The house buying process can seem very long-winded and complicated but in reality it is just that so many different things need to be checked before the mortgagee will hand over the monies to the buyer’s solicitor and the buyer’s solicitor will hand over the monies to the seller. Given that the purchase of their home may well be the biggest financial decision of their life, most people are happy that there are so many checks and balances along the way.
After you have agreed to buy or sell a property, you will employ a conveyancer to do most of the paperwork for you. They will liaise with your lender if you have a mortgage and with the other side’s legal representative also. They will draft a contract for the sale (which in most cases nowadays is a pre-printed standard document that covers most eventualities. ‘Pre-contract Enquiries’ will be made of the seller. This is where the buyer’s representative gets to ask detailed questions such as ‘Does the property flood?’ or ‘Have you ever had a problem with the neighbours wall?’ These questions must be answered truthfully.
After the pre contract enquiries have been made, searches have been undertaken and answered and the mortgage offer has been formally accepted by the buyer (after a mortgage valuation has been undertaken), any cash required for the deposit, professional fees and charges will be requested by the buyer’s solicitor and once she is ‘in funds’ and the contract to purchase has been signed by her client, the buyer, she will be ready to ‘exchange contracts’.
After contracts have been exchanged both sides of the transaction are legally committed to the terms of the contract, which in basic terms usually means the buyer must pay the purchase price by an agreed date and the seller must hand over the keys to the property and vacate by a certain date. A deposit is usually paid by the buyer’s solicitor to the seller’s solicitor at this time but, critically, the purchase price has still to be paid and so whilst the transaction is agreed and legally binding, it has yet to happen.
The date that the contract requires the transaction to be completed is the day upon which the remaining monies are paid over to the buyer’s solicitor and the seller vacates the property and hands over the keys. This is usually moving day and is known as the date of ‘completion’.
Next article: How is a Completion Date Chosen?
To speak to a mortgage adviser please contact us on 01628 507477.
Recent posts
We look at how to get the best Buy to Let mortgage rate, what's in store going forward, and options as a landlord with increasing costs.
UK mortgage rates following Trump’s Tariffs
9 days ago
Throughout this past week, lenders have continued to reduce their mortgage rates giving borrowers in the UK some welcome news following the change in global tariffs under US President, Donald Trump.
Effective ways to relieve stress
9 days ago
Did you know that buying a house, or relocating is in the top 10 most stressful life events?
Stress of course is an unavoidable part of life and there are many reasons why people experience stress, not just buying a house!
There are lots of effective ways to manage and reduce stress, check out our tips to help you.
The most inexpensive areas for first time buyers
22 days ago
With the stamp duty relief ending in England and Northern Ireland, we have listed the top 10 cheapest areas for first-time buyers as published by Rightmove.
Tips to help you get onto the property ladder
22 days ago
Are you looking to purchase your first home but unsure where to begin? Here are some tips to get you started.
Choosing which fixed rate to go for has been a dilemma for many of our clients so far this year. There really isn’t a right or wrong answer, but below we will look into the pros and cons of a two-year and five-year to help you make the right decision for you.
Best UK Mortgage Rates this Week
18 Mar 2025
Here are the lowest fixed mortgage rates of the week, available to first-time buyers, home movers, buy-to-let, and those remortgaging.
Call us for more information: 01628 507477 or email: team@mortgagerequired.com.
Stamp Duty Rush as Deadline Looms
17 Mar 2025
According to Rightmove, a whopping 500,000 UK homebuyers are rushing to finalise their home purchase before the new Stamp Duty rules change in April.
More information
Trusted by
