Once your solicitor is satisfied with the title (ownership) of the property and the contracts provided by the vendor's solicitor, he or she will advise you to sign the contracts, which are returned to the vendor's solicitor with the deposit (about 10% of the purchase price, less any booking deposit paid).

You now have a legally binding agreement with the vendor, and if either side wishes to terminate this agreement, they may incur costs and penalties.

At this stage any outstanding documentation or conditions specified by the lending institution must be fulfilled, for example your life assurance policy and home insurance must be in place.

Your solicitor will liaise with the lending institution and the vendor's solicitor on the drawdown of the mortgage cheque. Upon receipt of this balance, the vendor's solicitor will give your solicitor relevant documentation and keys of the property, to be passed on to you.

Although you now have the keys to your new home, there are some final legal steps that your solicitor will guide you through >>