Exchange of Contracts
On completion of the Reservation Form, our solicitors will send the Contract for Sale direct to your solicitors, together with a full legal pack. On receipt of the Contract your solicitors will have 28 days in order to exchange contracts. It is therefore very important that fees and documentation are provided by you to your solicitors without delay.
Once your solicitor has carried out the necessary searches, ensured all documentation is in order and is in receipt of your Mortgage Offer (if applicable) you will be asked to sign the Contract and transfer by TT or BACS 10% of the purchase price. Contracts will then be exchanged. We are then in a legally binding contract.
On exchange of contracts either a fixed completion date can be agreed or completion will be on notice depending on stage of construction.
When a completion date has been agreed, your solicitor will request the balance of the completion monies from your lender in readiness for completion.
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