The Process Of Exchange Contracts & Completion

The Process Of Exchange Contracts & Completion | Property Management

We are going to discuss here the relation between buyer and seller in London and also when you will agree to buy a house what will be the probabilities you have to share with the seller.

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There are lots of requirements seller and buyer have to complete in this process. There is no 100% surety until the contract has been exchanged and even then you may have to wait a few weeks before the seller able to hand the keys over.

Now we have to check the duration of time this process takes till the end, it varies on the deal you are doing with the seller if the standards two weeks between exchange of contracts and completion is not long enough to arrange the move you can always ask for more time. Here is the guideline step by step to explain this process to you completely

Pay Your Deposit

The buyer has to pay the deposit near 5% of the total agreed price of the house to their solicitor and conveyancer. If the buyers do not show any interest in the further stages, they have to lose their deposit and may face legal action from the seller. The buyer also has to buy any extra dues of their solicitor like stamp duty. You should check all the bank details of your solicitor before making any payments.

Sign And Then Exchange Contracts

Now you should ready yourself to sign a series of legal documents provided by your solicitor. When you both signed the papers you are giving your all verbal talk to a legally binding and no one can step back out of it. Later on, these documents are sent by recorded delivery to each other’s solicitor and conveyancer to acknowledge them.

Try To Save Yourself  From Any Misshapen

 At this point, you should try to protect yourself through building insurance or life insurance to preserve your money from any accidental events because you are putting your whole life savings in it.

The Final Date Of Completion

When the money changes hands and at last you get the keys to your new house. This is the time everything is complete. A time of two weeks is usually allocated between exchanging contracts and completion, although it can be even quicker than this.

The buyer’s solicitor can be sued if they fail to meet the deadline. You have to try to utilize this time to pack your stuff and move your belongings by a removals company. Start to inform your relatives, friends and loved ones about your new address, especially utility companies. If you need more time for it, you should inform your solicitor about it as a save passage.

The Lender Releases The Money

When the lender has received a Title from the buyer’s solicitor, they will release the money to them. The Certificate of Title contains detailed information about the history of ownership of the property and a complete legal description of it.

Final Checks Are Made

In the final check, you should be beware about your account condition. It’s not a good idea to do anything which might affect your credit rating around this time, such as mixing any credit cards or avoid any large purchases. The lender will do a final check before releasing the money to ensure that your circumstances do not change.

After The Seller Receives The Money

After the seller’s solicitor has received the money from the buyer’s solicitor, this process of sale is complete, once the seller has received the money. You will become the owner of the house. It all depends on the buyer’s solicitor receives the money from the lender on the time.

Now It Is Time To Pick Up The Keys

SANDRA DAVIDSON ESTATE AGENTS LIMITE

When the sale is complete, there is now only one thing to do, pick up the keys of your new house and start shifting your stuff in it. It is general information about selling and purchasing of the house but if you need professional advice for it you can contact SANDRA DAVIDSON ESTATE AGENTS LIMITE Dany time. It is the most reliable estate agency in the market for buying, selling, letting or renting a property or buying any financial products.

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