Buying Guide Step 5

Making an Offer

How to Make an Offer on the Property You Want

Once you have decided on the property that’s right for you, it’s time to make an offer.

We know all our sellers really well, and we can advise you on the level of offer they are likely to accept.

We are obliged to put forward any offer you make, but we recommend that it is a considered offer to ensure you come across as a serious buyer to the seller.

The final price is often subject to some negotiation depending on how strong your own position is as a buyer. For instance if you’re not in a chain, or you have your mortgage pre-arranged, then you will be in a stronger position to negotiate.

Do your homework, to be sure you are offering a fair price for what you are getting. Once you have come to an agreement through your agent, agree the price subject to contract and a satisfactory survey.

Don’t forget that until contracts are exchanged the seller is able to continue taking offers on the property so if you can’t move quickly or pay around the asking price then you could be ‘gazumped’. Gazumping is when another buyer comes in and offers a higher price even after an offer has been accepted. This is perfectly legal in England.

For this reason many buyers ask the sellers to take the property off the market, however the seller may be afraid of the buyer gazundering and so they may refuse to do so. Gazundering is where a buyer reduces the price they are offering shortly before the paperwork is completed.

Once the offer is accepted

Move quickly to appoint solicitors and advise your mortgage lender that you are proceeding, so they can send out a surveyor to carry out a valuation survey .

Make sure you provide/sign all the paperwork as quickly as possible to keep the momentum of the sale going. You will need

  • Proof of ID and proof of address, for your solicitor
  • Proof of earnings, for the mortgage lender and
  • You may also need bank statement for the last 6 months

If you are buying an older property you may also want to have a structural survey, we can help you organise this if you want one, call us on 0207 394 1160.