The next crucial step is the exchange of contracts. At this stage, your solicitor and the seller’s solicitor exchange signed contracts, making the sale legally binding.
As the buyer, you will need to ensure that you have your mortgage offer in place, the deposit ready (as agreed in your mortgage application), and that all necessary checks and searches are complete. You will also need to sign the contract and agree on a completion date.
During this time, your solicitor will ask you to transfer your deposit and enough funds to cover the stamp duty into their bank account. They would have provided you with their bank details when you instructed them. Confirm the bank details just before you make the payment. DO NOT trust any unsolicited email, text or social media message you might receive with updated bank details, as it might be a scam.
Once contracts are exchanged, you are legally committed to buying the property, and withdrawing will result in financial penalties. Therefore, it is essential to be confident in your decision and ensure all aspects are in order before proceeding.
Arrange your move! At exchange you agree on a completion date, when you will be handing over the keys, You can move in as soon as you have received the keys. Try and negotiate a completion date that is mutually suitable for yourself and for the seller. This could be quite tricky if you and/or the seller is in a chain so it is worth discussing a potential move date with the agent in long in advance of exchange.