<span class="text-span-11" data-w-id="5de63a2f-306e-06e7-9415-99ba981257a8">❌</span><span class="text-span-9" data-w-id="3b90ebf3-7893-3449-9da0-c6343b351065"> Common Myth</span><br>You need to wait until your existing property has sold before arranging the mortgage on your next home.
<span class="text-span-10" data-w-id="1afe2e74-6bb6-5bff-2943-d8eacf00013f">✓ The Reality</span><br>You can apply for your new mortgage as soon as an offer is accepted on the property you want to buy. Most movers run their sale and purchase in parallel, and a good broker coordinates both timelines so nothing slips.
The legal process, insurance requirements and financial planning involved in moving home are often underestimated. Your solicitor handles the conveyancing, your mortgage adviser handles the finance, and together they guide you through to completion. This guide explains what happens at each stage and what you need to have in place.
Conveyancing is the legal process of transferring property ownership. When you are both selling and buying, your solicitor manages two transactions simultaneously. Here is what they handle at each stage:
Searches, Enquiries & Title
Your solicitor orders local authority searches to check for planning restrictions, road schemes, flood risk and drainage. They raise formal enquiries with the seller's solicitor and review the title register at the Land Registry to confirm ownership and check for restrictions, rights of way or outstanding charges on the property.
Exchange of Contracts
Exchange is the point at which the transaction becomes legally binding. Both parties sign identical contracts and the solicitors exchange them. Your deposit transfers to the seller's solicitor at this stage. From exchange you cannot pull out without losing your deposit, a completion date is fixed, and buildings insurance must be in force.
Completion & Registration
On completion day your lender releases the mortgage funds to your solicitor, who sends them to the seller's solicitor. The seller vacates and the keys are released to you. Your solicitor pays any stamp duty on your behalf and registers the change of ownership at the Land Registry. The property is now legally yours.
<strong class="bold-text-21">Instruct your solicitor as early as possible.</strong><br><br>Conveyancing typically takes eight to twelve weeks from accepting an offer, and delays in longer chains are common. Instructing a solicitor as soon as your offer is accepted keeps momentum going. Your adviser can recommend experienced conveyancers they work with regularly.
Your mortgage lender will require buildings insurance as a minimum, in place from exchange of contracts. But moving home is also a good time to review your wider protection needs, particularly if your new mortgage is larger than your existing one. The main types of cover to consider are:
Buildings Insurance (required from exchange of contracts)
Contents Insurance
Life Insurance (to cover the full mortgage balance)
Critical Illness Cover (lump sum on diagnosis of a serious condition)
Income Protection (monthly payments if you cannot work)
Mortgage Payment Protection Insurance
Family Income Benefit
Buildings & Contents Combined Policies
When you take on a larger mortgage, your existing life insurance may no longer cover the full balance. Policies tied to your old mortgage amount will need updating. Critical illness and income protection cover can prevent you from being forced to sell if you are unable to work. Our advisers review your full protection position as part of the moving home process.
<span data-w-id="d2b8ea63-ac80-a924-2ebc-6b88afebdc4d"><strong class="bold-text-27" data-w-id="d2b8ea63-ac80-a924-2ebc-6b88afebdc4e">Buildings insurance from exchange:</strong></span> Your mortgage offer letter will confirm that buildings insurance must be in place from the date of exchange of contracts, not just completion. We can arrange buildings and contents insurance at the same time as your mortgage so everything is covered without any gaps.
A property chain can involve multiple buyers and sellers all completing on the same day. Coordinating mortgage offers, solicitors, removals and insurance requires careful planning. Your adviser will help keep your timeline on track by chasing lenders and coordinating with your solicitor, so you are not left managing it all yourself.
