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what needs to be done before we can exchange?
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landybabe
Posts: 74 Forumite
Hi all
Was just wondering if someone can tell me what needs to be done before we can exchange contracts. It seems every I speak to my solicitors they have done this and that and now doing XYZ. Its so hard to work out if your nearly there and what questions should I be asking them.
Thankyou
Was just wondering if someone can tell me what needs to be done before we can exchange contracts. It seems every I speak to my solicitors they have done this and that and now doing XYZ. Its so hard to work out if your nearly there and what questions should I be asking them.
Thankyou
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Comments
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Pointless to get some random lists from people here.
Go to your local library and borrow (free) a book on property buying.
It will explain it all, comprehensively, and furthermore will answer all the Qs that arise over the next few months....0 -
Offer agreed
Solicitors instructed
Sales memorandum issued by agent
Purchaser applies for mortgage
Vendor's solicitor prepares and issues draft contract
Vendor completes seller's enquiry forms and returns to solicitor
Valuation/survey carried out
Purchaser pays solicitor for searches
Searches requested
Renegotiation of price due to survey findings - if required
Mortgage offer issued
Purchaser's solicitor receives seller's enquiry forms and raises any enquiries
Searches returned
Responses to enquiries
Purchaser visits solicitor to go through paperwork, hand over ID and deposit
Completion date agreed between all parties
Everything upto here ^^^^^^^^^^^^^^
Contracts exchanged
Completion takes place.I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
Thank you very much for your reply, it looks like we are up to
Purchaser's solicitor receives seller's enquiry forms and raises any enquiries and Responses to enquiries.
They told me on Monday they were dealing with enquiries and would be in contact if they needed our help, so that all makes sense now.
thank you0 -
A very useful list.kingstreet wrote: »Offer agreed
Solicitors instructed
Sales memorandum issued by agent
Purchaser applies for mortgage
Vendor's solicitor prepares and issues draft contract
Vendor completes seller's enquiry forms and returns to solicitor
Valuation/survey carried out
Purchaser pays solicitor for searches
Searches requested
Renegotiation of price due to survey findings - if required
Mortgage offer issued
Purchaser's solicitor receives seller's enquiry forms and raises any enquiries
Searches returned
Responses to enquiries
Purchaser visits solicitor to go through paperwork, hand over ID and deposit
Completion date agreed between all parties
Everything upto here ^^^^^^^^^^^^^^
Contracts exchanged
Completion takes place.
Not necessarily comprehensive though. As I said, there are whole books on this....0 -
Indeed there are. But at 9 o'clock on a Wednesday night?A very useful list.
Not necessarily comprehensive though. As I said, there are whole books on this....
I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0 -
My central library is open till 10.00 PMkingstreet wrote: »Indeed there are. But at 9 o'clock on a Wednesday night?
:T0 -
When we first moved to Stafford, I was astounded to find our library open 1 - 4 on a Sunday and when we lived in Gretna, the Post Office in a Safeway (as was) in Dumfries was also open on a Sunday.
Thinking back, when I was a kid (early to mid seventies) nothing opened on a Sunday.
Times change.
I am a mortgage broker. You should note that this site doesn't check my status as a Mortgage Adviser, so you need to take my word for it. This signature is here as I follow MSE's Mortgage Adviser Code of Conduct. Any posts on here are for information and discussion purposes only and shouldn't be seen as financial advice. Please do not send PMs asking for one-to-one-advice, or representation.0
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