What happens at exchange and completion?

bekil91

So we’re ALMOST there I think and I can’t remember the process from when we last did it 7 years ago..

We’re buying and selling and all enquiries are now fulfilled and my solicitor has requested our mortgage redemption figure and hopefully will start discussing exchange dates with the others solicitors.

What exactly should we expect at exchange and what will happen with transferring the funds? (We will be using our house sale equity as deposit and will be getting a mortgage on the new house - will the mortgage lender sort all of this or will funds be transferred to me and then I need to transfer to solicitor still?

Anything else I need to be aware of?

Thanks!

TheJP

When you exchange, your solicitors will ask both you and anyone you are buying with your authorisation to exchange contracts. You need to tell your solicitor that the deposit will come up the chain and if your vendors will accept a lower than 10% deposit (they usually do). When your house is sold the monies pays of your previous mortgage and the lender sends your solicitor the new monies leading up to completion. You don't receive the mortgage, your solicitor does.