After your offer has been accepted, the sale will be completed on the date of entry agreed with the seller.
The seller’s solicitor will ask your lender for the remaining money owed (usually 90% if you had to pay a holding deposit) in preparation for the date of entry.
If you’re a cash buyer you’ll need to pay the rest of the purchase price via your solicitor.
Other fees you might need to pay now
Your lender might ask you for:
- a fee for transferring the money, typically £40-£50
- a fee of £100-300 for setting up, maintaining, and closing down your mortgage account.
The seller’s solicitor will also prepare the Land Transaction Return for you to sign.
You’ll need to pay your solicitor’s bill at this stage, minus any deposit already paid. Typical cost: £400-£900 plus 20% VAT.
If you haven’t yet paid for searches, their cost will be included in the bill along with other fees paid on your behalf.
They will also arrange for the signed title deeds to be registered with the Land Register.
The cost starts at £60, depending on how much you’ve paid for the property.