FTB due to complete in the next week

Homersimpson

Hi,

I'm a FTB due to exchange and complete on a house in the next week.

I've asked my solicitor to let me know what happens next as the mortgage offer is in place and i've signed the deed of legal charge. I just wondered if anyone can advise on the procedure from here on in and anything that I might need to watch out for. The house is empty so theres no chain.

I'm not sure for example:-

When to insure the property from
When to transfer my deposit to the solicitor and whats the best way - bankers draft or electronic transfer?
How long will the mortgage take to transfer to the solicitor.

I'm so excited!

kinglewis

a) Insure the property from the date when you exchange contracts. Your solicitor should tell you that when he/she knows a date.
b) You can pay the sol with a normal cheque providing you give it plenty of time to clear (5 working days) as you might be charged for a draft / TT. Although a bacs transfer is more common now. Ask your solicitor for the preferred method.
c)You don't need to worry yourself with these details.. it will depend on the lender usually takes 2-5 days.. As soon as the money is in the hands of the sellers solicitor.. the house is yours!! This will all be timed to occur on the date of completion.

Best of luck!!!

Homersimpson

Well I had a wholeload of stuff come through the post which I read through and signed. I returned these to the solicitor and gave him a bankers draft for the deposit and their fee and disbursements and he rang the sellers solicitor and exchanged contracts. All very quick and a bit of an anti-climax really!