Process of Conveyancing
Survey & Mortgage Offer
A survey of the property will be booked by a surveyor on behalf of the mortgage lender to identify any structural problems and advise on the property’s value. After the mortgage valuation report is received, a formal mortgage offer will be sent to you and your solicitor which you will need to sign before it is returned. There are no legal obligations until contracts are signed.
Exchange of contracts
Exchange of contracts occurs when all enquiries have been confirmed and agreed. Once the contract has been signed by both parties the deposit (usually 10% of the purchase price) will be transferred online from your solicitor to the seller’s solicitor. The completion date is then set by mutual agreement.
Completion is when the residual monies (usually 90%) are transferred from your solicitor to the seller’s solicitor’s account. We will release the keys once the money has cleared in the seller’s account.
Congratulations, you are now the legal owner of your new home!