The legal process in England and Wales

If you have decided to buy a new property, speak to your solicitor or estate agent who will be able to offer you the best advice. Consult your solicitor or independent financial adviser to determine how much you can borrow and to discuss your mortgage options.

When you have found a suitable property, make an offer subject to contract and survey. This is followed by applying for a mortgage. Once finance has been secured, your bank or building society will then commission a mortgage valuation. If the findings are unsatisfactory you may withdraw your offer. If, however, it is satisfactory, you may negotiate your offer.

If it is accepted, contracts will be exchanged and a deposit paid. This is the time to arrange your home insurance and request mortgage funds. Your solicitor will help with this by requesting the cheque to exchange and complete.

Once you have signed the mortgage documents and transfer deeds, completion can take place. The balance of monies will be paid in exchange for the title deeds.