What should I do if I receive a bad survey?

We provide actionable next steps including specialist recommendations, cost estimates, and prioritisation guidance.

Should I pull out of my property deal?

Our experts can help you understand risks and guide decision-making without bias.

How do I conduct proper due diligence before buying a period home?

We provide a full pre-purchase package including surveys, technical reports, and contractor quotes to give you complete insight before purchase.

Home

Services

Blogs

Home

Services

Blogs

Exchange of Contracts Explained | House Buying Process Explained

Explains what happens at exchange of contracts, when it becomes legally binding, and key buyer checks.

Exchange of Contracts Explained | House Buying Process Explained

What Is Exchange of Contracts and Why It Matters

Exchange is when buyer and seller sign identical contracts and solicitors swap them. The deal becomes legally binding.

What Happens

Deposit (usually 10%) is transferred.
Completion date is fixed.
Buildings insurance becomes the buyer’s responsibility.

You cannot withdraw without penalty after this stage. (See also: Do I Need Buildings Insurance Before Completion?)

Related Guides: Steps To Complete House Purchase

Need help coordinating your purchase or reviewing your survey? Book a quick consultation

What Is Exchange of Contracts and Why It Matters

Exchange is when buyer and seller sign identical contracts and solicitors swap them. The deal becomes legally binding.

What Happens

Deposit (usually 10%) is transferred.
Completion date is fixed.
Buildings insurance becomes the buyer’s responsibility.

You cannot withdraw without penalty after this stage. (See also: Do I Need Buildings Insurance Before Completion?)

Related Guides: Steps To Complete House Purchase

Need help coordinating your purchase or reviewing your survey? Book a quick consultation

Disclaimer

This article provides general guidance only and should not replace professional surveying advice. Always consult qualified specialists (CSRT-qualified damp surveyors, PCA members, or RICS surveyors) for property-specific recommendations.

The cost estimates provided are typical ranges (excluding VAT) as of October 2025 but vary significantly by region, property type, and scope of works. Always obtain written quotes for your specific circumstances.

We are not liable for decisions made based on this information. Property purchase is a significant financial commitment - seek independent professional advice appropriate to your situation.