Before you become legally committed to buying your home, our conveyancing team works through a detailed set of checks to make sure everything is in order.
Why the period before exchange matters so much
Exchange of contracts is the moment a property purchase becomes legally binding. Before that point, either side can still walk away. After it, you are committed, and so is the seller. That is why the solicitor final checks before exchange are so important. At Brewer Wallace, we take this stage seriously, and we will not recommend exchange until we are satisfied that every key piece of the puzzle is in place for you.
If you are buying a home in Hull, Beverley, Bridlington or anywhere across East Yorkshire, our conveyancing team will guide you through each of these checks clearly and in plain English, so you feel confident rather than overwhelmed when the day comes.
The report on title
One of the most important things we do before exchange is prepare your report on title. This is a written summary of everything we have found out about the property during the conveyancing process. It covers the results of your searches, the title deeds, any rights of way or restrictions affecting the property, and any points raised by the seller's solicitors during enquiries.
We send this report to you so that you have a complete picture of what you are buying. We then go through any areas that need explanation, and we answer your questions before we ask you to make any decisions. We will not move forward to exchange until you have confirmed that you have read and understood the report and that you are happy to proceed.
If anything in the report gives us concern, we raise it with you honestly. That might mean going back to the seller's solicitors for further information, or it might mean flagging something you should be aware of but that does not prevent the purchase from proceeding. Either way, you will not be kept in the dark.
Checking your mortgage offer
If you are buying with a mortgage, we check that your formal mortgage offer is in place and that its conditions can be met. Lenders often attach conditions to their offers, and it is our job to make sure those conditions are satisfied before exchange.
We also check that the offer matches the property you are buying and that it has not expired or been withdrawn. We review the mortgage documentation carefully and flag anything that might cause a problem further down the line. Once we are satisfied the offer is valid and workable, we let you know and explain what happens next with your lender.
It is worth remembering that we act for both you and your mortgage lender in most standard residential purchases. That means we have a responsibility to make sure the lender's interests are protected as well as yours, and our checks reflect that dual duty.
Buildings insurance and protecting your position
As a buyer, you become responsible for the property at the moment contracts are exchanged, not on completion day. This means that if something were to go wrong with the building between exchange and completion, the financial risk would fall on you. For that reason, we advise you to have buildings insurance in place ready to start from exchange.
We will remind you of this in good time and confirm with you before exchange that your insurance is arranged. We do not arrange the insurance on your behalf, but we make sure you understand when cover needs to begin so there is no gap in protection.
Your deposit and signed documents
Before exchange can take place, we need to hold your deposit in our client account. The deposit is typically a percentage of the purchase price, and it is paid to the seller's solicitors on exchange. We will tell you clearly how much is needed and by when, and we will confirm receipt before we proceed.
We also need you to sign the contract. We will send you the contract for signature and explain what you are signing before you do so. If you have any questions about the terms, we answer them before you put pen to paper.
As well as the contract itself, there may be other documents to sign depending on your circumstances, such as a mortgage deed or a declaration of trust if you are buying with someone else. We identify everything that needs signing, explain each document, and make sure the paperwork is complete and correct before we exchange.
- Deposit funds confirmed in our client account
- Signed contract received from you
- Any additional documents signed and returned
- Your mortgage offer confirmed as valid
- Report on title reviewed and approved by you
- Buildings insurance arranged from exchange date
What we confirm with you before we exchange
Once all the checks above are complete, we will contact you directly before exchange takes place. We confirm the agreed completion date, the deposit amount being transferred, and that you are ready and happy to proceed. We do not exchange without your express authority to do so.
We also liaise with the seller's solicitors to agree the precise moment of exchange, which typically happens over the telephone using a set legal formula. At that point, the contracts become binding and your completion date is locked in.
We know that buying a home is one of the biggest financial decisions most people ever make. At Brewer Wallace, our conveyancing team in Hull and East Yorkshire works carefully through every one of these checks because we want you to reach exchange feeling informed and confident, not rushed or uncertain.
If you would like to talk to us about buying a property, or if you have questions about where your purchase currently stands, please get in touch with our team. We are here to help.
Call our Hull office on 01482 228808.
Our local conveyancing teams: conveyancing solicitors in Hull, Bridlington, Hornsea and Beverley.