Q: So, we had a voicemail from our lawyer informed us that the search was eventually returned and all are ok (after they decided a matter that came with the water), the results are on our way to us in the post, and we will hear from the lawyer at the end of the week to arrange a date. The seller and ourselves are the only parties involved.
The question is, what actually happens? I hear the term “exchange contracts”, but what does this mean? Should we discuss the physical and lawyers to exchange and sign? What contracts are really a contract? Why is there a gap between exchange / signing of these contracts and the completion of the purchase? What does completion mean?
As can tell, we are young FTBs and know nothing about this last stage of the process – it appears blurred in everything Ive read. Also, someone tell us if house prices crash soon? Just kidding.
Thanks for the help in advance .
When exchange happens the solicitors talk and swear under oath blah blah blah. Before completion they request the money from your mortgage company and contact the land registary – as someone above said. The money should arrive on the morning of completion sometimes the day before and once that has been transfered up the chain and all confirmed by your solicitor you are done and dusted and offically a home owner.
completion is where the balance is paid and you legally own the house. in between the solicitors get you to sign transfer documents to put house in your name and the money is requested from them mortgage company. you then get your name put on the title deeds.
something like that!
http://www.home.co.uk/guides/buying/convey2.htm will tell you all you need to know