Q. How long will my purchase take?
A. This depends on whether you are involved in a long “chain”, or if one party is not in any hurry. Building societies may differ in the speed with which mortgage offers are issued and some parties in the chain may have difficulty in arranging their finance.
Q. Why do I have to give my solicitor evidence of my identity?
A. Current money laundering regulations and building societies require solicitors to check the identity of their clients. In addition we have to complete various forms, particularly those relating to stamp duty, and need to have this information.
You will need to provide one item with photo ID, and one with your current address on. These items will be scanned and kept on our central register.
Q. When am I committed to buying my house?
A. You can only withdraw from the transaction prior to exchange of contracts. Once you have exchanged, both seller and buyer are legally committed to the transaction. A deposit is usually paid by the buyer to the seller’s solicitor on exchange of contracts. This is usually 10% of the purchase price. If the buyer then pulls out the deposit could be forfeited.