The exchange happens after searches are received, enquiries answered, mortgages in place and any preliminary work completed Once you have exchanged, you have committed to the sale and a completion date will be agreed.
Once the contract has been signed by both parties, a deposit (normally a small percentage of the purchase price) is paid by either bank transfer or banker’s draft. At this stage, the parties agree on a date for completion.
Completion usually follows a few days or weeks after exchange of contracts and is when you pay for the property and take ownership of it which generally takes place at a certain time of day often midday.
The balance of the purchase price is transferred by the buyer’s solicitor to the seller’s solicitor and the keys released – Congratulations! You are now the owner of your new home!
Conveyancing - the legal aspects
Here is our quick guide to understanding what a conveyancer does. They will:
- Obtain sellers' responses to questions, such as who owns the boundaries, whether they have had any disputes with neighbours and what fixtures and fittings are included.
- Check copies of any guarantees on the property, details of planning permissions and building regulation certificates.
- Check the seller really is the owner of the property and prepare a Report on Title for you.
- Check local authority searches and plans for the local area.
- Pay stamp duty tax on the property.
- Arrange registration of title in your name