Exchange day is an important milestone in the process of buying and selling a property. It marks the official start of the process of transferring ownership of the property.
On exchange day, the buyer and seller will meet with their solicitors to sign the contracts. The contracts will set out the terms of the sale, such as the purchase price, the deposit, and the date for completion. The buyer will also need to provide a mortgage offer from a lender.
Once the contracts have been signed, the buyer will pay a deposit to the seller’s solicitor. The deposit is usually 10% of the purchase price. The remaining 90% of the purchase price will be paid on completion.
Completion day is the date when the buyer takes ownership of the property. It usually takes place a few weeks after the exchange day. On completion, the buyer will pay the remaining 90% of the purchase price to the seller’s solicitor. The seller will then hand over the keys to the property to the buyer.
Things to keep in mind on exchange day
- Make sure you have all the necessary documents, such as your ID, proof of address, and mortgage offer.
- Be on time for your appointment with your solicitor.
- Ask your solicitor any questions you have about the contracts.
- Read the contracts carefully before signing them.
- Make sure you understand the terms of the sale.
- Pay the deposit on time.
- Be prepared to move into your new home on completion day.
Common problems that can occur when moving house and waiting on the exchange of keys
- The chain breaks. This is when one or more of the properties in a chain falls through, meaning that the entire chain is delayed or cancelled. This can be a major problem, as it can mean that you have to find somewhere else to live or that you have to delay your move.
- The seller doesn’t leave the property in good condition. This can be a major problem, as you may have to pay for repairs or cleaning before you can move in.
- The property doesn’t match the description. This can be a problem if the property is not as described in the sales particulars. For example, the property may be smaller than you thought, or it may have dampness or other problems.
- The solicitor delays the process. This can happen for several reasons, such as if the solicitor is busy or if they are waiting for information from the other party. This can delay your move and cause you stress.
- The removals company doesn’t turn up. This is a nightmare scenario, but it can happen. If the removals company doesn’t turn up, you will have to find another way to move your belongings.
Tips to help you avoid these problems
- Get a good survey. A survey will help you to identify any problems with the property before you buy it.
- Get a good solicitor. A good solicitor will be able to advise you on the legal process and help to ensure that the move goes smoothly.
- Plan your move carefully. The more organized you are, the less likely you are to encounter problems.
- Have a backup plan. It is always a good idea to have a backup plan in case something goes wrong with your move.
Moving house can be a stressful experience, but by following these tips, you can help to make it go more smoothly.
Things to tell your removals company on exchange day
- The date and time of the move.
- The address of your old and new homes.
- The contact information for your new landlord or property manager.
- The number of rooms in your home.
- The size and weight of your belongings.
- Any special items that need to be moved with care, such as antiques, fragile items, or pets.
- Any stairs or narrow hallways that the removals team will need to be aware of.
- Whether you have any parking restrictions or access issues.
- Whether you would like the removals team to pack or unpack your belongings.
- If you have any other specific requests or instructions.
By providing your removals company with this information, you can help them to plan your move and ensure that it goes smoothly.
Additional tips to help you have a successful move with your removals company
- Be clear and concise when giving your instructions.
- Be patient and understanding.
- Be prepared to help out where possible.
- Offer a tip to the removals team.
By following these tips, you can make your move a positive experience for everyone involved.
This simple guide is going to make a huge difference on your moving day. Being prepared and organised are the key elements of a smooth move on completion day. Additionally, you want a competent mover like Central Moves to help you along in the process. Get A Free moving quote here