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We always recommend that you have an independent survey (preferably a full structural survey) carried out on the property that you are intending to purchase. The mortgage company only carry out a valuation of the property and this would not necessarily pick up on any defects or structural issues whereas a full survey should.

You will need to insure the property from exchange of contracts. A copy will need to be provided to us in order that we can check the terms are adequate for your mortgage company.

We suggest that you carry out some initial research before viewing potential properties to give you an idea of your lending options and suitability. Most lenders will issue a mortgage in principle before you find a definite property.

An exchange of contracts is the point at which the seller and buyer agree to commit themselves to the transaction. A completion date is then set as the date on which you move into your new property. This agreed completion date is written into the contract on exchange. In some transactions, it is possible to exchange and complete simultaneously on the same day however this is not always in the best interests of both parties. There are a number of formalities to carry out between exchange and completion which must be done earlier if exchange and completion is to take place on the same day.

You will be asked to put us in funds for search fees and disbursements at the outset of your transaction (see question 2). The remaining balance will be requested from you after exchange of contracts. We will send you a detailed completion statement at that time setting out figures and will require cleared funds from you the day prior to completion.