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This is the stage when the terms of sale and purchase of the property are confirmed.

Once your offer is accepted (conclusion of missives), a binding contract is formed and you are then legally bound to buy the property.

You will need to sign the document that transfers the property to you and the mortgage deed (called a 'standard security'). Your conveyancer will explain these documents as well as the mortgage conditions. The conveyancer will confirm to the lender that the property has a good and marketable legal title and will then request the mortgage money.

The loss of or damage to the property then passes to you (unless the contract says otherwise), so you must ensure the property is insured properly. Your solicitor will normally arrange this with your lender.

NB. If you are buying a newly-built property, you may need to pay a deposit at this stage.

The seller's solicitor will issue a Qualified Acceptance and send your solicitor all the necessary papers relating to the property. Your solicitor will then check these, including the titles to the property and raise any queries arising.

Step 10
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