Exchange and Completion
We often find that our customers don’t always fully understand the difference between EXCHANGE AND COMPLETION. Hopefully the information given below will make the process a little clearer and explain why removals companies will only book you in their diary when you have definitely exchanged contracts!
Established in 1989
Exchange and completion
- EXCHANGING CONTRACTS – This marks the point at which both parties are legally bound to complete the transaction. It sets the completion date and confirms all the legal paperwork is either already in place for completion or is guaranteed to be in place before then. If either party were to pull out after exchange, there would be penalties.
- COMPLETION is the final stage of the property sale/purchase transaction. It takes place when the seller’s solicitor confirms they are in receipt of the full purchase monies. Ownership is transferred from the seller to the buyer by the dating and transfer of title documents. Vacant possession is given to the buyer by 1pm, unless otherwise agreed and sellers should have left the property by this time. The buyer is given the keys, usually by the selling agent, and is free to move in.
- AND REMEMBER – you don’t have to move house on a Friday! We carry out removals on every week day. In fact you’ll probably have a better chance of getting a slot in the diary if you DON’T move on a Friday!
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WHEN CAN I BOOK MY REMOVALS?
The time between exchanging and completing contracts seems to be getting shorter and shorter (sometimes just a couple of days). This creates a huge amount of stress for customers, who have to book a removals company (who will only take bookings when you have exchanged), get packed up, sort out utility companies and internet provider, arrange childcare, book the kennels and so on.
So we would like to suggest that as soon as you have sold your property, you request with your estate agent and solicitor TWO WEEKS between exchange and completion. You are perfectly entitled to do this and it will make the process so much easier for you and your family if you do!
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