Essential Guide to Buying a House
Exchanging Housing Contract Back to Guide
Once all of the searches have been completed, the contracts have been drawn up and the solicitors are happy to proceed, it is time to exchange contracts. This means that the sale is now legally binding and you cannot pull out of the sale without losing your deposit. Once you have exchanged you also choose a time to complete the sale. You can exchange and complete on the same day but this is quite unusual as most people need time between exchanging and completing to book removal vans and sort out logistics.
Completion of House Purchase Back to Guide
Usually you get the keys to your new house after lunch time on the day of completion. This gives the old owners time to move out and clean before they leave.
On the morning of completion, your solicitor will transfer the rest of the money from your mortgage advisor to the vendor. They will also pay your stamp duty (you will either have
paid this to your solicitor already or they will bill you after)
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