Step 7: Draft Contract
Once the Vendor’s Solicitors receive the title deeds and all supporting documents, they will prepare a draft contract and forward this with the supporting documentation to the Purchaser’s Solicitor.
Step 8: Survey
A mortgage lender will either approve the mortgage from the Home report valuation or will inspect the property by one of their appointed valuers. The lender will usually offer the purchaser a choice between a basic valuation report and a valuation report and detailed condition report. Alternatively, if you wish to have a full independent structural survey carried out, you should instruct an independent chartered surveyor.
Step 9: Conclude Missives
Most buyers require mortgages. When the mortgage offer has been received in written original copy and the contracts have been approved and completion date agreed, the purchaser is ready to sign the missives. Both Purchaser and Vendor need to sign their contracts and instruct their Solicitor to proceed. The Purchaser will also need to sign the mortgage offer and ensure that satisfactory buildings insurance is in place.
Step 10: Completion
The completion date will be negotiated prior to missives concluding and finalised when this takes place. On completion the monies are transferred from the buyers Solicitor to the sellers Solicitors account and once this has taken place, the Purchaser will be given access to the property.