Exchanging contracts Guide
Now you have had your survey back and sought advice on any points raised, your lender is satisfied that the property is worth what you are paying or at least worth what they are lending you. You should be receiving your official mortgage offer which you must read thoroughly and ensure that all is correct, if there is anything you do not understand in this document please do not hesitate in contacting your Amber advisor on 01702 619 221 or your chosen solicitor who can advise on anything you do not understand.
Your solicitor should at this time have a draft contract for the vendor and yourself to sign, after both parties have signed this contract you are both legally committed to the sale so ensure you are 100% happy with this part of proceedings before signing. there will be financial penalties for pulling out after this stage.
If you are not exchanging and completing on the same day this is typically when your deposit of between 5-10% of the purchase price is paid, your solicitor will be able to advise you on this process. As you are now legally obliged to purchase this property the responsibility for insuring the building now falls to you, again this is something that Amber are able to assist with as we have an insurance specialist who will be able to discuss all of your options with you, call us on 01702 619 221 and ask for the home insurance department or ask your Amber mortgage broker to refer your details on to the home insurance team.
Please run through this checklist at this stage to ensure you are fully on-track:
- Your solicitor should have completed the searches.
- The survey report had been completed and all interested parties are happy with it.
- Your deposit is available to your solicitor to forward to the vendors solicitor.
- You have your official mortgage offer in place and in writing, you have read it and are happy with it.
- You have a completion date agreed with all parties.
- You have your Home insurance in place. If not we can help you arrange this.
- All issues and questions have been resolved between yourself and the vendor.
If you have and doubts queries or questions please ensure you contact your solicitor to ensure they are resolved before exchange, as there can be no further changes after exchange.
The vendor is entitled to swap out light fittings, decorative plug sockets or anything not mentioned in the fixtures list as staying. Here is a list of common things that you should clarify if they are important to you:
- Light fittings, Unless stated otherwise they can replace all with a standard ceiling rose and pendant with no cover.
- Curtains/poles. Blinds and Nets (technically these are contents not part of the fabric of the building so if you have agreed verbally that they are to remain, ensure that they are highlighted in the contract.
- Decorative plug sockets those nice expensive flat black sockets in the kitchen can be swapped to plain white ones if not stated in contract.
- Carpets, again technically these are contents not part of the building that you are buying.
- Radiator Valves, high tech heating controllers may not be included in the sale.
- Kitchen appliances, even fitted appliances can be removed.
- Garden sheds, water features, fish, border plants and trees, potted plants.
Problems can also be caused by things being left that are not supposed to be, if you have all of your kitchen appliances sorted and the vendor leaves things that you were not expecting this can also cause you problems so really nail down the Fixtures and fittings list.