Buying with Cooper & Co

The transaction becomes legally binding at exchange of contracts. Until this point, either party can withdraw without penalty. Once contracts are exchanged, both the buyer and seller are committed to complete the sale on the agreed completion date.

You will sign the contract after your solicitor has completed all necessary checks, searches, and enquiries, and once both parties have agreed on the terms of the sale. The signed contract is then exchanged between solicitors, which makes the sale legally binding.

Searches are legal checks carried out by the buyer’s solicitor with local authorities and other relevant bodies. They reveal important information about the property and surrounding area, such as planning history, road adoption, drainage, and any restrictions or rights affecting the property.

The buyer is responsible for arranging buildings insurance from the date of exchange of contracts, as they become legally bound to purchase the property from this point. Sellers should maintain their insurance cover until completion to ensure continuous protection.

Your solicitor will request the funds from your mortgage lender to be released in time for the agreed completion date. Most lenders require at least a few working days’ notice, so your solicitor will coordinate this to ensure the money is available on completion day.