Exchange of contracts and completion of the sale

Exchange of contracts

and completion of the sale

When the contract has been agreed, both buyer and seller will sign an identical contract and the legal representatives of each party will facilitate the exchange of the signed contract which can be done without the immediate physical exchange of the documents. The sale is now legally binding and neither party can withdraw without significant consequences. The buyer will usually pay a deposit of 10% of the purchase price at this stage. We will advise you where attempts may be made to vary the sum of the deposit.

A date for completion must be set before the contracts are exchanged. Completion is the point that the purchaser will hand over the remaining funds to your legal representative and legal ownership will transfer from you to your buyer. When your solicitor is in receipt of the completion monies, they will let us know that the keys can be released. Your solicitor will pay off any outstanding debts (mortgages or charges), our fees, their fees and transfer the balance to your account, providing a full statement of all monetary matters.

Preparing to move

After you have exchanged contracts there are several matters to be tackled, including confirming your moving date with your removal company, ensuring that you have appropriate insurances in place and contacting your utilities providers and Royal Mail to have your post forwarded. You will of course also need to pack and maybe need a general clear out.

When you move to your new home you will need to transfer your Council Tax liability and change your electoral roll registration over to the local authority in your new area. You may need to contact your medical providers and the DVLA. You should ensure your bank and other financial advisors, or pension funds have your new address.

Disclaimer. Great care has been taken in preparing this advisory booklet and whilst it is believed to offer considered, accurate (at the time of printing July 2021) and reliable information, no liability is accepted relating to any of the contents and it should not be used as a substitute for professional legal advice.