WHAT HAPPENS NEXT?
We’ll guide you through the next steps in buying a house
Step 1
The mortgage offer will be on its way to you and the solicitor. We will check with the solicitor that they have received the mortgage offer.
Your solicitor should have already instructed searches and possibly be in receipt of the searches. If the searches aren’t yet instructed it is worth chasing your solicitor.
Your solicitor may also be in receipt of draft contracts from the seller’s solicitor and information about the property you are purchasing. Again, if they aren’t it is worth chasing the solicitor and estate agent.
Top Tip!
If you haven’t already we’d recommend that you communicate across the chain a target exchange and completion date. Target dates typically help to focus and can provide an element of urgency to achieve your objective. Any dates need to be communicated to whole chain and the estate agent will help you do this.
Step 2
When your solicitor is in receipt of the draft contracts, searches, property information pack, fixture and fittings form and where applicable the homebuyers survey and management information pack they will make enquiries (ask questions) of the seller’s solicitor. Typically, there are at least few rounds of enquiries between the solicitors.
Please note
Your solicitor also represents the lender on the legal side of the transaction and needs to recommend the property as adequate security from a legal prospective in line with the lenders handbook.
Step 3
When all enquiries are resolved, you will be ready to exchange contracts on the purchase and presuming others in the chain are ready too (including your sale where applicable), you can exchange contracts and agree a completion date.
Deposits are required to exchange contracts which isn’t always applicable if you are selling and buying. Your solicitor will advise you when you are ready to exchange.
Your solicitor will request the mortgage funds from the lender in preparation for completion.
Step 4
After completion, the lender will write to you with a welcome letter/pack and within this you’ll be advised when and the amount of the first payment due to the lender. You will be given at least 10 workings days’ notice are required by the direct debit guarantee.
We will assist in chasing your solicitor however please use this to supplement your own chasers to the solicitor and estate agent.