In this short read, Next Move Homes Norfolk explains what you can expect to happen between agreeing a sale and moving day.
SALES PROGRESSION:- We will issue each solicitor the details required (known as ‘instructing solicitors’) and at this point we are in the hands of both parties legal representatives/ conveyancers. We tend to find for the first 10-14 days not a huge amount happens as the solicitors are confirming their clients instructions and opening the file/case. Once the file/ case is opened, pre-contract enquiries start to take place and then over the next few weeks, solicitors will ensure all questions are answered and draft contracts are prepared. We will keep you updated on a weekly basis. With the legal process, this can take some time but as the sales progresses, your conveyancer / legal representative will also provide you with regular updates to.
MORTGAGE VALUATION AND SURVEY:- When a purchaser is requiring a mortgage, it is likely that the mortgage company will conduct a visit to the property to value it for mortgage purposes, check there are no major concerns and to check it meets the requirements of the lender. The appointments are always booked with us and if required, we can accompany them. Often when making such a large purchase, for peace of mind your buyer may ask for a professional survey to be carried out. These can range from a Homebuyers to a full Building Survey, depending upon age and structure of the property.
EXCHANGE & COMPLETION :- Once your conveyancer / legal representative has approved the contracts, all enquiries are answered, searches returned and mortgage offer made, the conveyancers will prepare to exchange contracts ready for a completion date. At this point it is time to start confirming arrangement with any removal companies or people you might need to help you on moving day. Once a completion date is agreed and contracts are exchanged, the seller and buyer are legally obliged to proceed. Completion dates can vary in length of time from exchange, usually within a couple of weeks, but this is all agreed in advance. This will be confirmed with the whole chain to coordinate with any ongoing purchase. At the same time, removals should be confirmed. At this point, the buyer’s conveyancers are preparing mortgage loans and ensuring they are in their account ready
MOVING DAY:- Completion typically takes place from late morning however this can vary hugely on the length of the chain. Key release will not take place until your conveyancer / legal representative has confirmed that funds have been transferred. Your conveyancer / legal representative will prepare a completion statement which includes your sale price, costs incurred in selling, i.e. Agent and conveyancer costs, mortgage re-payment to lender, any disbursements.
Our recommendation is to always speak with a solicitor at the point of commencing marketing of your property. Quite often solicitors will send out, free of charge, some of the forms they require to be returned once a sale is agreed. This really does help with speeding up the time taken to complete.
If you would like any further information or have any questions on how we help buyers, sellers, 7 days per week, please contact Next Move Homes Norfolk on 01953 550317 or 01603 536719
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