The Survey
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Once you have an offer accepted, subject to contract, you can complete the mortgage forms. Should you decide to commission a private survey it may be possible to combine it with the same surveyor who carries out the bank/building society valuation.
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a/ Complete mortgage forms
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b/ Instruct surveyor if private survey required
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The Conveyancing
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Your solicitor will correspond with his opposite number. A formal mortgage offer will be required before you are able to exchange and you will be relying on all parties in the chain to carry out their work in a similar timeframe
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Your Estate Agent will keep in contact with the chain including other agents and solicitors and he acts as the conduit for information. He will ensure that everybody in the chain is making progress or hopefully will provide early warning of any problem.
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Money
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On exchange of contracts you will need to put down a deposit of 5% to 10% of the purchase price with the balance paid on completion. (the moving date). Remember personal cheques take a week to clear so arrange a bankers draft instead. The completion date is a mutually agreed date between all parties in the chain but it must fall on a bank working day. In order to accommodate holidays and work commitments, sometimes there is more negotiation about completion dates than the orginal sale price!
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The Move
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On the day of completion, having vacated your old home, remembering to turn all the services off, hand the keys to your estate agent. He will hold them on your behalf until your solicitor gives him confirmation, once the purchase monies are received, that he can release them to the buyer. This allows you to leave for your new home without having to wait around. Correspondingly you should be able to collect the keys from the sellers agent, just make sure you arrive before closing time.
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If there is a chain of connected transactions the money transfer may take until lunchtime to complete so don’t expect to move in immediately.
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