Buying a House: Exchange and Completion

We’re at the final stage before you’re officially a homeowner – congratulations, I hope these series of blogs have been helpful to all you first-time buyers out there.

Everything I’ve written are things that have genuinely help me with my process. As you’ll see I’ve included my Instagram and Twitter handle at the bottom of the infographics and my website URL too. If anyone has any questions, would like to know more or might need some advice then my DM’s are open and I’m more than happy to help or assist – I won’t sugarcoat it, it’s a long and stressful process, but it is doable!

Anyways, you’re finally at the stage of exchange and completion… here’s a little break down on what the difference between the two are:

My exchange and completion were on the same day. My solicitor firm had rules put in place regarding COVID-19.

Once you’ve exchanged contracts you’re legally binding and so if the Government did happen to tighten restrictions when it comes to the completion of properties then I’d have been in a bit of a sticky one still. 

Normally exchange happens a few days before completion. 

Before you exchange contracts your solicitor will confirm an exchange date and completion date, they’ll send you forms such as the contract, mortgage deed and various other paperwork that you’ll need to sign and post back to your solicitor. I’d keep in mind that you’ll probably need a witness to sign some of the forms. They need to be over 18 and not related to you, which as you can imagine for me was fun considering we’re in the middle of a national lockdown, but I managed to swing it. 

I sent my deposit and any outstanding solicitor fees three days ahead of my completion date and I got in touch with the estate agents to ask them what the process would be on the day in regards to collecting the keys.

On the day of my exchange and completion, I received a call from the estate agents around 11.30am letting me know my exchange had completed, meaning I legally owned the house. Around 2.45pm I received an email from my solicitor confirming my completion had successfully gone through. The estate agents contacted me shortly after and let me know that I was welcome to collect the keys. By 4.15pm I was hoovering the living room of my house.

My advice here is don’t be alarmed by the waiting game of your confirmed completion date… enjoy the calm before the beautiful storm!

Well, there you have it! We’re both officially homeowners, congratulations for successfully completing on what will probably be one of the biggest investments, commitments of your whole entire life.

Like I said DM’s are open to anyone who’d like to know more!

Enjoy your new house.