The House Buying Process pt3

July 24, 2020

Last week we left the process having received the offer letter from the lender. We are now about to enter the 'home straight' in the run up to you getting the keys to your new home. So, we now move on to the final steps.


9.  SEARCHES. Once your solicitor has the Offer Letter they will instruct the searches. These will provide your Solicitor with information about anything that may possibly affect the future value of your home which at the same time may affect the viability of your chosen property as suitable security for the lender. The searches will include a Mining Search, an Environmental Search together with Local Searches. If all the searches come back clear, the next stage will be:


10. SOLICITOR REPORTS TO YOU. This basically is a report on title of the property (ie who the present owners are and if they have any charges or restrictive covenants registered against the property). It is this report that will allow you to make an informed decision if you wish to proceed with your purchase. If you are happy with the report, you will sign the Mortgage Deeds taking care NOT to date them…this is done by the Solicitor on legal completion! You will also now have to pay your deposit if you are a First Time Buyer. If you are a home mover, your deposit is assumed as transferred from the equity in your current home.  


11. EXCHANGE CONTRACTS. This is the moment that all parties in the chain have reached stage 10 in the process and everyone is ready for the next big step. I say big step because once contracts are exchanged, you are then legally bound to proceed to completion of your purchase. Failure to complete can lead to quite substantial financial penalties…BUT that is not going to happen here! Usually at this time all parties in the chain will have had a discussion about a proposed completion date which in some cases can be simultaneous with Exchange of Contracts but is more often than not two or three weeks hence.


12. Just two things left to do now!

a. GET PACKING ready for the move and finally.

b. COMPLETION. When the big day arrives you will be informed by your solicitor when you can go and pick up the keys to your new home from the estate agent or developer and time to start making the house you have purchased your home!


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    Abode Mortgages Limited is an appointed representative of Stonebridge Mortgage Solutions which is authorised and regulated by the Financial Conduct Authority. Abode Mortgages Limited is a company registered in England and Wales with company number 9311195. The registered office address is Certax Accounting, 76 Park Street, Horsham, West Sussex, RH12 1BX. Our initial mortgage consultations and quotes are free with no obligation to you. If we act on your instructions to apply for a mortgage, we charge a broker fee for arranging and processing the mortgage for you. The fee will be dependent on your circumstances but will not exceed £495. This fee is only payable when we submit a mortgage application to the lender.Your home may be repossessed if you do not keep up repayments on your mortgage.

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