Offer to Completion
A Short Guide from Offer to Completion...
The offer has been accepted and Memorandum of Sale received
Step One... Legal Work
You should formally instructed your solicitor, if you are selling, they will request your Deeds and then prepare a Draft Contract to send to your buyer’s solicitor. You will initially be required to complete a Fixtures and Fittings Form and a Property Information Form initially which is vital information forming part of the final contract.
Please return this information without delay.
Please note, it is highly likely additional enquiries will be raised throughout the transaction.
If you are purchasing, your solicitor will request payment on account for searches and once in receipt of the Draft Contract should then be applying for these.
Step Two... Mortgage Application
It is important you submit your mortgage application as soon as possible. Having submitted your mortgage application, your lender will process your application but may require additional information before instructing a surveyor. You may also be required to pay a survey/arrangement fee.
In most cases this will be a standard Mortgage Valuation carried out by a Chartered Surveyor to ascertain the
condition and the value of the property. However, a more detailed ‘Homebuyers Report’ can be obtained at a
We would be happy to recommend a surveyor for you if required.
Step Three... Specialist Reports
Following survey, it is quite common for additional specialist reports to be recommended, particularly in older
properties and regardless of condition. These may include Timber and Damp Report, Electrical Report, Roofing
Report, Drainage Report, Structural Survey, Sulphate Report, Tree Report, Gas Safety Check.
These reports often show up minimal work and we shall liaise with all parties once copies of reports are received.
Step Four... Mortgage Offer
Once the survey has been returned and all credit checking and referencing confirmed as satisfactory, a formal
Mortgage Offer will be issued. This will be sent to the purchaser and their solicitor.
Step Five... Preparing for Exchange of Contracts
At this stage, your sale or purchase is generally well progressed but please be aware that your solicitor will now review your file and this is quite likely to involve additional enquiries being raised. This is perfectly normal and vital before exchange of contracts.
Step Six... Signing of Contracts
Once the solicitors have received all the relevant information they require prior to exchange of contracts, both sellers and purchasers will be asked to make an appointment to sign the contract.
Your solicitor may now request deposit funds from you in readiness for Exchange. Please liaise with your solicitor and also make your solicitor aware of any completion date requirements. They will then communicate this throughout the chain. Once a mutually convenient date that suits all parties has been agreed, solicitors can then progress to Exchange of Contracts.
Step Seven... Exchange of Contracts
Once all parties in the chain have signed contracts and solicitors are in receipt of cleared deposit funds, the sale can move to Exchange of Contracts. A completion date is formally agreed and a telephone call between all the solicitors takes place formalising the Exchange and setting the completion date.
At this stage, all parties are then legally bound to complete the transaction on the agreed date.
And Finally... Legal Completion - Your Moving Day
This is the day that all parties in the chain move. Quite often, we hold keys prior to completion but we can only release keys once we receive authority from the seller’s solicitors confirming they are in receipt of the completion funds which are transferred telegraphically. Key release generally happens around lunchtime but can be late afternoon. We will call you as soon as we can release keys to you.
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