If the buyer requires a mortgage his bank or building society will send out a surveyor to inspect the property. They will also request references from the buyer's employer and landlord or previous mortgagee. As soon as all the information is available the mortgage application will be considered and, once approved, a written mortgage offer will be sent to the buyer and his solicitor. Once the searches, mortgage offer and contract documents are to hand and all is in order, the buyer will sign the contract. The seller will also sign his part of the contract and a completion date will be agreed by the parties.
Exchange of contracts can now take place.
Once this has happened there is a binding contract for the property to change hands. On the day of completion the buyer's solicitor will send the balance of the purchase price to the seller's solicitor. The seller's solicitor will then send the title deeds to the buyer's solicitor and authorise the release of the keys to the buyer. Following completion there are various matters to be attended to by the buyer's solicitor. These include stamping the transfer deed at the Inland Revenue and registering the purchase at HM Land Registry.