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Exchanging
contracts is the next milestone and
it’s usually a
few weeks before this happens. In the
lead up, your solicitor will draw up
a contract describing what is being
sold to you and at what price. Your
solicitor will also need to confirm
your mortgage to make sure you have
the money to buy the place and prepare
the transfer deed, which transfers
ownership from the seller to you.
You need to get your deposit to
your solicitor by exchange day. The
deposit should be 10% of the cost of
the home but sometimes you can pay
less so check with your solicitor.
On exchange day you also set the day
that you will complete the purchase
of your home. This is usually about
two weeks later.
You then sign your contract and the
seller signs his or her copy at the
other end and the two sets of solicitors
exchange the contracts.
Once you’ve
exchanged there is no going back
and neither you nor the seller can
pull out without paying compensation. |
