Contracts Exchanged — your purchase is now legally-binding!

✅ What this milestone means

Both you and the seller have signed identical contracts. Your solicitor has swapped them with the seller’s solicitor and transferred your deposit. From this moment you’re legally obliged to buy and the seller is legally obliged to sell. Backing out would mean hefty penalties for either side.

🔑 Why exchange is huge for buyers

⏱️ Completion countdown – your moving date is now fixed in everyone’s diary.

🛡️ Security – the property can’t be gazumped or remarketed.

💸 Financial clarity – your lender schedules mortgage draw-down and your solicitor can settle stamp-duty and registration fees.

🛠️ What’s happening behind the scenes

🏦 Your lender locks in the funds and books the draw-down for completion day.

📑 Your solicitor lodges the signed contract, holds your deposit and pre-completes Land Registry forms.

🔔 Open Moove flips your timeline to “completion countdown” so every professional can see the home stretch.

📌 Your action list right now

1. 🔌 Activate Moove Smooth – book services, switch utilities, broadband and council tax to your name from completion day.

2. 📦 Finalise removals and/or storage – confirm time, parking and payment with your movers.

3. 🏠 Arrange buildings insurance – cover must be active from exchange in most cases

⏭️ What to expect between exchange and completion

• Your solicitor orders mortgage funds and prepares the completion statement.

• The seller’s solicitor obtains final redemption figures for their mortgage.

• Keys are lodged with the estate agent or developer ready for release on completion day.

💡 Pro tip: Keep your phone on loud on completion day. If the banking system is slow, your solicitor might need instant confirmation of any last-minute queries to release keys without delay.

Got questions about deposits, insurance or moving logistics? Ping MeredithAI in your Moove Room - online 24 / 7 to keep you Mooving right up to key handover.