Property specialists to help you make your next move

You should be aware that complications can arise which may hold the process up, particularly if you are part of a chain.

When contracts are exchanged you will have a fixed moving date. You should not make any financial commitments until this point.

There are often conditions in the written offer that need to be met before funds are released – such as work carried out on the property.

In addition, you need to be happy with the product you are being offered, and to be able to take advice on it. It is important that you can meet all of the conditions before exchange of contracts take place.

If you are the seller you will be asked to complete a list, and if you are the buyer you will receive the completed list from the seller. Any disagreements should be addressed before the exchange of contracts.

If not, the property should be insured for the estimated cost of rebuilding it, (including clearing the site). You will need to make provisional insurance arrangements before contracts are exchanged so that cover can be effected as soon as they are.

Your lender’s valuation or survey will often give you the figure you need to insure your property for. Developers will insure their properties until the completion date. So, if you are buying a new build property, you will only need to insure it from the day you buy it from them.

On a purchase, your conveyancer will prepare a completion statement, which will include the net amount of any mortgage advance, and all other out of pocket expenses such as Stamp Duty Land Tax and the Land Registry fee. You will need to provide the balance required (if any) to complete the transaction, including the legal fees and expenses for the work we do for you and the lender.

Any payment must be received by your conveyancer at least 7 working days before the completion date if paid by cheque, or the day before if paid by bank transfer.