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