I make an offer on a property?
Simply contact our office and let us know the amount you would like to offer.
We will normally ask about your buying position, whether you have a property to sell, your proposed timescale and how the purchase will be funded.
We are legally required to put forward all offers to the seller promptly and in writing, unless the seller has specifically instructed us otherwise.
4. Does the seller have to accept the highest offer?
No. Price is important, but sellers will often consider a buyer's overall position as well.
A slightly lower offer from a buyer with no chain, for example, may sometimes be more attractive than a higher offer involving a lengthy or uncertain chain.
Our role is to give the seller a clear picture of each buyer's position and allow them to decide which offer they wish to accept.
5. What are ‘best and final offers’?
Where a property attracts significant interest and several buyers wish to make an offer, the seller may decide to invite interested parties to submit their best and final offer by a specified deadline.
This gives each buyer an opportunity to put forward the price they are comfortable paying, together with details of their buying position.
A seller is not obliged to accept the highest offer and may take other factors into consideration when deciding how to proceed.
6. What happens once my offer has been accepted?
Once an offer has been agreed, we will confirm the sale to both parties and their solicitors and issue the Memorandum of Sale.
Your solicitor can then begin the conveyancing process and, if you're obtaining a mortgage, you should proceed with your full mortgage application. This is also the stage at which you may wish to arrange an appropriate survey of the property.
Importantly, our involvement doesn't end when the board changes to ‘Sold’.
Once your purchase is agreed, Emma, our dedicated Sales Progressor, will become your main point of contact throughout the transaction. Emma's role is to oversee the sale from the point of agreement through to exchange and completion, maintaining regular contact with you, our seller, solicitors, mortgage advisers and, where appropriate, other estate agents throughout the chain.
Property transactions involve a number of different parties and there will inevitably be occasions when something needs chasing, clarifying or resolving. Having Emma dedicated to this part of the process means there is someone actively monitoring progress, identifying potential delays and keeping everyone informed.
You'll therefore have a familiar point of contact who understands your purchase and the wider chain, and who will work alongside the rest of the Furnell Residential team to help keep your move progressing as smoothly as possible.
7. What does Sold Subject to Contract (SSTC) mean?
Sold Subject to Contract means that the seller has accepted an offer, but contracts have not yet been exchanged.
At this stage the transaction is not legally binding in England and Wales. Both buyer and seller can still withdraw from the transaction before exchange of contracts.
8. What's the difference between a mortgage valuation and a survey?
A mortgage valuation is primarily carried out for the benefit of your lender. Its purpose is to help the lender decide whether the property provides suitable security for the mortgage being offered.
A survey is commissioned for your benefit and can provide considerably more information about the condition of the property.
There are different levels of survey available, and the most appropriate option will depend upon the age, construction and condition of the property you're purchasing.
9. What happens if my survey identifies a problem?
Don't panic. Surveys frequently identify items requiring maintenance, repair or further investigation, particularly with older properties.
The important thing is to understand the significance and likely cost of anything identified. You may wish to discuss the findings with your surveyor, obtain specialist advice or arrange quotations before deciding what to do next.
If there is a significant issue, speak to us. We can discuss it with the seller and help both parties establish the most sensible way forward.
10. Can I change my offer after it has been accepted?
Until contracts have been exchanged, a buyer can change or withdraw their offer.
However, an accepted offer should be made in good faith. If circumstances change — perhaps because of a significant survey issue or mortgage valuation — we would encourage you to speak to us as soon as possible.
We can then discuss the circumstances with both parties and try to find a practical solution.
11. Can another buyer make an offer after mine has been accepted?
Yes. Until exchange of contracts, an estate agent is generally required to pass any further offers received to the seller unless the seller has instructed otherwise.
The seller can decide whether they wish to consider that offer.
At Furnell Residential, we believe communication is particularly important in these circumstances and will keep the parties informed of any development that materially affects the transaction.
12. How long does buying a property normally take?
There isn't a single answer because every transaction is different.
The timescale can be affected by the length of the chain, mortgage arrangements, searches, surveys, leasehold information, title issues and how quickly the various parties respond to enquiries.
Once a sale is agreed, our sales progression team maintains regular contact with the parties involved so that we can identify delays, chase outstanding information and help move the transaction towards exchange.
13. What's the difference between exchange and completion?
Exchange of contracts is the point at which the transaction becomes legally binding. The completion date will normally have been agreed before contracts are exchanged.
Completion is the day the purchase actually takes place. The balance of the purchase money is transferred through the solicitors and, once the seller's solicitor confirms that completion has taken place, the keys can be released to you.
14. When will I be able to collect the keys?
Keys can be released once we have received confirmation from the seller's solicitor that the purchase has legally completed.
Unfortunately, we cannot release keys simply because you've transferred your money or your removal company has arrived. We must wait for formal confirmation that completion has taken place.
As soon as we receive that confirmation, we'll let you know that the keys are ready.
15. How often will I be updated once my purchase is agreed?
Good communication is one of the most important parts of keeping a property transaction moving.
Once your purchase has been agreed, Emma, our dedicated Sales Progressor, will oversee the transaction and keep in regular contact with you throughout the process. Rather than simply waiting for updates to arrive, Emma proactively communicates with solicitors, mortgage advisers, our seller and, where appropriate, other estate agents involved in the chain.
The frequency of updates will naturally depend upon what is happening at each stage of your purchase, but our aim is that you should never feel as though you have been left wondering what is happening.
Emma will keep you informed of meaningful progress, explain where matters currently stand and, importantly, chase the relevant parties when something appears to be holding things up.
Of course, you don't need to wait for an update from us. If at any stage you have a question or simply want to know where things stand, Emma and the rest of the Furnell Residential team are always available to help.
Still have a question?
Every property purchase is different and sometimes the answer can't be found in an FAQ.
If you're buying a property through Furnell Residential and there's something you're unsure about, simply speak to a member of our team. We'll always be happy to explain the process, find out what's happening and help wherever we can.
Furnell Residential — helping you move, from first viewing to handing over the keys.
Buying a home is exciting, but we know it can also raise plenty of questions. Whether you're buying for the first time or have moved many times before, our team is here to make the process as straightforward as possible.
Below, we've answered some of the questions we're most frequently asked by buyers.
1. Do I need a mortgage agreement in principle before I start viewing properties?
Not necessarily, although we would strongly recommend having one in place if you require a mortgage.
An Agreement in Principle (AIP) gives you an indication of how much you may be able to borrow and demonstrates to a seller that you've already taken some of the initial steps towards arranging your finances.
When you make an offer, we will ask for information about how you intend to fund the purchase, so having this prepared can make the process considerably smoother.
2. Do I need to have sold my own property before I can make an offer?
No. You can make an offer at any stage, although your position will form part of the information we provide to the seller.
For example, a buyer who has already sold their property and has a complete chain may be in a stronger position than somebody whose own home has not yet been placed on the market.
We will always explain your circumstances accurately to the seller so they can make an informed decision.
3. How do I make an offer on a property?
Simply contact our office and let us know the amount you would like to offer.
We will normally ask about your buying position, whether you have a property to sell, your proposed timescale and how the purchase will be funded.
We are legally required to put forward all offers to the seller promptly and in writing, unless the seller has specifically instructed us otherwise.
4. Does the seller have to accept the highest offer?
No. Price is important, but sellers will often consider a buyer's overall position as well.
A slightly lower offer from a buyer with no chain, for example, may sometimes be more attractive than a higher offer involving a lengthy or uncertain chain.
Our role is to give the seller a clear picture of each buyer's position and allow them to decide which offer they wish to accept.
5. What are ‘best and final offers’?
Where a property attracts significant interest and several buyers wish to make an offer, the seller may decide to invite interested parties to submit their best and final offer by a specified deadline.
This gives each buyer an opportunity to put forward the price they are comfortable paying, together with details of their buying position.
A seller is not obliged to accept the highest offer and may take other factors into consideration when deciding how to proceed.
6. What happens once my offer has been accepted?
Once an offer has been agreed, we will confirm the sale to both parties and their solicitors and issue the Memorandum of Sale.
Your solicitor can then begin the conveyancing process and, if you're obtaining a mortgage, you should proceed with your full mortgage application. This is also the stage at which you may wish to arrange an appropriate survey of the property.
Importantly, our involvement doesn't end when the board changes to ‘Sold’.
Once your purchase is agreed, Emma, our dedicated Sales Progressor, will become your main point of contact throughout the transaction. Emma's role is to oversee the sale from the point of agreement through to exchange and completion, maintaining regular contact with you, our seller, solicitors, mortgage advisers and, where appropriate, other estate agents throughout the chain.
Property transactions involve a number of different parties and there will inevitably be occasions when something needs chasing, clarifying or resolving. Having Emma dedicated to this part of the process means there is someone actively monitoring progress, identifying potential delays and keeping everyone informed.
You'll therefore have a familiar point of contact who understands your purchase and the wider chain, and who will work alongside the rest of the Furnell Residential team to help keep your move progressing as smoothly as possible.
7. What does Sold Subject to Contract (SSTC) mean?
Sold Subject to Contract means that the seller has accepted an offer, but contracts have not yet been exchanged.
At this stage the transaction is not legally binding in England and Wales. Both buyer and seller can still withdraw from the transaction before exchange of contracts.
8. What's the difference between a mortgage valuation and a survey?
A mortgage valuation is primarily carried out for the benefit of your lender. Its purpose is to help the lender decide whether the property provides suitable security for the mortgage being offered.
A survey is commissioned for your benefit and can provide considerably more information about the condition of the property.
There are different levels of survey available, and the most appropriate option will depend upon the age, construction and condition of the property you're purchasing.
9. What happens if my survey identifies a problem?
Don't panic. Surveys frequently identify items requiring maintenance, repair or further investigation, particularly with older properties.
The important thing is to understand the significance and likely cost of anything identified. You may wish to discuss the findings with your surveyor, obtain specialist advice or arrange quotations before deciding what to do next.
If there is a significant issue, speak to us. We can discuss it with the seller and help both parties establish the most sensible way forward.
10. Can I change my offer after it has been accepted?
Until contracts have been exchanged, a buyer can change or withdraw their offer.
However, an accepted offer should be made in good faith. If circumstances change — perhaps because of a significant survey issue or mortgage valuation — we would encourage you to speak to us as soon as possible.
We can then discuss the circumstances with both parties and try to find a practical solution.
11. Can another buyer make an offer after mine has been accepted?
Yes. Until exchange of contracts, an estate agent is generally required to pass any further offers received to the seller unless the seller has instructed otherwise.
The seller can decide whether they wish to consider that offer.
At Furnell Residential, we believe communication is particularly important in these circumstances and will keep the parties informed of any development that materially affects the transaction.
12. How long does buying a property normally take?
There isn't a single answer because every transaction is different.
The timescale can be affected by the length of the chain, mortgage arrangements, searches, surveys, leasehold information, title issues and how quickly the various parties respond to enquiries.
Once a sale is agreed, our sales progression team maintains regular contact with the parties involved so that we can identify delays, chase outstanding information and help move the transaction towards exchange.
13. What's the difference between exchange and completion?
Exchange of contracts is the point at which the transaction becomes legally binding. The completion date will normally have been agreed before contracts are exchanged.
Completion is the day the purchase actually takes place. The balance of the purchase money is transferred through the solicitors and, once the seller's solicitor confirms that completion has taken place, the keys can be released to you.
14. When will I be able to collect the keys?
Keys can be released once we have received confirmation from the seller's solicitor that the purchase has legally completed.
Unfortunately, we cannot release keys simply because you've transferred your money or your removal company has arrived. We must wait for formal confirmation that completion has taken place.
As soon as we receive that confirmation, we'll let you know that the keys are ready.
15. How often will I be updated once my purchase is agreed?
Good communication is one of the most important parts of keeping a property transaction moving.
Once your purchase has been agreed, Emma, our dedicated Sales Progressor, will oversee the transaction and keep in regular contact with you throughout the process. Rather than simply waiting for updates to arrive, Emma proactively communicates with solicitors, mortgage advisers, our seller and, where appropriate, other estate agents involved in the chain.
The frequency of updates will naturally depend upon what is happening at each stage of your purchase, but our aim is that you should never feel as though you have been left wondering what is happening.
Emma will keep you informed of meaningful progress, explain where matters currently stand and, importantly, chase the relevant parties when something appears to be holding things up.
Of course, you don't need to wait for an update from us. If at any stage you have a question or simply want to know where things stand, Emma and the rest of the Furnell Residential team are always available to help.
Still have a question?
Every property purchase is different and sometimes the answer can't be found in an FAQ.
If you're buying a property through Furnell Residential and there's something you're unsure about, simply speak to a member of our team. We'll always be happy to explain the process, find out what's happening and help wherever we can.
Furnell Residential — helping you move, from first viewing to handing over the keys.
