Stage 3 – Contract
Your solicitor will check the Legal Information Pack and agree the Contract and Transfer with the sellers solicitors. There may be specific queries which require clarification by the sellers solicitors, however, the Legal Information Pack will be as comprehensive as possible so it is unlikely there will be many additional questions.
Stage 4 – Signature
Once a mortgage offer is received by your solicitor and your searches have been returned (around 10 days after application), your signature will be required on the following documents:
- Mortgage Offer
Please contact your solicitor regularly to ensure you can make an appointment prior to your deadline.
At this point you must pay to your solicitors a deposit of 10% of the purchase price in readiness for exchange and completion. It is usually given to your solicitor on the day of your signature appointment. Please be aware that deposit funds should be paid by Telegraphic Transfer, Electronic Transfer (internet banking) or Bankers Draft not a personal cheque as they take 5 working days to clear putting you at risk of missing your deadline. If you do wish to pay by personal cheque, ensure this is sent to your solicitor 1 week prior to exchange being due.
Stage 5 – Exchange of contracts and legal completion
When both the buyers and sellers solicitors have signed Contracts available, the Contract is exchanged, and the deposit monies are paid to the sellers solicitor (and held by them), this is the point at which you are committed to the purchase, legal completion follows at a date agreed when the balance of the purchase price is paid and you take ownership of your new home.
PLEASE DOWNLOAD AND READ THE PDF BELOW FOR YOUR FULL CHECKLIST OF WHO NEEDS TO DO WHAT IN THE PROCESS