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What happens between exchange and completion?
Firstly it’s worth explaining the difference between exchange and completion. Completion is the final stage of the conveyancing process – that’s when you pay the rest of the asking price and the property becomes legally yours. exchange can, in certain circumstances occur at the same time as completion, though this is not normal. There are some good practical reasons for that. exchange, however, is when you and the other side create a legally binding contract to sell or buy the property in question. And that means as a purchaser that you can’t pull out without losing your deposit.
But there’s no great mystery as to what happens between exchange and completion.
Your Property Lawyers must:
• carry out final searches with the Land Registry, either a Land Charges search or an Official Search and also report to your lender that the title to the property makes it a suitable security for their needs and request release of the mortgage advance
• be in possession of a signed mortgage deed and Transfer
• book or confirm any date you had previously booked in with your removal company and provide them with the relevant details including the addresses of both properties, , the old and the new
• cancel newspaper, milk and other deliveries
• send details of your change of address to your bank and any credit card companies, DVLA, insurance companies, club memberships, doctor, health authority, etc.
Seven days prior to completion you will receive a completion statement which details exactly how much money is required to complete your purchase and any Stamp Duty Land Tax payable.
On the day of completion:
• your Conveyancing Solicitors will send the purchase amount less any deposit paid on exchange by bank transfer to the seller’s Conveyancing Solicitor. This process is usually instant but can take up to two hours depending on the bank
• Once the seller’s Conveyancing Lawyer has received the funds they will contact the Estate Agent and arrange for the keys to be released to you
• You are now the official owner
• Your Conveyancing Solicitor will arrange for any Stamp Duty Land Tax to be paid to HMRC within 30 days of completion. Upon receipt HMRC will provide your Property Solicitor with a certificate enabling Land Registry registration
• Your property solicitors will register your new mortgage at the Land Registry.
The Land Registry may take several weeks to complete the registration, however once everything has been checked your Property Solicitor will either send the deeds to you for safe keeping or, if you have requested that they store them on your behalf, retain them in their own strongroom and confirm any details to you
Click here for a more detailed step-by-step guide to buying your home – including what happens prior to exchange of contracts.
Want to know more about buying or selling a property?
Click here to read about buying property at auction
Click here for our practical property purchase tips
Click here for an explanation of conveyancing terms and jargon
Click here for information about buy to let
Click here for explanation of the differences when buying new build property
Looking for Experienced Conveyancing Solicitors? Call Freephone 0800 1404544 now
Don’t take any unnecessary risks. Our Conveyancing Lawyers understand that buying and selling your home can be very stressful. But we make the conveyancing process easier.
Our experienced property team handle house and flat sales in Wiltshire, Hampshire and Dorset and throughout England and Wales – from our offices in Salisbury, Fordingbridge, Andover and Amesbury – providing expert legal advice so you know exactly what you are buying.
For free initial legal advice on any aspect of conveyancing, contact our specialist solicitors today.
- For a FREE no strings attached fee quote from our expert team,
- Call our property team on Freephone 0800 1404544 or one of our four branch office numbers OR
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