Stage 2 - Exchange of Contracts
3. We then thoroughly recheck all of the documentation and provide you with any additional information we have received.
4. Once you have read the report and sent back all the original documentation sent to you signed, dated and witnessed (if applicable) we will request that your deposit is sent to our client account together with proof of the source of deposit. We then obtain final confirmation from you as to whether to proceed to exchange and the agreed completion date..
5. We then exchange contracts with the seller's property lawyer. Upon exchange the sale is now legally binding.
6. When the exchange has occurred we prepare the final accounts, this includes ensuring we obtain full completion monies from you and report to the lender as to what date we require the mortgage monies.
7. Two days prior to completion we obtain a financial statement from the seller's solicitors apportioning any ground rent, service charges, insurance, etc if the property is leasehold. We also obtain a bankruptcy search against your name to instruct the lender that you are solvent, if an entry is found against you we request a declaration is signed as to whether you are the person named in the entry and that they are not against you personally. Finally we obtain a priority search which secures a period of time post completion for us to register the lender's charge and your name on the title without any other adverse entries being made without your consent.