How long does it take to get a mortgage offer after the valuation?

Typically, it can take anywhere from 2 to 20 working days for a lender to issue a formal mortgage offer after the valuation has been completed. The timeframe depends on the lender's current service levels, the complexity of your application, and whether the valuer has raised any concerns that require further investigation.

Can I pull out of a house purchase after the offer is accepted?

Yes, you can withdraw your offer at any point up until the exchange of contracts. Once contracts are exchanged, you are legally committed to the purchase and pulling out would mean losing your deposit and potentially being sued for other costs by the seller.

What is the difference between a mortgage valuation and a survey?

A mortgage valuation is a brief check carried out by the lender to confirm the property is worth the amount you want to borrow. A survey is a much more detailed inspection of the property's condition that you commission for your own peace of mind. The valuation is for the lender; the survey is for you.

What happens if the property is down-valued?

If the lender's valuation comes in lower than your offer, this is known as a down-valuation. You have a few options: you can try to renegotiate the price with the seller, you can cover the difference with a larger deposit, or you can challenge the valuation if you have strong evidence. As your broker, I can help you navigate this situation.

How much does a solicitor cost for a first-time buyer?

Conveyancing costs for a straightforward purchase typically range from £1,000 to £1,500. This can vary based on the value of the property and the complexity of the legal work involved. It's always best to get a few quotes before instructing a solicitor.

How long does it take to get a mortgage offer after the valuation?

Typically, it can take anywhere from 2 to 20 working days for a lender to issue a formal mortgage offer after the valuation has been completed. The timeframe depends on the lender's current service levels, the complexity of your application, and whether the valuer has raised any concerns that require further investigation.

Can I pull out of a house purchase after the offer is accepted?

Yes, you can withdraw your offer at any point up until the exchange of contracts. Once contracts are exchanged, you are legally committed to the purchase and pulling out would mean losing your deposit and potentially being sued for other costs by the seller.

What is the difference between a mortgage valuation and a survey?

A mortgage valuation is a brief check carried out by the lender to confirm the property is worth the amount you want to borrow. A survey is a much more detailed inspection of the property's condition that you commission for your own peace of mind. The valuation is for the lender; the survey is for you.

What happens if the property is down-valued?

If the lender's valuation comes in lower than your offer, this is known as a down-valuation. You have a few options: you can try to renegotiate the price with the seller, you can cover the difference with a larger deposit, or you can challenge the valuation if you have strong evidence. As your broker, I can help you navigate this situation.

How much does a solicitor cost for a first-time buyer?

Conveyancing costs for a straightforward purchase typically range from £1,000 to £1,500. This can vary based on the value of the property and the complexity of the legal work involved. It's always best to get a few quotes before instructing a solicitor.

Back to First Time Buyers

What Happens After Your Offer Is Accepted?

You've had the call – it's a yes! It's a huge moment. Now, let's walk through the journey from this exciting milestone to the day you get your keys.

First off, congratulations!

Seriously, take a moment to celebrate. You’ve found a home you love and the seller has agreed to your price. That’s a massive step forward. The next part of the process is often called 'the waiting game', but a lot is happening behind the scenes. My role is to keep it all moving for you.

So, what actually happens now? The journey from offer acceptance to completion day typically takes between 8 and 12 weeks. It can feel a bit like a black box, so I've broken it down into clear steps. Think of me as your guide, making sure everything is on track while you start dreaming about paint colours.

Your home may be repossessed if you do not keep up repayments on your mortgage.

The Path to Completion: An 8-Step Guide

Instruct a Solicitor or Conveyancer

This is your first task. You need a legal expert to handle the property transfer. They'll manage contracts, conduct searches, and ensure all the legal T's are crossed. I can recommend some excellent, no-nonsense solicitors I trust here in Alsager and the wider Cheshire area. Expect to budget around £1,000 - £1,500 for their services.

Submit Your Full Mortgage Application

This is where I formally present your case to the lender. We'll have a Decision in Principle already, but this is the main event. I'll package up your payslips, bank statements, and ID and submit the full application. The lender's underwriters will then review every detail.

The Mortgage Valuation

The lender needs to be confident the house is worth what you're paying. They'll send a valuer to do a basic check. It's important to remember this is for their protection, not yours. It is not a substitute for a proper survey.

Property Searches

Your solicitor gets busy now, ordering 'searches' to uncover hidden issues. These include Local Authority (checking for planning issues), Environmental (flood risk, contaminated land), and Water/Drainage searches. It's all about making sure there are no nasty surprises waiting for you.

Get a Property Survey

This is optional, but I strongly recommend it. A survey is a health check on your potential new home, conducted by a qualified surveyor. It can uncover issues from damp to structural problems that the lender's basic valuation would miss. It could save you thousands. I've written more about this in my guide to surveys and valuations.

Mortgage Offer Issued!

The moment we've been working towards! The lender issues a formal, legally binding mortgage offer. This document confirms they are happy to lend and details all the terms. It's typically valid for 3-6 months, giving us a clear window to get everything else finalised.

Exchange of Contracts

This is the point of no return. Once your solicitor is happy with everything, you'll sign the contract and pay your deposit. The seller does the same. The purchase is now legally binding. For more detail, see the guide to exchange and completion.

Completion Day

The big day! I'll arrange for the mortgage funds to be sent to your solicitor, who then transfers them to the seller's solicitor. Once the money arrives, the estate agent gets the green light to release the keys. Congratulations, you are now a homeowner!

What Can Go Wrong?

While most purchases go smoothly, it's wise to be aware of potential bumps in the road. A lender's valuation might come in lower than your offer (a 'down-valuation'), a survey could uncover costly repairs, or there could be delays in the property chain.

If any of these happen, please don't panic. This is a normal part of the process. The first thing to do is call me. We can talk through the options, whether that's renegotiating the price, looking at different mortgage products, or simply having me chase things up. We'll find a way forward.

My Role in All of This

Think of me as your project manager during this whole process. My job isn't done once the application is submitted. I'll be in the background, constantly:

Chasing the lender for updates so you always know where you stand.
Liaising with your solicitor to make sure they have everything they need from the lender.
Answering your questions (no matter how small!) and explaining any jargon.

My goal is to make this as smooth and stress-free as it can be, letting you focus on the excitement of moving into your first home in or around Alsager.

Your Questions Answered

Ready to Get Started or Have More Questions?

Whether you're just beginning to think about your first mortgage or you've already had an offer accepted, I'm here to help. Book a free, no-obligation chat to discuss your next steps.

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