At the end of Part 3, our poten­tial first time buy­er was ready to Exchange Con­tracts. The final part of our four part guide will look at what you need to arrange pri­or to Exchange of Con­tracts & Completion.

To be ready to Exchange Con­tracts, the fol­low­ing stages should have take place;

1. You should have received & checked your mort­gage offer
2. You should have received & checked your report
3. Your Solic­i­tor should have received full replies to enquiries
4. You should have con­sid­ered a com­ple­tion date
5. You should have enquired for build­ings insurance
6. You should have for­ward­ed 10% deposit to your Solicitor

Your Con­veyanc­ing Solic­i­tor will under­take a final file review & then ask your per­mis­sion to exchange. Solic­i­tors agree an exchange for­mu­la over the tele­phone, com­plet­ing the Con­tract, & then for­ward­ing each other’s copy along with the deposit.

Once you have exchanged, you must insure the prop­er­ty if you are pur­chas­ing. Exchange of Con­tracts gives the secu­ri­ty of the move date, so you would now be free to book removals & make plans for the day of completion.

The main next steps for Com­ple­tion are;

1. Your Solic­i­tor will pre­pare your com­ple­tion statement
2. You need to for­ward any bal­ance pur­chase monies required
3. Mort­gage monies are ordered by your Solicitor
4. Full pur­chase monies are sent to the vendor’s Solicitor
5. Stamp Duty & reg­is­tra­tion takes place post-completion

For a com­plete guide to buy­ing please click here

To dis­cuss buy­ing a house, please get in touch with Rick Bar­row on 01625 523988 or mail@​JBGass.​com