My First Property

Double-Checks Before Exchanging Contracts

Just before exchange you will know pretty much everything is to know about the property (hopefully) - certainly you will be in possession of much more information than you were at the start of the process, as all the checks and searches will know have been done, you will have had the survey done and found out in detail about the property and its structure, and perhaps asked for certain changes to be made by the vendor as a result of the survey or else negotiated on price accordingly.

Given this, it is a great time to review everything just before exchange and check that you are still happy with everything and there are no nagging doubts. Because if there, now is the time you must raise them through the solicitor and get anything sorted - once you exchange and complete, you are stuck with such things!

Because the house-buying process can be quite daunting, it is not at all unlikely that there will be things that have occurred to you that you meant to ask the solicitor to look into or just check on but forgot, so now really is the time to rack your brains.

It is usually worth a visit to the property just before exchange too - because if things have changed that you weren't expecting, then you need to know now. Take a look and ensure that everything as you think it should be and again if you find anything untoward, raise it straight away with the solicitor.

If you have been diligent and writing things down whilst going through the process - logs of conversations you've had, questions you've asked and so on - read through that list again and see if there are any outstanding questions that you've not yet heard back on - because again if there are, now is the time to raise those questions.

Also be sure that you have your own house in order, as it were - do you have all the money ready so that the funds are in place for the completion date - ensure that you do!

The house-buying process can seem quite protacted and daunting, so it is not at all surprising that a few months after you set the ball rolling there may be things that you've forgotten about that are actually quite important to you, so the purpose of this article is simply to emphasise that it pays to have a quick refresher and review all these sorts of things before the ultimate exchange and completion has taken place.

More first-time house buying articles:

  1. Stamp Duty Explained
  2. The Complete First Time Buyers Guide
  3. How To Deal With a Bad Landlord
  4. What is a Fixed Rate Mortgage?
  5. Buying a House: Exchange & Completion

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