Exchanged Contracts Now What: A Guide for Homebuyers

Congratulations, you`ve exchanged contracts on your new home! This can be an exciting and stressful time for homebuyers, but don`t worry, we`ve got you covered. Here`s a guide on what to expect and what you need to do next.

1. Arrange for Insurance

Once contracts have been exchanged, you are legally bound to buy the property. Therefore, it`s essential to arrange for buildings insurance immediately. This will protect your investment should anything happen to the property before completion. You should also consider taking out contents insurance at this point.

2. Finalize Your Mortgage

Now that contracts have been exchanged, it`s time to finalize your mortgage. Your lender will need to carry out one last survey of the property before releasing the funds. This is known as a mortgage valuation survey. Make sure you have all the necessary paperwork ready for your lender so that this process can happen quickly.

3. Book a Moving Date

It`s never too early to start planning your move. Once you have exchanged contracts, you can start to book a moving date. Consider whether you will need a removal company, and if so, start getting quotes. You may also need to book time off work for the move, so factor this into your plans.

4. Hire a Conveyancing Solicitor

Your solicitor will have been instrumental in getting you to this stage. However, they still have work to do. They will need to finalize the completion date with the seller and ensure that all the necessary paperwork is in place. Make sure you keep in regular contact with your solicitor to ensure that everything is going to plan.

5. Prepare for Completion Day

Completion day is the day when you finally get the keys to your new home. This is a big day, and you need to be prepared. Make sure you have arranged for the transfer of funds from your solicitor to the seller`s solicitor. Also, ensure that you have all the necessary paperwork, including your building insurance policy. Finally, make sure that you have made arrangements for the keys to be handed over.

In conclusion, exchanged contracts are a big milestone in the home-buying process. However, there is still work to be done. You need to arrange for insurance, finalize your mortgage, book a moving date, hire a conveyancing solicitor, and prepare for completion day. If you keep on top of everything, your move should go smoothly, and you will soon be settled in your new home.