Making things binding
 When the contract terms are agreed and your solicitor has received satisfactory replies to their questions, the contracts can be exchanged. Once each party has a contract signed by the other, the contracts are binding.
The signed contract will include a completion date (the date the property will become yours).
If you are selling as well as buying, your solicitor will usually co-ordinate things so that completion of your sale and purchase happen on the same day.
Your deposit has to be paid to the seller through your solicitor at the point of exchange.
You also need buildings insurance and life cover to protect your family from the point that contracts are exchanged.
When you have exchanged contracts
 Land registry
Your solicitor will have been given a copy of the Land Registry Certificate for the property at the start of the process, but to make sure that no new rights have been granted or created by the vendor since that time, your solicitor will do a final check.
The Transfer Deed
Your solicitor will prepare this before you complete your purchase. This is the document that will be used to record you as the new legal owner at the Land Registry.
 Completion
When your solicitor has completed the Transfer Deed, it will be sent to the vendor’s solicitor. On the day of completion it will be produced, along with the Land Registry Certificate and keys to the property.
Your solicitor will arrange for the Transfer Deed to be stamped. The price of the property will determine how much stamp duty is payable (a Government tax). This will be collected by your solicitor as part of the total legal fees.
After stamping, the Transfer Deed is sent to the Land Registry to record you as the owner and to register the lender’s interest as a ‘mortgagee’. (You are the ‘mortgagor’).
If you would like to discuss your requirements with us please e-mail or contact us.
Your home may be repossessed if you do not keep up repayments on your mortgage.
Article Date: April 2006
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