What are the stages of exchange and completion in property?
Exchange and completion are crucial stages in the process of buying or selling property in the UK. The process begins with the acceptance of an offer put forward by the prospective buyer.
A formal offer will be made through the estate agent
The property process begins with the initial offer. Once both parties agree on the terms, a formal offer is made through the estate agent.
The signing of contracts is the next step
Both parties sign identical copies of the contract outlining essential details. The buyer then pays a deposit and this is held by the seller’s solicitor as security. Once both parties have signed the contracts and the deposit is paid, the contracts are exchanged between the buyer’s and seller’s solicitors. At this point, the sale becomes legally binding.
If you require the services of conveyancing solicitors in Birmingham, there are a number of options. If you are buying or selling a property, conveyancing solicitors Birmingham can assist with the process. There’s good news for homebuyers too. According to Bloomberg, the UK property market is easing, with prices falling, making buying more affordable.
Finalising the details of the property transaction
Both parties then have to finalise all the loose ends in the process. The buyer ensures the mortgage is in place, and the seller will vacate the property. On the agreed-upon completion date, the balance of the purchase price is transferred from the buyer’s solicitor to the seller’s solicitor.
The keys to the property are then handed over to the buyer
The seller will vacate the property, and the buyer can finally move in. It’s important to work with solicitors or conveyancers who are experienced in property transactions to ensure a smooth and legally compliant exchange and completion.