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Exchanging contracts completion guide

What does Exchange of Contracts Mean and What Happens After?

Whether you’ve already bought a house before or this is your first time, purchasing a property can be a daunting process and it’s natural to worry a little bit about what can go wrong between exchange and completion. 

The good news is, when you work with a trusted property developer like Bloor, a lot of the potential risks are mitigated.

To give you that added peace of mind, we’ve put together this guide to walk you through the exchange of contracts, the completion day, and everything in between.

What does carrying out an exchange of contracts mean?

The exchange of contracts – often referred to as the “exchange” - involves you and the developer signing documents to state that you’re both committed to finalising your purchase.

You should always consult with an Independent Financial Advisor (IFA) to help you to secure your mortgage. Once you’ve decided to buy, get in touch with your solicitor. 

The exchange will be carried out by your solicitor (acting on your behalf) and the developer. Your solicitor will give you a lot of notice before the date of the exchange, so you have enough time to get your funds in order.

It’s worth noting that many banks have a limit on how much they will let you transfer in one day so don’t risk waiting till the last minute to make the transfer.

Once the exchange is complete, your house deposit will be due.

Exchange Checklist

Whether you are a first time buyer, or simply new to buying a new build home, this list will help you track each stage of the process and exchange contracts in a timely manner.

COMPLETION DAY CHECKLIST

Whether you are a first time buyer, or simply new to buying a new build home, this list will help you track each stage of the process and exchange contracts in a timely manner.

MOVING HOUSE CHECKLIST

Moving home can be stressful. But if you use the house move checklists in our 3-step guide you can make your moving day smooth and fraught-free.

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