Settlement
Settlement can take place once:
- Letters of offer are signed and returned to the bank/lender
- Mortgage documents are signed with your solicitor
- Morgage documents are returned to the bank's/lender's solicitor
The settlement date is usually 42 days after the date of exchange of contracts, unless a different date is negotiated between the vendor and purchaser.
At settlement, the cheques are handed over to the relevant parties. Your solicitor should provide you with a settlement statement prior to settlement date detailing the cheque amounts and payee of each one.