What Happens on Exchange

Updated: May 1

You will NOT need to attend at your Conveyancer’s office for exchange to occur. You will have already signed the contract for exchange in readiness.

The exchange of contracts is done over the telephone by one 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 previous to this AND 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 – please make sure your buildings insurance is valid and in place from the point of exchange. You can place insurance on Notice in advance.

Once exchanged you must complete despite any property damage between exchange and completion.

Buildings Insurance is therefore vital.

Insurance must cover the property rebuild value as a minimum.

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