Whether you’re a first-time buyer in Hull, moving within Beverley, or buying a family home in Cottingham, this guide explains how to make an offer on a property in Hull, what’s legally involved, and how to avoid common (and costly) mistakes. 

Once you’ve found a property you like, your offer is usually made through the local estate agent either over the phone or by email. 

Property values can vary significantly across Hull and the East Riding. Look at recent sold prices in the same street or village to check whether the asking price is realistic. It’s important to check sold prices, not listed prices. 

 

Sellers and estate agents in Hull will request to see the following documents to make sure you are in a proceedable position to purchase the property: 

 

o A mortgage agreement in principle 

o Proof of deposit 

o A solicitor ready to act 

o 2 forms of ID 

Buyers who are “mortgage ready” are favoured, even if their offer isn’t the highest. 

 

This depends on demand, condition, and location what works in central Hull may not apply in surrounding villages. What you decide to offer will be driven by how long the property has been on the market, how quickly the vendor needs to move, if they have had any offers already or any renovation works needed on the property. 

Check if the property has been reduced in price since the property went on the market. Reductions in the list price are an indication that the seller is motivated sell, and the initial price may have been too high. Multiple reductions indicate motivation to sell. You can also use technology to support your offer. Advisers have access to ‘Hometrack’ which is a house price index which will give you a price for the property based on online data. This is to be used as a guide but can help support your offer with data. 

 

You’ll likely be asked about: 

 

o Whether you’re a first-time buyer 

o If you’re part of a chain 

o How quickly you can complete 

o How much you would like to offer 

5. Confirm everything in writing 

Always follow up with an email to avoid misunderstandings this way the estate agent can forward your offer in writing directly to the vendor. 

A very common question from buyers Is making an offer legally binding? The answer is No. Neither party in the transaction is legally binding until you exchange contracts which is right at the very end of the process. 

 

Until exchange of contracts, either the buyer or seller can withdraw without legal penalty (although costs may already have been incurred). 

Yes, you can pull out after making an offer, as long as contracts have not yet been exchanged. This can happen for several reasons, including: 

 

• A down valuation from the mortgage lender 

• Poor survey results 

• Mortgage issues 

• A change in circumstances 

 

 

While you’re allowed to pull out, you may still lose the initial costs you have invested into the process such as: 

• Survey fees 

• Solicitor costs 

• Mortgage-related fees (if already paid) 

Another key question buyers ask is should you offer lower than the asking price? 

The answer depends heavily on local market conditions. Offering below asking price may work if: 

• The property has been on the market for several months 

• It needs modernisation or repairs 

• Similar homes nearby have sold for less 

• The local market is slower 

• The vendor hasn’t had much interest 

• The vendor needs to move quickly 

 

• The property is well priced and newly listed 

• There’s strong demand in popular areas of Hull or East Yorkshire 

• The vendor is receiving multiple offers 

• The vendor needs the full asking price to be able to move on 

A sensible approach is to make a realistic offer backed up by evidence rather than going in too low and risking rejection. Remember you are aiming for a win-win situation. Yes you want to secure a bargain but the vendor also needs to get what they need out of the deal too. 

 

Once your offer is accepted and you have provided the documents, we mentioned above to prove you are proceedable, the property will be marked Sold Subject to Contract (SSTC). 

 

Next steps include: 

1. Submitting your full mortgage application 

2. Booking your property survey 

3. Your solicitor carrying out searches 

4. Progressing towards exchange of contracts 

Until contracts are exchanged, the purchase isn’t legally binding so keeping things moving is key. 

 

If you’re unsure how much you can afford or want to strengthen your position before making an offer, speaking to a local mortgage adviser in Hull or East Yorkshire like ourselves early can make the whole process smoother.