Exchange of Contracts & Completion

In England and Wales, Exchange of Contracts is the last stage of the legal process after which you cannot pull out (without losing your deposit and any legal costs you may have incurred).

Once everything is ready, you'll then be asked to pay a deposit - usually 10% (but sometimes 5%) of the property value before contracts can be exchanged. If the buyer pulls out after this stage, they will lose their deposit and may face legal action from the seller. It is essential to have Buildings Insurance cover in place at this stage and buyers should also consider other protection such as Life Insurance.

A date for completion is usually set for at least two weeks after contracts are exchanged. This should give you enough time to arrange moving in.

Here are some tips to make moving day as smooth as possible:

• Use a good removal firm - seek recommendations from friends. Look for members of the British Association of Removers who operate a strict code of conduct.
• If possible, try to stagger moving days so you don't have to do everything all in one day.
• This can also give you time to do any essential work to the new property such as carpet cleaning or any decorating that needs to be done before all your belongings arrive.
• Try to avoid Mondays and Fridays which are the busiest days on the roads.
• Save time and cost by doing some of the packing yourself.
• Check out the best value utility contracts for your new property well in advance and read the meters in both properties on moving day.
• Redirect post well beforehand - this is especially essential to protect yourself from identity theft.

Source: Rightmove