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| STAGE 1: YOUR OFFER IS ACCEPTED |
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| What you need to do |
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Instruct your Solicitor |
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Apply for your mortgage |
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Instruct your surveyor | | |
| Cash flow tip |
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You will need to pay search fees to your Solicitor |
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You will need to pay a mortgage application fee |
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You will need to pay for your survey | |
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- Your Solicitor will receive a contract package from the seller's Solicitors.
They will then apply for the searches, check the legal documentation and raise
any necessary enquiries with the seller's Solicitors.
- The seller's Solicitors will reply to the enquiries
- Your Solicitor will receive the search results
- The survey will be carried out
- Your mortgage offer will be issued
- Your Solicitor will report to you and you will sign the contract and
mortgage documentation.
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| What you need to do |
Agree a completion date with the seller.
Sign the contract and any mortgage documents |
| Cash Flow Tip |
You will need to pay a deposit (usually
10% of the purchase price) to Your Solicitors. | |
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| STAGE 2: EXCHANGE OF CONTRACTS |
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- You and the seller will be legally bound by the agreement, so neither of you
may withdraw from the transaction
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| What you need to do |
Book Removals |
| Cash flow tip |
You will need to pay the balance required to complete to your Solicitor.
This will include the balance purchase monies, professional fees, Land Registry
fees and Stamp Duty Land Tax | |
- Your Solicitor will carry out pre-completion searches and draft the Transfer
Deed
- Your Solicitor will request the mortgage advance from your lender
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STAGE 3: COMPLETION |
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- Your Solicitor will pay the purchase monies to the sellers' Solicitors. Once
they have received the money they will advise the estate agents to release the
keys to you
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| What you need to do |
Collect the keys and move in
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Your Solicitor will pay the Stamp Duty Land Tax and arrange for the property
to be registered in your name at the Land Registry. |
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