From exchanging contracts to completion, and everything in-between
14 Jan 2021 • Last updated 30 Apr 2024 • 9 min read
Moving home can seem to be a daunting time, the process, the jargon, and apparent lack of control. But it doesn’t have to be, when you have a local, expert estate agent on hand to support you through each and every step.
As your independent Thetford estate agents, covering areas in and around Norfolk, we’ve summarised everything you need to know, from once your offer has been accepted on your next property investment to when your contacts have been exchanged, completion and everything in-between.
Once you exchange your contracts, that is the moment you can breathe a sigh of relief. But it is not over yet. There are several steps you must take in order to get your new keys to your new property.
First, you will need to pay your property deposit into your solicitor or conveyancer, as well as any other additional solicitor fees including stap duty (apart from people who manage to complete on their property purchase up until March 2021).
This is the legally binding part of the property transaction, which commits you to the purchase of your new property. Once signed, your solicitor/conveyancer will send your signed contract to your seller’s solicitors/conveyancers for their signature.
Now that you’re committed to becoming the new owner of your new property, you will need to get it insured. Buildings insurance, contents insurance and even life insurance are important, to cover you, your property and belongings from any “what ifs”.
What date we hear you ask? THE date: the completion date. This is when you exchange property keys and finally become the new owner to your new property.
Now you have your completion date, you can get packing. Pack-up your boxes, book your removal van and your moving army, and be prepared.
One of the areas often forgotten is what to do with your post. So, make sure you set-up the forwarding of your post with the Royal Mail. And while we are on the subject of addresses, ensure you advise your utilities and bills of your new address.
If you are purchasing your property through a mortgage, your chosen lender will release the money required to purchase your new property (once they receive the Certificate of Title to confirm you’re the new owners) and following a final financial check to ensure your circumstances haven’t changed.
Once your lender releases your funds, or you release the funds to your solicitor, that money will be forwarded onto the seller’s solicitors, and once the seller receives the finances, the property sale is classed as complete.
Now is the time to collect your keys and start making new memories in your new home.
Congratulations! The purchase of your new property is now complete. Cheers!