When can I exchange contracts?

An explanation of the conveyancing process that gives you, the client, insight into the process so that you can be informed and set a clear path to exchange and completion. 

This is a question all clients have, whether they are selling or buying a property. The conveyancing process is rooted in legislation that dates back to 1925 so whilst this may seem archaic, solicitors can adopt modern approaches to make the process as smooth and efficient as possible for you. As online property lawyers, MJP have taken leaps forward to open the conveyancing process up for our clients so that you will always know where we stand in the process with a 24/7 online file for you. We also apply a modern method to the handling of transactions to ensure an expeditious and clear process is followed throughout.

If you are coming to a transaction as a first time buyer, have never sold a property before or if you have not moved for several years and your memory of the process is rusty then allow MJP to guide you through the process and have input into how we move forward and reach completion for you.

Having an understanding of what the transaction will look like and how long it might take will help you to plan your move and manage stress levels because we do understand that no matter how smooth the process is that such an important milestone in your life will bring with it some degree of stress. 

So lets start at the beginning. Your solicitor will need identification documents from you in order to open a file and represent you. Alongside this you will be given a copy of their terms of business and these should be accepted before you can become a client. We therefore recommend having your photo ID readily accessible and an up to date bill for proof of address as well as setting aside time to read through the terms of business as a priority once you have an agreed sale in place and have chosen a solicitor.

Once legal work can begin it is the responsibility of the solicitor representing the seller to produce the title deeds to the property and a draft contract. If you are a purchaser, you are able to speak to the estate agent involved to ask them to ensure the seller’s side prioritises this and as your solicitor we would contact the seller’s solicitor directly to chase this. As a seller, you can assist your solicitor by providing any paperwork you hold for the property such as planning consents, installation certificates and guarantees or warranties that may still be in place. Gathering these once you decide to sell your home will be very useful to helping the legal process start promptly. Whilst this is awaited on the purchaser’s side, searches can be ordered to expedite the transaction. Local authority searches can take 3-4 weeks to be returned depending on the area so choosing to order these early can be a key decision in moving towards an exchange of contracts.

Once the title deeds and draft contract have been issued, the solicitor acting for the purchaser will be able to raise enquiries with the seller’s solicitor. These will cover a range of topics such as any points of clarification needed on the title deeds, issues arising from the local authority searches and matters that a purchaser and mortgage lender (if applicable) consider important. The enquiries stage should be considered the middle stage of your transaction as this is what can ultimately determine how long it takes to reach exchange of contracts based on the number and the nature of the enquiries raised but also how proactive the seller’s solicitor is in answering these. Where MJP represent sellers, they will see on their online file as soon as the enquiries have been received and be able to send in their replies to us online, including uploading any documents that are requested. 

During this time, a purchaser should be receiving a mortgage offer (where applicable), providing their solicitor with bank statements for source of funding checks and perhaps also having their home buyer’s survey carried out. Each of these items are things that you can organise at the outset when you have provided ID and accepted the solicitor’s terms of business. These are therefore further key decisions that a buyer can make to help speed the process up if they do decide to apply for their mortgage in principal before securing a property, have their bank statements ready to produce and have a surveyor ready to instruct for instance. 

Once all funding is lined up, clear search results received and all solicitor enquiries resolved you will be able to look at a completion date. That is right, a date for your move is the next step and once this has been agreed you will then be able to move to exchange of contracts. The exchange of contracts makes your transaction legally binding and sets in place the agreed completion date so that you can then book removals and make practical plans for your move. The agreement of a completion date therefore comes first and then you look to exchange contracts. 

Whilst you will address more specific points during your transaction with your solicitor, particularly at the enquiries stage of the transaction, you are now armed with an understanding of the conveyancing process and should feel confident going into what will be a major transaction for you. Your solicitor will be able to help with any questions that you have along the way and with MJP we prioritise client service meaning that you will receive replies to your messages the same working day. 

To obtain a quotation for our service and to begin your transaction today, please click the Get Quote button at the top right side of your screen.

MJP Conveyancing are solicitors who provide legal advice and services to clients based in England and Wales and who can be contacted on 01603877067 or via email at davidp@mjpconveyancing.com