You can also apply for a mortgage before you have an offer on a property. If the building society is willing to lend to you based on the information you have provided, you will receive an ‘offer in principle’. However, you need to prove to the lender that the property you want to buy is worth what you are willing to pay. When it comes to comparing conveyancing quotes, we provide you with an accurate description and this helps you make the right decision.
Exchange of contracts
When the buyer and seller are both satisfied with the condition of the terms, they sign and exchange contracts. The deal is now a legally binding one and it cannot be revoked flimsily. Normally, the buyer will pay a deposit on exchange and this makes the buyer responsible for the home insurance on the new property.
After the exchange, it can be completed within a few hours, however, most people prefer to leave a bit of time for any final checks. Once everything is verified to be in order, the balance can be paid. Once the funds leave your conveyancer to the seller, the property is yours!
The purchase is now complete and you can move in. Your conveyancer will then proceed to register the ownership with the Land Registry and make necessary arrangements.
This is a walk through of the process involved. To compare conveyance quotes online, get a quote by using the home conveyance fee calculator above.