What happens when you exchange contracts?

January 27, 2016 by Brendan O'Neill

Advice & Tips

Although buying a new home is an exciting period in your life, the process of exchanging contracts and moving into your new property can be daunting, especially if you’re a first time buyer. It is often the case that your mortgage adviser, who has taken CeMAP training, will be able to advise throughout the whole process.

Exchanging contracts

When you exchange contracts with the seller, you are signing legally binding documents, so make sure that you ask any questions and sort out any queries before this time. Once the exchanging of contracts has been completed, you are bound by law to purchase the property. Make sure that the Land Registry has been notified that you are the new owner, which is something the solicitor will generally deal with on your behalf.

Date of completion

This is the moving day that you agree with the seller. You may pick up the keys either directly from the seller, or from the estate agent. Your solicitor will act on your behalf to transfer the money to the solicitor of the seller. All parties involved normally agree on the same completion date to avoid any delays in the process.

Getting ready for the move

This is the period when you have to notify all interested parties that you will be moving on a specific date. You will also have to notify your current utility suppliers and register with them at the new property. If possible, arrange for childcare and someone to care for any pets on the day of the move, so that you can concentrate on completing the move into the property.