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

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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.

Joey

Joey is the founder of Survey Remedy, a London-based property due diligence service specialising in period homes. With hands-on experience coordinating structural, damp, drainage and building investigations, they focus on turning complex survey findings into clear, actionable repair strategies.

Disclaimer

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