Step by Step Guides Buying

Looking to get on the property ladder? Broaden your portfolio? This guide covers all the aspects involved in a property purchase, helping you whether you’re a first-time buyer or have some experience in the property market.

Sections:

1. Where to begin
2. Property Hunt
3. Viewing
4. Conveyancing
5. Offer and Application
6. Survey
7. Mortgage Agreed
8. Searches
9. Exchange
10. Insurance
11. Complete
12. Moving

9. Exchange

Once everything is in order and you, advised by your solicitor, are satisfied with the terms drafted, the contracts are exchanged.

1. You sign a copy of the contract and then pass it on to the seller, and you receive another copy of the same contract signed by the seller, for you to sign.

2. You hand over a non-refundable security deposit to the seller, normally 10% of the purchase price, but this can be negotiated.

3. Right after the exchange, your solicitor will get started on a series of documents:

• The draft transfer document, which both parties will sign once agreed
• Documentation relating to your mortgage. Your solicitor will also arrange for the money to be available once the sale is complete

4. Your solicitor carries out some final searches: Land Registry and so on, to make sure that nothing is registered against the seller.

5. You pay the Land Registry fees and stamp duty.

6. You ensure that the seller has fulfilled all the terms of the contract (repairs, fixtures and fittings).

Once a contract is signed, both parties are legally bound to make the transaction. You cannot back out at this moment, since you will lose your deposit and you could be sued for breach of contract.

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