Posted by & filed under Mortgages.

This is it, the final step to owning your dream home.

new property, residential purchase, mortgage

In England and Wales, the 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).

The final contract between you and the seller is prepared when:

– The solicitor (or licensed conveyancer) and you are satisfied with the final outcome of all the enquiries
– The surveyor’s report has been received and any necessary action taken
– The lender has completed their valuation report and you have received you formal mortgage offer
– Arrangements about the payment of the deposit have been made
– The date of completion has been agreed.

Both you and the seller will have a copy of the final contract which you must sign. These signed contracts are then exchanged and at this point both you and the seller are legally bound by the contract to move forward with the sale / purchase of the house.

If you drop out at this stage no matter what the reasoning, you are likely to lose your deposit.

So when do you pick up the keys?

Completion of the purchase takes place between 1 and 4 weeks after the exchange of contracts and is the perfect time to arrange removal companies and schedule in any maintenance that might need to take place on the day or first few days of you owning the property.

On the day agreed for completion:

– The mortgage lender releases the money.
– The deeds to the property are handed over to your solicitor or licensed conveyancer.
– The seller must hand over the keys and leave the property by an agreed time.
– You will receive your legal documents about 20 days after completion after your solicitor has sent them to the Land Registry – Congratulations! We hope you enjoy your new home.

We hope you have found this guide useful. If you’ve missed out on some of the series, don’t worry. Click here to view the entire guide from the start.

Our help doesn’t stop here! Stay tuned for our blog guide to Protection. Credius can provide you with invaluable support throughout the process of purchasing your home and protecting you and your family in the event that life takes an unfortunate turn.

To learn more about the range of services we can offer you, click here to visit our website.
Or contact us directly to speak with an adviser at or call us today on 020 7562 5858.

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