Page 19 - ESPC Training Booklet

BUYING ADVICE LEYDENS COTTAGE, LEYDENS ROAD,

DENHOLM, HAWICK, TD9 8NB

OFFERS OVER £285,000 3 2 1 D

ESPC PROPERTY

MY OFFER WAS ACCEPTED – WHAT NEXT?

Ailsa Meiklejohn, Head of Property at Drummond Miller, looks at what happens after your offer
has been accepted on a property.

You instruct your solicitor to make an offer, that they will be confident that this aspect
the estate agent confirms it is verbally of your funding is in place – this can take a
accepted and congratulations! You’ve bought number of weeks.
a property... nearly.
Furthermore, if your purchase is subject to
When your offer is verbally accepted, the sale, you will also need your own sale missives
estate agent will usually mark the property to be concluded before you conclude missives
as “under offer” and cancel further viewings. on your purchase, in order to ensure you have
However, at this stage you only have a the funding available. You may also wish to
gentleman’s agreement with the seller – you try and conclude both your purchase and sale
are not legally bound to purchase the property simultaneously to ensure you are not left in a
(and the seller is not legally bound to sell the situation where you sell without buying, and
property to you) until missives are concluded. that can be a bit of a juggle!
Missives is the name given to the contract
between the buyer and the seller. While we appreciate that the uncertainty of
not being legally bound to the transaction is
It is not appropriate for either party to unsettling (particularly when you are trying
commit to the transaction until the purchaser to organise a house move!), it is in your best This chocolate box 18th century thatched cottage is perfectly placed within the popular
is confident on a number of matters, in interests to ensure your funding is in place village of Denholm, set amidst spectacular Borders countryside. With character and charm in
particular, that they have the funding in place before committing yourself to the transaction abundance, the property offers flexible and spacious accommodation. The external grounds
to complete the purchase. and potentially incurring penalties for breach
of contract if your funding is not secured! provide the quintessential cottage garden with colour and privacy to enjoy a peaceful way of
If your purchase is dependent on you securing life.
a mortgage, following the offer being verbally Find out more about Drummond Miller at
accepted, you should progress your mortgage drummondmiller.co.uk or contact them on Viewing Information
application as soon as possible. It is only once reception@drummondmiller.co.uk or
your solicitor receives your mortgage offer 0131 226 5151. Telephone Hastings Legal on: 01573 225999
Email: enq@hastingslegal.co.uk
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