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Exchange of contracts process
deegsy
Posts: 45 Forumite
Hi guys,
can anyone tel me whats next in the process? i am buying and selling all parties are ready to exchange do i have to pay my solicitor my deposit before or after exchange? Also when does buildings insurance have to be in place? Before/after exchange?
can anyone tel me whats next in the process? i am buying and selling all parties are ready to exchange do i have to pay my solicitor my deposit before or after exchange? Also when does buildings insurance have to be in place? Before/after exchange?
0
Comments
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Both on/before exchange.
The process is: you go in and sign at a random date. The other side visit their solicitor at a random date and sign. Once both are signed and the exchange date's fixed, on that date your solicitor will phone to double-check you want to exchange. You say "yes".
They then phone the other solicitor and if both sides have said "yes" they agree over the phone that they just exchanged contracts. They'll then post them off to each other, but exchange will have occurred and be binding.0 -
One small alteration in bold.PasturesNew wrote: »Both on/before exchange.
The process is: you go in and sign at a random date. The other side visit their solicitor at a random date and sign. Once both are signed and the completion date's agreed by all parties, your solicitor will phone to double-check you want to exchange. You say "yes".
They then phone the other solicitor and if both sides have said "yes" they agree over the phone that they just exchanged contracts. They'll then post them off to each other, but exchange will have occurred and be binding.
The solicitor at the bottom of the chain releases the contract for a few hours to allow the solicitors up the chain to do the same and to agree up to the top and then it comes back down again and everyone is then exchanged.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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