Exchanging Contracts on a Property Sale or Purchase

Conveyancing is an important part of the buying or selling a property. There are a few different phases of the conveyancing process, and it is important that you have a dedicated expert in the field to help you navigate the legalities and potential complexities. Here, we take a look at the exchanging of contracts and what that entails.

Once there is an initial agreement to buy or sell a property and all parties agree a completion date the contracts can be exchanged. This can be completed over the phone by your conveyancer or solicitor. If there is a sale and a purchase taking place for one client the contract exchange and transaction will be simultaneous with the same completion date for both.

A deposit (usually between 10 and 20% of the total purchase price) is paid once the contracts have been exchanged, and the completion date will usually take place sometime between 2 and 4 weeks from the date of contracts being exchanged. In this time the conveyancer will be responsible for preparing the Transfer of property between the parties. The buyer’s conveyancer will make land charges and land registry searches at this point, as well as obtaining the balance of money to complete the transaction.

At Central Mortgages we can help you find the perfect conveyancer for your needs, ensuring that you receive a first class service throughout the entire process (not just the part where contracts are exchanged), that everything is performed to a high standard, without delay, and where you have a dedicated contact within the firm to give you peace of mind that everything is being processed on your behalf to the best of the ability of the firm. To find out more information please contact the Central Mortgages team on 01277 630 183 or office@centralmortgages.net.