Exchange and Completion: The Final Questions That Protect You
You've had your offer accepted, appointed a solicitor, had your survey done and navigated the conveyancing process. But these last stages still require attention, and the questions you ask in the run-up to exchange and on completion day itself can still make the difference between a smooth move and an expensive surprise.
What is exchange of contracts?
Exchange is the point at which both buyer and seller sign identical contracts and swap them, making the transaction legally binding for both sides. At exchange you'll pay your deposit, typically 10% of the purchase price, and a completion date is agreed. Once contracts are exchanged, neither party can pull out without significant financial and legal consequences.
Before exchange your solicitor should confirm that all searches have come back satisfactorily, all enquiries have been answered, your mortgage offer is in place, and the final contract has been reviewed and signed. If any of these aren't in place, exchange should not proceed. For a full breakdown of what your solicitor should be doing in the lead-up to exchange, read our guide to the conveyancing process.
It's also worth confirming that the property will be vacant on completion and that the seller has paid any outstanding utility bills, council tax and service charges. Inheriting someone else's unpaid bills is more common than you might think and a last stage check from your solicitor can prevent this.
The seller's final obligations
Before exchange it's also worth making sure you have copies of all guarantees, warranties and service records for the property. This covers things like appliances, building works, damp proofing and pest treatment. These documents are much harder to chase down after you've moved in and may be important protection for future works required.
If the property is leasehold, your solicitor should also confirm that the management company accounts have been reviewed and that there are no outstanding service charges or major works planned that could land you with a significant bill shortly after moving in.
What is completion?
Completion is moving day! Your solicitor transfers the remaining funds to the seller's solicitor, the title is legally transferred into your name(s) and you get the keys. After completion your solicitor will register the title at Land Registry and pay any Stamp Duty Land Tax due.
The timing of completion matters more than many buyers realise. Funds need to clear between solicitors before the keys are released, which means early morning completions are rare. Most completions happen in the early afternoon, so if you're planning a same day move, make sure to factor this into your moving arrangements. If you haven't yet had your survey carried out, read our guide to understanding the three levels of house survey before you get to this stage.
Questions to ask the estate agent before completion
Your solicitor handles the legal side of completion, but there are practical questions worth raising with the estate agent too. Can you arrange a final viewing or walk-through before completion to check the property's condition and confirm that agreed items are still in place? Will the heating, hot water, electricity and gas all be working when you arrive? Will the seller be leaving instruction manuals for appliances and the boiler?
It's also worth asking for a list of utility suppliers and meter locations, and making sure you'll have spare keys for all locks, windows, sheds and garages. Finding out the location of the stopcock, fuse box and gas shut off is something most buyers forget until they urgently need it.
Before you move in
Buildings and contents insurance should be in place from the moment you exchange contracts, not completion. You are legally responsible for the property from exchange, so if something happens between exchange and completion you need to be covered.
Arrange a postal redirection, confirm your removal booking and make sure you have access to funds for any immediate costs on moving day. It sounds obvious but completion day often has a way of throwing up unexpected expenses, so it's best to be prepared. If you're still at the offer stage, our guide to making an offer on a house covers the key questions to ask before you commit.
The full completion checklist
Exchange and completion involve more moving parts than any other stage of the buying process. The Home Truths Guide includes the complete checklist of questions to ask your solicitor and estate agent before exchange and on completion day, so nothing gets missed at the final hurdle, alongside 100+ questions to ask across the full buying journey.
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