Finding and then moving into your new Sheffield pad: The Exchange of Contracts!
Welcome to my blog, Rumbles Blog. The blog of probably the most knowledgable English Bulldog you will ever meet!
So you have found your ideal house to buy in Sheffield and had your offer accepted and instructed your solicitor to get things going.
It is a bone chewing time as you wait in anticipation of the next step, the Exchange of Contracts.
After your offer was agreed with the vender you will have instructed your solicitor and your mortgage company and it can often feel that nothing is happening as it is all happening without you. Surveys will be being conducted, your solicitor will be carrying out local searches, scrutinising the lease, and so on.
A good Sheffield estate agent will keep you fully informed throughout this process and you can keep yourself busy preparing for your move, packing, booking a removal service, and planning!
The exchange of contracts is the step in the process where the purchase becomes legally binding and is the step to strive for once you have found the house or flat in Sheffield that you want to buy.
This step can only happen when a number of things have all happened and been agreed such as preliminary enquiries following receipt of draft contract, evidence of a good title, dealing with any specific issues highlighted in the Lease, local search queries. detailing fixtures and fittings to be included in the sale, and confirmation of your formal mortgage offer.
The formal exchange of contracts agrees the terms of the sale and makes them legally binding on both you and the buyer. You are now legally bound to complete the purchase, otherwise it will cost you to pull out.
The deposit will then be transferred from your solicitors account to the buyer’s solicitor’s account. Once this has happened then a completion date will be agreed and you can plan for your moving day.
You can find out more details regarding the whole of the house buying process here. [link: http://www.belvoir.co.uk/sheffield-property-sales-process-p4148#]
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