How to Avoid Delays Upon Exchange

Once everyone in the chain appears to be ready for the final hurdle, you’ll want to ensure the exchange process is as smooth and stress free as possible for all.

Many people are not aware what needs to happen prior to exchange so read on for my top tips to avoid delays at this stage:

1. Contract must be signed and approved by your conveyancing solicitor so allow plenty of time for this (days before exchange taking place ideally rather than last minute rushing around)

2. Deposit funds must be cleared with solicitor (usually 10% is required) ask you bank how long it takes to transfer large sums of money as they do vary

3. Be mindful that some mortgage companies require 7 days (or more) between exchange and completion so delays with exchange can have a huge impact the rest of the chain

4. Ensure you do your research on removal companies and their availability well in advance, so the agreed completion date is possible. Many will charge a fee to change the date once booked so make sure you know about potential/additional costs if this does happen

5. You must have buildings insurance for the property so best to take the time to research quotes well in advance rather

6. Ensure you are available on the phone to give your solicitor your authority to exchange on the day (even if you gave it the day before, you must give it again on the actual day of exchange)

7. Update your estate agent so they can keep everyone in the chain aware of the latest situation

The most important thing is to be well prepared and make sure your agent gives you constant updates for your peace of mind.

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