A brief outline of the next steps to be taken
Your buyer’s solicitors can then get started with apply for searches (which usually take around 2 weeks to come back), reviewing the documentation and raising any necessary enquiries on the paperwork with the seller’s solicitors.
In the meantime, if required, your buyer will have made an application for a mortgage and will be booking in the valuation date. Once the valuation has been carried out and is satisfactory, the formal offer of mortgage will be issued, usually a week or so later. The buyer’s solicitors will check the mortgage details are correct.
Once the buyer’s solicitors have received back the buyer’s searches, they will check through these and raise any additional enquiries needed with the seller’s solicitors.
Once satisfactory replies to enquiries have been received, and the buyer’s solicitors are happy with the search results and the mortgage offer, they will send the contract to the buyer for signing and request the deposit for exchange of contracts. Once they have the signed contract and deposit, exchange can then take place. On exchange of contracts, the completion date (i.e. the date for moving) will be agreed.
On the moving date, once the seller’s solicitors have received the money to purchase the property, they will release the keys and then the sale will be completed.