Home Selling Guide: Completion

The solicitors will agree a date for the exchange of contracts. As soon as you have signed the contract, the sale becomes legally binding for both parties. You will receive 5 to 10 per cent of the agreed sales price as a deposit, and your solicitor will set a completion date. Your solicitor will not release this deposit unless the seller defaults, but it may be used as a deposit for another house if you are part of a chain.

On the completion day, you will receive the outstanding amount of money (usually transferred directly to your account) and hand over the keys. Now you are at last able to pay for your new home (if you need to do so) and move!