Exchange, completion and moving
Once both sides are ready, the solicitors exchange signed contracts and agree the completion date. At that point the transaction normally becomes legally binding. You should only exchange when your solicitor is satisfied with the legal position and your mortgage and funding are in place.
A 10% contract deposit is traditional, although a smaller amount is often agreed, particularly where equity is moving through a chain or a high loan-to-value mortgage is involved. Your solicitor will tell you exactly what cleared funds are required before exchange.
For many purchases, responsibility for insuring the property passes to the buyer at exchange rather than completion. Follow your solicitor’s and lender’s advice and make sure cover starts on the correct date.
One or two weeks is common, but the period is negotiable and depends on everyone in the chain. It can be longer, shorter or even the same day. The date is agreed before exchange so everyone knows when the move will take place.
Usually, by arrangement through the estate agent. A pre-completion visit can be useful to measure for furniture, check agreed work or simply refresh your memory. If you have a specific concern about the property’s condition, tell your solicitor as well.
Your solicitor sends the purchase money to the seller’s solicitor. Once the funds arrive, completion is confirmed and the estate agent can normally release the keys. The timing varies, particularly in a chain, so do not assume the keys will be available first thing in the morning.
As soon as the seller’s solicitor confirms receipt of the completion funds and authorises their release. The estate agent cannot normally hand them over before that confirmation, even if the seller has already moved out.
Take meter readings, check the property is as expected and locate the stopcock, fuse board and meters. Arrange utilities and council tax if not already done, check locks and security, and contact the agent and solicitor promptly if anything materially differs from what was agreed.
Ownership passes on completion once the contractual completion arrangements have taken place. Your solicitor will subsequently deal with the Stamp Duty return where required and register your ownership at HM Land Registry.
Most completion-day delays are administrative and are resolved once money moves through the chain. If there is a more serious contractual problem, your solicitor will advise you. Keep removal arrangements flexible and stay in contact with the estate agent until the keys are released.
