Once your offer for a property has been accepted, the exchange of contracts and completion begins. This process puts in place a legally binding contract between the seller and the buyer with a date for completion.
The completion date is the date where the title to the property is transferred and the buyer takes possession of the property. Until the contracts have been exchanged, either you or the seller can pull out of the deal without it costing them anything.
Once the contracts have been exchanged however you may lose your deposit if you fail to complete so you should be certain before you sign anything.
The TLS Solicitors conveyancing team can simplify the process for you and guide you through the exchange of contracts through to completion.
You will need a conveyancer to request information from the local authority to check particulars about any planned developments, disputes, roadworks or land works that may affect the property, or whether the property is on land which has been known to flood or been used before for excavation.
If you sell an existing property and it has gone up in value, Capital Gains Tax may be due on the amount in which it has risen unless the house is your main residence. TLS Solicitors can assist in determining if any tax is due.