Appoint your legal advisor. The person appointed must be a professional, qualified in English Conveyancing law. If you do not already have a legal advisor, Towncourt Homes will be able to recommend a good solicitor in the area.
Supply your legal advisor with a copy of the reservation agreement and inform your legal advisor that you will be required to exchange contracts within 4 weeks (20 working days) of receipt of the contract package from Towncourt Homes’ solicitor.
Provide Towncourt Homes with the contact details of your legal advisor. Our solicitor will then send your legal advisor a draft contract, conveyance plan and any other relevant documentation.
If you apply for a mortgage, the mortgage company will contact us in due course for information regarding your purchase. You will not be required to action anything for this part of the process. You may, however, want to chase up any referees that are required for your mortgage application because this can cause significant delays.
If you have applied for a mortgage you will need to confirm your mortgage offer. You will need to check the mortgage offer, sign it and return it to your lender. Do take into consideration that most mortgage offers will expire after six months. Therefore, if you are buying off plan, you may be required to renew your mortgage offer nearer the time. You will also need to confirm with your legal advisor that your mortgage offer has been received and you have accepted the offer.
Contact your legal advisor to discuss the contract. You will need to agree how to:
• pay the deposit when you exchange contracts
• sign the contract ready to exchange contracts
• make the payment of the balance of the purchase monies on completion
Your legal adviser will then exchange contracts with Towncourt Homes' solicitor who will then pass your deposit on to us. This deposit is normally 10% of the purchase price. The reservation deposit, already paid, will be deducted from the 10% deposit due on exchange of contracts