What do I need to do to prepare for exchange?

Newbiefirsttimesilobuyer2023

I’m buying a shared ownership house. My solicitor sent me the contract late last year, which I read, got a witness to sign and I returned it undated. I’m assuming this will be the contract that is used for exchange. Is that correct? 

I have my deposit available to transfer to my solicitor minus my LISA which will be released on completion. 

Is there anything else?

Any advice as I’m a FTB would be appreciated. Thanks!

youth_leader

I'm not sure about the contract - I think I sent mine back signed and undated too.

I would recommend viewing the property again close to exchange.

EssexHebridean

Allowing you are purchasing a house check who has responsibility for the buildings insurance - if this falls to you then you will need to have that in place on the day of exchange. (Your solicitor is the best person to ask about this, particularly if you are using a mortgage.)

Again, your solicitor will confirm but I suspect there will be another document or two to sign - either a TR1 or a lease depending on the exact circumstances - possibly both. Both of these will require you to sign in front of a witness - this person must be 18 or over, and not related to you.  People often use a good friend, or an neighbour or work colleague. Again you will be asked to return these documents undated.

On moving in, remember to take meter readings (electric, gas, water) and inform the CURRENT suppliers to the property of these. Once you have accounts set up you can consider changing if you wish, but you must register with the existing suppliers first.

Newbiefirsttimesilobuyer2023

youth_leader said:

I'm not sure about the contract - I think I sent mine back signed and undated too.

I would recommend viewing the property again close to exchange.

Yes I’ve requested another visit to the house. Thanks 

Newbiefirsttimesilobuyer2023

EssexHebridean said:

Allowing you are purchasing a house check who has responsibility for the buildings insurance - if this falls to you then you will need to have that in place on the day of exchange. (Your solicitor is the best person to ask about this, particularly if you are using a mortgage.)

Again, your solicitor will confirm but I suspect there will be another document or two to sign - either a TR1 or a lease depending on the exact circumstances - possibly both. Both of these will require you to sign in front of a witness - this person must be 18 or over, and not related to you.  People often use a good friend, or an neighbour or work colleague. Again you will be asked to return these documents undated.

On moving in, remember to take meter readings (electric, gas, water) and inform the CURRENT suppliers to the property of these. Once you have accounts set up you can consider changing if you wish, but you must register with the existing suppliers first.

Thanks for the advice! I’ll speak to my solicitor about the above. 

Lavendyr

Newbiefirsttimesilobuyer2023 said:

I’m buying a shared ownership house. My solicitor sent me the contract late last year, which I read, got a witness to sign and I returned it undated. I’m assuming this will be the contract that is used for exchange. Is that correct? 

I have my deposit available to transfer to my solicitor minus my LISA which will be released on completion. 

Is there anything else?

Any advice as I’m a FTB would be appreciated. Thanks!

Yes that's correct. The contract is dated for you on exchange. 

You will need to transfer your deposit to your solicitor ahead of exchange. After this and prior to completion your solicitor will send you a completion statement which will include their fees, the cost of the house and the mortgage you are raising. Any balance will need to be paid prior to completion.

For any large balances, you may need to go into your bank and pay via CHAPS in person with ID etc. Your solicitor should phone you to give bank details; this is standard following a number of scams where bank details have been provided via email which turn out to be scams. I can't advise on the LISA point.

You need to make sure you have buildings insurance in place on the property you are buying from exchange. 

Line up removals ASAP and make sure they've come to survey your property so they know how much they are expected to move and they can therefore make sure they bring the right size van or lorry. If they're good, tip them a bit of cash. 

Pack your own kettle, tea supplies and anything else you want to have immediately available once you get into your new home.

Take meter readings on completion day. 

Don't panic! 

propertyrental

Lots of lists on the internet. Use duckduckgo or google.

martindow

Lavendyr said:

Yes that's correct. The contract is dated for you on exchange. 

You will need to transfer your deposit to your solicitor ahead of exchange. After this and prior to completion your solicitor will send you a completion statement which will include their fees, the cost of the house and the mortgage you are raising. Any balance will need to be paid prior to completion.

For any large balances, you may need to go into your bank and pay via CHAPS in person with ID etc. Your solicitor should phone you to give bank details; this is standard following a number of scams where bank details have been provided via email which turn out to be scams. I can't advise on the LISA point.

You need to make sure you have buildings insurance in place on the property you are buying from exchange. 

Line up removals ASAP and make sure they've come to survey your property so they know how much they are expected to move and they can therefore make sure they bring the right size van or lorry. If they're good, tip them a bit of cash. 

Pack your own kettle, tea supplies and anything else you want to have immediately available once you get into your new home.

Take meter readings on completion day. 

Don't panic! 

If you get a removal company in you can be sure that they will ensure the kettle and tea are available at all times!

Newbiefirsttimesilobuyer2023

Lavendyr said:

Newbiefirsttimesilobuyer2023 said:

I’m buying a shared ownership house. My solicitor sent me the contract late last year, which I read, got a witness to sign and I returned it undated. I’m assuming this will be the contract that is used for exchange. Is that correct? 

I have my deposit available to transfer to my solicitor minus my LISA which will be released on completion. 

Is there anything else?

Any advice as I’m a FTB would be appreciated. Thanks!

Yes that's correct. The contract is dated for you on exchange. 

You will need to transfer your deposit to your solicitor ahead of exchange. After this and prior to completion your solicitor will send you a completion statement which will include their fees, the cost of the house and the mortgage you are raising. Any balance will need to be paid prior to completion.

For any large balances, you may need to go into your bank and pay via CHAPS in person with ID etc. Your solicitor should phone you to give bank details; this is standard following a number of scams where bank details have been provided via email which turn out to be scams. I can't advise on the LISA point.

You need to make sure you have buildings insurance in place on the property you are buying from exchange. 

Line up removals ASAP and make sure they've come to survey your property so they know how much they are expected to move and they can therefore make sure they bring the right size van or lorry. If they're good, tip them a bit of cash. 

Pack your own kettle, tea supplies and anything else you want to have immediately available once you get into your new home.

Take meter readings on completion day. 

Don't panic! 

Thanks for the helpful tips!