Do I own the house after exchange of contracts?

Once the contract is signed, you are legally bound to buy the home. It's the point you pay your deposit.

Who owns the house after exchange of contracts?

Once contracts have been exchanged you're legally bound to buy the property. The next steps will be: to tell the freeholder (if it's a leasehold property) you're the new owner.

How long from exchange of contracts to completion in the UK?

Your conveyancer will discuss dates for completion with you before your contracts are exchanged. Usually, there's a period of one to three weeks between exchange and completion, but this may be longer depending on the size of your chain.

What do solicitors do when they exchange contracts?

Exchange of Contracts is usually done by both solicitors reading out the contracts over the telephone (details of the conversation being recorded on the contract) to make sure the contracts are identical, and then immediately undertaking to send them to one another in the post.

How often do house sales fall through after exchange?

It might come as a surprise, but roughly one in three property transactions in England and Wales don't complete. Most of these happen after an offer is accepted but before contracts are exchanged — the point when a sale becomes legally binding. Until then, either party can walk away without legal penalty.

The Ultimate Guide To Understanding Exchange Of Contracts & Completion When Buying Property

What can go wrong after exchange?

Some of the things that can go wrong between exchange and completion include: A break in the property chain. Loss of funds for either the buyer or seller. Mortgage offer withdrawal.

At what stage does a house sale usually fall through?

But when is a house sale most likely to fall through? It can happen early on due to mortgage issues, In the middle after the survey, Or at the last minute due to gazumping or a sudden change of heart.

What time of day do solicitors usually exchange contracts?

Prime Time

Most exchanges happen in the morning, with the peak exchange window between 10 am and noon. This allows the solicitors ample time to prepare and complete the process. Many mortgage lenders prefer exchanging contracts after 10 am. This allows enough time for funds to transfer on the same day.

Who decides the completion date?

Who decides on the completion date? The buyer and seller agree the completion date, along with other parties if there's a chain.

How long does exchange take on the day?

How long does exchange of contracts take on the day? The actual exchange process can take a few hours. Each solicitor reads out their client's version of the contract, and then the contracts are exchanged by post. The transfer of funds can also take several hours.

Should you start packing before exchange?

Despite this seemingly ample period between exchange and completion, packing up a whole house and everything in it can take a lot longer than most people expect. For this reason, it is advisable to start organising and thinking about packing a short while before exchange of contracts.

Does everyone in a chain move on the same day?

Everyone in the chain will have to complete on the same day, so you all need to agree the date. This might sound complicated. But your solicitor will work hard to sort it out on your behalf. Completions normally happen on a weekday, rather than a weekend.

How to speed up exchange of contracts?

Buying and selling at auction

You are guaranteed to speed up the conveyancing process by buying or selling at an auction. The traditional method of an auction is a process where the buyer and seller exchange their contracts immediately and overall have up to 28 days for sale completion.

Who insures a house after exchange of contracts?

The buyer should have insurance in place from the date the contract has been exchanged so this can cover any claims or repair work.

How long to complete a house sale after exchange of contracts?

How long between exchange and completion? Completion usually takes place 1-2 weeks after the exchange of contracts, but it can take up to a few months. Longer delays can occur if: Someone in the chain is renting and needs to give notice to terminate their tenancy.

How long does a bank transfer from solicitor take after?

What Happens on Completion Day? To help you prepare, here's a basic breakdown of what will happen on completion day: The buyer's conveyancer will pay the final funds due to the seller's conveyancer by same day bank transfer. The funds are usually transferred in the morning.

Who moves first on completion day?

Who completes first? The first person to complete is the first person in the chain and that is whoever doesn't have a property to sell – a first-time buyer, or someone who has already sold and is renting in the meantime, for example.

What do solicitors do between exchange and completion?

What happens between exchange and completion solicitors? Send executed contract of exchange and 10% deposit to the seller's solicitor. Send the Certificate of Title to the mortgage lender to drawdown mortgage funds the day before completion. Draft completion statement and send to buyer.

Is completion day always on a Friday?

While Fridays are popular for completion due to convenience of moving over the weekend and wrapping up the transaction by the weeks end, the completion date can be any weekday that suits the seller, the buyer and the respective solicitors or real estate agents.

How long after signing contracts do you get keys?

Completion is when the money changes hands and you are able to finally get hold of the keys to your new place. A time of two weeks is usually allocated between exchanging contracts and completion, although it can be even quicker than this.

What to do after exchanging contracts?

How many buyers pull out after a survey?

Nearly one-third of property sales collapsed before completion in the first quarter of 2025, according to QuickMove Now, and over a quarter (26%) of those were because the buyer pulled out after survey results flagged too much work or unexpected issues.

Do you have to pay estate agents if the sale falls through?

The Ready, Willing, and Able Clause

Their contracts often include a “ready, willing, and able” clause. This clause is designed to protect the estate agent's interests and ensure they are compensated for their efforts, even if the sale doesn't go through.

What are the last stages of buying a house?

On completion day, the buyer's solicitor sends the seller's solicitor the purchase price balance. The buyer can then pick up the keys from the estate agents and move in. Your final step in buying a home process is now complete, and it's time to enjoy your new home.