What to do and when
- Find a property to purchase and instruct a solicitor
- Provide identification documentation and evidence of source of funding to your solicitor – including gift details
- Sign and return solicitors terms of business – so they can start the purchase process for you
- Provide solicitor with money on account- approximately £250 so that searches on the property can be started
- Sign and return contract to solicitor and send 10% of purchase price deposit money
- Close any help to buy ISA account and provide closing statement to solicitor
- Source buildings insurance cover for your property so that it can be put on risk on exchange of contracts
- Put any life, critical illness policies on risk
- Agree a completion date and authorise your solicitor to exchange contracts on your purchase
- On exchange of contracts the completion date is fixed
- contact the new utility companies to let them know the completion date for your purchase
- Send balance of purchase money to your solicitor as requested by them
- Complete purchase
- Pick up keys from selling agents and move in
Legal Jargon
Searches – solicitor applies for searches against the property with the local council, water company and environmental and flood – compulsory when purchasing with the aid of a mortgage
Exchange of contracts – when the purchase becomes legally binding between you and your Seller
Completion – when all moneys are passed over to the Sellers and keys are released to you and you can move in to your new home
Deposit on exchange of contracts – usually 10% of purchase price (any balance of funds you are providing will be requested by your solicitor ready for completion)