Your solicitor
Solicitors are an essential part of the home buying process as they oversee the purchase of your new home and take care of all the legal aspects, ensuring everything goes as smoothly as possible. This means that they will sort contracts and fund transfers, advise on legal matters, conduct local council searches and complete the Land Registry. A good solicitor will make sure that you receive regular updates and really relieve you of some of the house buying stress.
If you don’t already have a solicitor, our Sales Consultants can supply you with the details of some local independent firms who work with us regularly. This helps to make your move as straightforward as possible, as our recommended solicitors are familiar with our process.
Mortgages and Insurance
It is now time for you make a formal application for a mortgage, should you need one, based on the price and details of your chosen home. To do this, you’ll need to collect credit reports, documents relating to utility bills, council tax, insurance policies, living costs and outgoings, employment (or self-employment), proof of benefits, proof of identification (usually a passport or driving licence) and up to 6 months worth of bank statements. Finding the ideal mortgage is hugely important.
Our Sales Consultants can put you in touch with a New Build Mortgage Specialist or, alternatively, you can get in contact with them directly as a member of My Redrow.
You should also arrange the insurance of your new home at the same time as your mortgage. Building insurance is essential and all lenders will insist you have it in place from the point where you exchange contracts. As soon as contracts change hands, you’re legally responsible for your new home.
Exchange of contracts
The next stage in the home buying process is for the respective solicitors to exchange signed contracts and, after doing so, both parties are legally committed to the sale and purchase of the property. Up until this point, both buyer and seller can break off the transaction without serious financial cost.
Before contracts are exchanged, it’s good practice to confirm that searches are complete, mortgage funds and the offer are secured, completion date is set, you’re happy with the details of your contract, and that you understand all relevant details of the offer and contract as explained by your solicitor.
At this time you will also pay the exchange deposit for your new home to Redrow, which is usually 10% of the final purchase price unless otherwise agreed. Once the contracts have been exchanged, we will keep you updated as to when your home will be completed and you should be able to move in.
Explore more of our Home Buyer Guide
Home buyer guide
Finding your new home
home buyer guide
From exchange to completion
