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WHAT ACTUALLY HAPPENS BETWEEN EXCHANGE AND COMPLETION? 🏡🔑

@number2atmolyneux

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Why it worked

The content provides a clear, step-by-step explanation of a complex process (buying a house) using easily digestible text on visually appealing slides, making it highly shareable and saveable for viewers navigating this significant life event.

Summary

This slideshow explains the final stages of buying a house in England and Wales, from legally binding contracts and deposit transfer to final checks, moving day preparations, and the official release of keys upon completion.

Structure

1Introduction to exchange and completion
2Purchase becomes legally binding
3Exchange deposit is transferred
4Solicitor prepares final funds
5Final legal checks are completed
6Preparation for moving day
7Completion money is transferred
8Keys are released

Call to action

SAVE THIS FOR YOUR COMPLETION DAY 🏡🔑

On-screen text

WHAT ACTUALLY HAPPENS BETWEEN EXCHANGE AND COMPLETION? 🏡🔑 The final stage of buying a house in England and Wales—explained simply. 1. YOUR PURCHASE BECOMES LEGALLY BINDING Once contracts are exchanged, both the buyer and seller are legally committed to the sale. The completion date is fixed —and pulling out could now have serious financial and legal consequences. 2. YOUR EXCHANGE DEPOSIT IS TRANSFERRED Your solicitor sends the agreed exchange deposit through the chain. This is traditionally 10% of the purchase price, although a smaller amount may sometimes have been agreed. 3. YOUR SOLICITOR PREPARES THE FINAL MONEY Your solicitor will: • Request your mortgage funds • Send your completion statement • Tell you how much money is still needed • Ask you to transfer the remaining balance Send large payments only using bank details you have independently verified with your solicitor. 4. FINAL LEGAL CHECKS ARE COMPLETED Your solicitor carries out final checks before the money is released. These may include: • A final Land Registry search • A bankruptcy search required by your lender • Checking signed documents • Making sure every completion requirement is ready 5. YOU PREPARE FOR MOVING DAY Now you can confirm: • Removals or van hire • Annual leave • Child and pet care • Post redirection • Your completion-day bag • Buildings insurance, where required Don't forget chargers, medication, documents, snacks and toilet roll! 6. COMPLETION MONEY IS TRANSFERRED On completion day, your solicitor sends the purchase money to the seller's solicitor. You do not legally own the house—or collect the keys—just because it's morning. You must wait until the money has arrived and completion has been confirmed. 7. THE KEYS ARE FINALLY RELEASED 🔑 The seller's solicitor confirms completion. The estate agent is then authorised to release the keys —and the house officially becomes yours. Take meter readings, photograph them and check the property as soon as you arrive. SAVE THIS FOR YOUR COMPLETION DAY 🏡🔑

Original caption

What actually happens between exchange and completion when you’re buying a house in England or Wales? 🏡🔑 Once contracts have been exchanged, your house purchase becomes legally binding and the agreed completion date is fixed. Your exchange deposit is transferred, your solicitor requests the mortgage funds from your lender and you’ll receive a completion statement showing any remaining balance that needs to be paid. Your conveyancer will also complete the final legal checks, which may include a final Land Registry search and a bankruptcy search required by your mortgage lender. Meanwhile, you can confirm your removal company, arrange time away from work, prepare your completion-day bag, organise post redirection and make sure your buildings insurance has started when required. On completion day, your solicitor transfers the purchase money to the seller’s solicitor. This can happen at different times during the day, so don’t panic if you haven’t received the keys first thing in the morning. You must wait until the seller’s solicitor confirms that the money has arrived and authorises the estate agent to release them. Only then does the property legally become yours—and you can finally collect the keys to your first home. Save this first-time home-buying guidance so you know exactly what to expect between exchange of contracts and completion day. 🥹🏡 #FirstTimeHomeBuyingGuidance #ExchangeAndCompletion #CompletionDayUK #BuyingAHouseUK #creatorsearchinsights