Exchanging contracts is an exciting milestone that Saracens Solicitors look forward to helping you reach when we are acting as your mortgage solicitor in London.
What we will do as you mortgage solicitor in London
At this stage, Saracens Solicitors have gathered all the relevant information and put together the contracts for the house sale in conjunction with the seller’s solicitors. You will have had a chance to check the contracts over and return them to us. When we act as your mortgage solicitor in London, we give you guidance on what you need to do at each stage of the process. We let you know when exchange of contracts is likely to take place and then we take care of the rest.
At exchange of contracts, a member of our team will have a telephone conversation with someone from the seller’s solicitor. We read through the contracts together to ensure that their version and yours are exactly the same. Once this process is complete, we immediately send the contract to the seller’s solicitor in the post and they will do the same with the contract that they have.
What it means for you
You need to ensure that you have the funds in place to pay for your home once completion takes place. This means having a firm mortgage offer before exchanging contracts. Once exchange has taken place, both parties have entered into a legal agreement that the property sale will go ahead. You have reached the point in the process where you can be reasonably sure that you will be moving into your new home.
Some people exchange contracts and move onto completion, the next stage in the process, on the same day. This means that things move fast, but it can be stressful as it does not give you any time to prepare for your move. Normally, there is a gap of between a week and four weeks between the two. During this time you can book removals firms and make any other arrangements that you need to in order to decide on a date for your move. You can then let Saracens Solicitors know when you would like completion to go ahead.