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What things do I need to do before my Property Exchange Date?

Posted on 27th February 2020

You are purchasing a property and cannot wait to move into your new home, correct? At such an exciting time, it can be easy to forget the important legal requirements.

Our conveyancing solicitors have, therefore, prepared the following checklist to make life simple for you:

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Insurance: Upon Exchange of Contracts, you are responsible to ensure your insurance is placed ‘on risk’. This is because, in the event that the property was to burn down during Exchange and Completion, you would still be legally bound to purchase the property on the agreed Completion Date, regardless of its state. You should, therefore, ensure that you have obtained quotes for the same and have found a provider that you are happy with. Where you are purchasing with the assistance of a mortgage, you should ensure that a copy is forwarded to your conveyancing solicitor in order that they can check the same meets your lender’s requirements, and notes their interest in the property.

Final Inspection: As Exchange of Contracts is known as the ‘point of no return’, our conveyancing solicitors would advise carrying out a final inspection of the property to ensure you are happy with the same. The general rule of thumb is to let ‘the buyer beware’, therefore, any queries you have should be dealt with before Exchange. Once Exchanged, neither party can pull out of the transaction without facing penalties, therefore, ensuring you are satisfied with the property before this point is imperative.

Signed Documents: Have you signed all the relevant documents? When purchasing a property there are four main documents that MG Legal’s solicitors in Preston would require you to sign. These include the following:

(a) The Contract: The Contract for sale, which is the legal Contract signed by the seller and buyer confirming their agreement to the terms set out therein. For more information on the Contract and what the same entails, see our blog, here.

(b) The Transfer Deed: This is the document that is to be lodged at the Land Registry confirming the change in ownership of the legal title to the property. You should ensure you are happy with the contents of the same, prior to signing.

(c) Mortgage Deed: Where purchasing with the assistance of a mortgage, the Mortgage Deed will need to be signed, confirming your agreement to the terms set out within the Mortgage Offer supplied by your lender. You should, therefore, ensure that you have understood the terms of the Mortgage Offer before signing this Deed. On Completion, your conveyancing solicitor registers this Deed at the Land Registry in order that they may note the interest, by way of legal charge, of your lender on the Title to the property.

(d) Title Plan: As confirmation that you are satisfied as to the boundaries of the property you are purchasing, your conveyancing solicitor would also require you to sign a copy of the plan pertaining to the same. If you have any queries with the plan, or believe there to be any discrepancies, you should alert your conveyancing solicitor as a matter of urgency.

Funds: You should ensure that funds are going to be readily available ahead of the Completion Date. As discussed above, once Contracts have been Exchanged, you are legally bound to purchase the property and, therefore, need to ensure that funds can be lodged in the client account of your conveyancing solicitor in anticipation. Our solicitors in Preston would, in addition, require evidence as to where the funds have originated from and we would advise supplying this as early as possible within your conveyancing transaction to avoid any delay in Exchanging Contracts.

Our solicitors in Preston understand that, when approaching Completion, there will be hundreds of things to consider and deal with ahead of the big move, however, the above are of extreme importance. You should consult your conveyancing solicitor on the above prior to Exchange of Contracts, in addition with any other queries you may have.

If you are purchasing a property and need advice on the process, not just in terms of Exchanging Contracts, contact MG Legal today, at property@mglegal.co.uk, and our team of conveyancing experts will be on hand to assist you.