The sellers' estate agent will advise us on the terms of purchase and provide details of the sellers and their legal representatives. We will prepare a report for you, along with copies of relevant papers, explaining all the important points and matters of which you should be aware . This ensures, for example, that there are no road or other proposals affecting the property, or breaches of planning or building laws. You should also make sure that you buildings insurance is ready to go on risk - normally with effect from exchange of contracts. Once the paperwork is ready, and you are happy with it, you will be ready to sign the contract , and provide a cheque for the deposit.
Exchange of contracts can then take place.
At the same time, a completion date is agreed - usually between two and four weeks after exchange. A financial statement is prepared and sent to you, showing any balance required for you to complete. A transfer deed is also prepared, agreed and signed. If you have not already done so, you will now sign the mortgage deed . After Completion Even after completing there are still matters which need to be dealt with - such as repaying mortgages, paying stamp duty, registering the transfer and so on.