Before your solicitor can exchange
The legal title, searches and enquiries need to be far enough along for your conveyancer to advise you. Your mortgage offer should be in place. You also need to be satisfied with the survey and have the deposit ready in the form requested.
Read the final report. Check the address, price, buyers' names, boundaries, rights, restrictions, fittings and completion date. If anything in it surprises you, stop and ask. Exchange is a poor time to assume that somebody else must have checked.
Do a final viewing if one can be arranged. You can confirm that the property still appears as expected and that agreed work or removals have been dealt with. It is easier to raise a concern before exchange than after completion.
What the word “exchange” means
The two conveyancers confirm that signed contracts have been exchanged. From then on, both sides are normally legally bound to complete on the agreed date. Pulling out can have expensive consequences.
Your buildings insurance may need to begin now, particularly with a freehold purchase in England or Wales. Ask your solicitor for the date and put it in writing to the insurer. If you are also selling, keep the old home insured until your responsibility for it has ended.
Once the telephone call confirming exchange has taken place, note the agreed completion date. Avoid giving notice on rented accommodation or ordering non-refundable goods until exchange really has happened.
The gap before completion
Your conveyancer requests the mortgage money, carries out final checks and gives you a statement showing any balance to pay. Verify bank details by a trusted method before sending a large sum. Unexpected emails giving a “new” client-account number should be treated very cautiously.
Once exchange has happened, you can confirm the removal booking and send change-of-address notices. If you want to measure rooms or let a tradesperson look around, arrange access through the estate agent. The seller still owns the home until completion.
Check how your deposit and final funds are being sent. Banks can impose daily transfer limits, and moving a large sum may need advance arrangements.
Completion day rarely runs to a perfect timetable
The buyer's conveyancer transfers the money to the seller's conveyancer. The keys are released after the seller's side confirms receipt. This can be early, but lunchtime or later is quite normal when several linked sales have to complete in order.
Keep your phone charged and your plans a little flexible. It is better for the removal van to wait somewhere sensible than to arrive at the house before the seller is legally required to leave.
If something holds up the money, let the removers and estate agent know. Your conveyancer can explain whether the delay is routine or whether the contract position needs attention.
A few checks when you get inside
Photograph the meters and compare the contents with the fittings list. Find the stopcock, consumer unit and heating controls. Test the smoke and carbon-monoxide alarms, then arrange to change the outside locks.
If something important has been removed or the property has been seriously damaged, take photographs and call your conveyancer. Avoid disposing of anything or authorising a major repair before you have advice.
Take a slow walk through before the removal van is emptied. Photograph any new damage, check that rubbish has been removed as agreed and make sure windows and outside doors are secure. Small issues can be sorted later, but anything serious should be reported while the position is still clear.
Make sure the insurance dates meet
There should be no accidental gap between responsibility for the new home and the policy start date. If completion moves, or either property will be empty, tell the insurer and follow any security or heating conditions.
Keep the old and new policy schedules until both transactions have completed. If the dates overlap, a written record of which insurer covered each address will be useful if anything happens during the move.