First Time Buyer Guide

Key Steps:

1. Preparing for exchange of contracts

• Once your solicitor has all the details they need, they will send you a pre-contract report and a copy of the registered title.
• If you are happy with everything, you need to approve the contract by signing it.

2. Exchange

• Your solicitor and the seller’s solicitor will swap or ‘exchange’ contracts.
• Your solicitor will transfer your deposit to the seller’s solicitor and arrange a date of completion.

Tip:

• If you pull out at this point, you could lose your deposit.

3. Preparing for completion

Ask your solicitor what you need to do and when. Your solicitor will:

• Check with the Land Registry to make sure the title of the property is OK.
• Prepare the ‘Transfer Deed’ and send it to the seller’s solicitor.
• Make the final arrangements for payment, including drawing down the mortgage money for you.
• Prepare final accounts for you including details of any further money needed from you to complete.

Tip:

• Once you have exchanged contracts, you are responsible for the property’s building insurance. Make sure you are covered in case anything happens before completion.

Next step: Completion

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