First time buyer guide
Agree your purchase
Open market
If your offer has been accepted, you will receive a Memorandum of Sale (MOS) from the agent, which confirms the terms of the sale.
To do this, the agent will need to know which firm you’re using for the legal side of things. The legal process is known as ‘conveyancing’.
If you’re purchasing a new home, you will most likely need to pay a reservation fee. Make sure you check with the developer what the terms are of the fee. In this case, you are likely to receive a reservation form rather than or as well as a MOS.
Once you’ve received the MOS, you will need to make sure your chosen solicitor and IFA are instructed to get to work on your behalf.
If you’re allocated a Pocket home, you will find an Offer Letter and an Offer Letter Information Sheet in your My Pocket dashboard. It will contain a clear timescale of what is expected and all the T’s & C’s you should know about, but in summary, the next steps are:
- Uploading evidence of your eligibility
- Instructing a solicitor (Pocket has a recommended panel that you can choose from)
- Meeting with your IFA
- Paying a £500 reservation fee
Your £500 reservation fee is fully refundable should you have issues obtaining a mortgage.
Once everything has been uploaded, a reservation form will be created for you.
We will both instruct our solicitors, and they will start the legal process of home buying, called ‘conveyancing’.
