Compare quotes from conveyancing solicitors servicing Thornhill

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What happens during the ‘Exchange of Contracts’ ?

Exchange of contracts (EoC) is the point of the legal process where a binding obligation on both parties is created - for the Seller to sell and the Buyer to buy the property.

At any time up until the EoC point, either party could withdraw from the process without any penalty other than monies they have spent on surveys, mortgage application fees and similar costs....

At EoC  stage a completion date is normally mutually agreed when the transfer can and will be finalised.

On the day of completion the monies are transferred between the parties and, the keys to the purchased property are handed over to the buyer.

What does Commonhold mean?

Commonhold is the term given to the circumstance where you can buy the freehold and own common parts of the building jointly with other persons. This mostly applies to flat occupation/ownership.

No ground rent or service charge would be payable payable but it’s likely that you would have to contribute towards general maintenance and insurance for the common parts of the building. (Stairwell lighting, lift maintenance, gardening etc).