When is it yours? No going back?

moneyuk

So I am currently going through mortgage process, when is the property actually yours with no going back?

So far I have

Paid initial fee to solicitor
Signed a transfer document
signed a mortgage deed

What is next?

ashp_2

Once you exchange contracts it is legally binding for both sides.

moneyuk

And what process is this? Do I receive anything? What do I sign next?

PasturesNew

Solicitor calls you into the office and you agree the completion date and the exchange date and a big document is put in front of you and you sign that.

Solicitor then exchanges that document (verbally/over the phone) with the other solicitor and that's it. No way out of it.

Depending on the time between when you sign and the date you want exchange to go ahead, the solicitor might phone you "on the day" to double-check you do still want to exchange - and, if there's a delay in exchanging the signed documents, phone you again on the new day.

But that's it. On the day the contracts are exchanged, that's it.

Most people have a gap between the exchange date and the completion date, but some do it the same day. Completion is when you get a phone call telling you where to collect the keys from and the date it's yours and you can move in.

Typical times between exchange and completion tend to be 1-2 weeks, up to 4 weeks.

ACG

Exchange of contracts you are both legally bound to complete the purchase.
Completion is when you are officially the owner, although it can take a couple of weeks to appear on the land registry.