Exchange of contracts occurs when all of the enquiries have been answered, such as:
The Preliminary enquiries following receipt of draft contract
Evidence of a good title
Specific issues highlighted in the Lease, if applicable
Local search queries
Fixtures and fittings to be included in the sale
The buyer’s mortgage offer
When the contract has been signed by both parties, the deposit (usually 10% of the purchase price) has been received and the solicitors are satisfied everyone is ready to proceed. Your completion date will normally be set at this stage, around two weeks after the exchange.