Last few steps
Protect your new home
Before you exchange contracts on your new home, you'll need to have home insurance in place.
Contents insurance covers your possessions and buildings insurance covers the actual bricks and mortar of your property. Tailoring your buildings and contents cover means you only pay for the cover you choose.
None of us know what's around the corner. But if the unthinkable was to happen, life insurance is very important in helping protect your loved ones and covering your mortgage.
Exchange and completion
Until contracts are exchanged, both you and the seller can walk away from the sale, without any contractual liability.
Before exchange can happen, both you and your seller's solicitor or conveyancer will need to be satisfied that their work is complete, that the survey or valuation report has been completed and that the formal mortgage offer has been received. Once that's all done, your solicitor or conveyancer will ask you to sign your copy of the contract and mortgage deed, and will ask for any deposit to be paid to them. A completion date for the sale will be agreed and included in the contract. Contracts will then be exchanged and the non-refundable deposit will be forwarded to the seller's representative.
Completion can happen on the same day as the exchange of contracts, or sometimes up to several months later, in the case of some new builds.
Top tip on your mortgage offer
Remember, your mortgage offer will have an expiry date. This should be clearly stated on the mortgage offer documents you are sent. If you think you won't complete before your offer expires, contact your mortgage lender and they will discuss what options are available to you.
When you complete, your solicitor or conveyancer will transfer the full balance of the purchase to the seller. Any Stamp Duty Land Tax due is paid to HM Revenue and Customs. The transfer of ownership and your mortgage details are registered at the Land Registry by your solicitor or conveyancer.
Finally, and most importantly, your keys are handed over and you can move in!