What Happens on Exchange
You will NOT need to go to your Conveyancer’s office for exchange to occur. You will have already signed the contract in readiness.
The exchange of contracts is carried out over the telephone by your Conveyancer speaking with the other side‘s Conveyancer. This is a telephone call made in your absence.
You will need to give your authority to exchange beforehand. You must also confirm you understand the legally binding nature of exchange. The completion date must be agreed by all parties for exchange to occur.
You can give authority to exchange via email or telephone call. Exchange and completion occur without you needing to be present.
Unless your property is leasehold, make sure your buildings insurance is valid and in place from the point of exchange. You can place insurance on Notice in advance. Note your lender's interest and cover, at a minimum, the rebuild value.
Once exchanged you must complete despite any property damage. Buildings Insurance is therefore vital.