Stage 7: Money, money, money

While all the legal investigations are being dealt with, the buyer needs to get his or her finances in place, ready to –
(a) pay a deposit (usually ten per cent of the purchase price) on exchange of contracts and
(b) pay the rest of the purchase money, plus legal expenses, plus the stock value, on completion

As exchange of contracts and completion often take place on the same day, the buyer needs to be ready with all the money

Make sure, if you are a buyer, that your solicitor knows how much notice you need to get the money together, and discuss when you should be doing that

If you are relying on mortgaging your home to raise the money, make sure you know how long it will be befofre the funds are available

If you are mortgaging the pub for the loan, don’t forget to let your solicitor know that, so that the legal work required by the mortgage lender can be dealt with at the same time as the other legal work


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