Completion is the point at which you pay for the property and it changes
hands. The date needs to be agreed before exchange of contracts can
Inform seller’s solicitor that you’re ready to exchange
When we have a signed contract, mortgage offer, deposit and an agreed completion date, we will inform the seller’s solicitor that you are ready to exchange.
The contract you have signed will at this point be literally ‘exchanged’ with the contract your seller has signed, making the transaction legally binding on both of you.
The completion date agreed with the seller on exchange of contracts is the date upon which the seller must give vacant possession and you can take up occupation. You must have paid the balance of the purchase price and all charges before this date. Failure to complete on the agreed date will result in the party at fault being in breach of Contract and serious financial penalties can apply.
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