Exchange, completion and moving

Exchange is the point at which the buyer and seller enter into the binding legal agreement to complete the transaction.

The completion date is agreed and, in most circumstances, neither party can subsequently withdraw without serious financial and legal consequences.

A week or two has traditionally been common, but the period is entirely negotiable. It may be longer to accommodate moving arrangements or considerably shorter, and exchange and completion can sometimes take place on the same day.

Your solicitor will agree the date with the rest of the chain before contracts are exchanged.

The buyer’s solicitor transfers the purchase money to your solicitor. Once the funds have been received and completion confirmed, ownership passes to the buyer, and the keys can be released.

You should have moved out by the time required under the contract, removed your belongings and rubbish, left anything agreed in the fixtures and fittings form and taken final meter readings. Your solicitor repays any mortgage and other agreed costs from the sale proceeds and sends the remaining balance to you.