Once the offer has been accepted, the buyer and the vendor must appoint a solicitor.
The vendor and the buyer will be sent an Memorandum of Sale from the agent, confirming the price agreed and any special conditions negotiated. If required, the buyer should have an approved mortgage in principal.
The purchaser should inform their mortgage company to arrange for a mortgage valuation and home buyer / Structural survey to be carried out.
The purchaser will put his solicitor in funds for local authority searches, Vendor’s solicitor will send draft documentation, contract and deeds of the property to the purchaser’s solicitor. The mortgage offer should be sent to your solicitor within a week/10 days after the survey date.
When all the enquiries have been answered to the buyer’s solicitor’s satisfaction, the contract will be approved and sent to the purchaser for signature and return. At this stage the purchaser’s solicitor should be in cleared funds to exchange. This amount is generally 10% of the purchase price.
Once the solicitor has signed the contract, they will be ready to exchange contracts. At this point the completion date will be set and the deposit funds transferred.
Completion is when your mortgage company sends the remainder of funds across to the solicitors and is ‘move-in’ day.