What Happens During the Settlement Process?

Property settlement marks the final step in transferring ownership from the seller to the buyer. At this stage, the buyer pays the remaining balance of the sale price, finalising the transaction.

Solicitors are the key players in the settlement process. They manage the transferring of property ownership through an electronic workspace where all relevant parties can collaborate. This includes the buyer's solicitor, the buyer's lender's solicitor, the seller's solicitor, and the seller's lender's solicitor. Together, they use this digital platform to balance figures and resolve any discrepancies, ensuring that everything aligns for a smooth settlement.

This is where our brokers at The Newstead Group come in. If anything goes wrong the broker is here to fix it. Your mortgage brokers largest task in this period is between formal approval and settlement, assisting with the loan documents, nominating a short fall account, a surplus account, and a direct debit account for repayment.

While solicitors handle the majority of the process, our brokers at The Newstead Group provide crucial support, particularly between the formal loan approval and settlement stages. Key responsibilities include:

·       Assisting with the completing of loan documents.

·       Managing accounts for any shortfalls or surpluses.

·       Setting up direct debit arrangements for loan repayments.

Although you may have minimal direct contact with your broker during this time, their role is to resolve any issues that might arise and ensure that everything proceeds smoothly. Our brokers expertise helps to address potential problems, keeping your settlement on track.

As a buyer, you must ensure that you have funds available and ready by the settlement date. This date is dictated by the terms laid out on the contract of sale, which typically falls within 30 to 90 days, though it can vary depending on your circumstances.

‍