How much to offer
- Check sold prices for similar homes nearby. That is your anchor, not the asking price.
- How long has it been on? Reduced? A house on for four months invites a lower offer than one listed last week with three viewings booked.
- Your position matters. Chain-free first-time buyer with a mortgage in principle is strong; many sellers will take a little less for certainty.
- Start below what you would pay, but not insultingly. 5% to 10% under asking is normal territory in most markets; in a hot market, asking or above.
How to make it
By phone to the agent, then confirmed by email. Include: the amount, that you are a first-time buyer with no chain, that you have a mortgage in principle (attach it), your solicitor's details if you have one, and any conditions (for example, that certain items are included, or a preferred completion date). Agents are legally required to pass every offer to the seller.
If it is refused
Ask what they would accept. Go up in small steps. Know your ceiling before you start and stick to it. There will be another house.
When it is accepted
- Ask the agent to take it off the market and to confirm the sale agreed in writing (a "memorandum of sale").
- Instruct your solicitor the same day. Conveyancing explained.
- Tell your broker and start the full mortgage application.
- Book your survey. Which survey?
- Move fast. Until exchange, the seller can accept a higher offer (gazumping). Speed is your protection.
Scotland is different
In Scotland, offers go through your solicitor and become binding much earlier, once "missives" are concluded. Sellers provide a Home Report up front. If you are buying in Scotland, get a solicitor before you offer.
A note on the numbers. Thresholds, schemes and typical costs are correct as far as we know at the time of writing and are for England and Northern Ireland unless we say otherwise. Rules change and lenders differ. Check the current position, and get advice from a qualified broker before you commit.
Quick answers
Can I offer on more than one house?
Legally yes in England, Wales and NI, but it wastes everyone's time and agents talk. Offer on the one you want.
What is a memorandum of sale?
The agent's document confirming the agreed price and the parties' solicitors. It is not binding, but it is the starting gun for the legal work.
Should I offer a quick completion?
If you can genuinely do it, yes; it is attractive to sellers. Do not promise a date your solicitor cannot meet.
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