The final big milestone in buying a house is completion day, the day you get your keys to your new home! But there are steps you need to take before you get there.
Some of the things that can go wrong between exchange and completion include:
A break in the property chain
Loss of funds for either the buyer or seller
Mortgage offer withdrawal
Mortgage payment delays/issues
Problem with removals
A house sale can still fall through after contracts have been exchanged.
However, if you pull out of a sale after exchange of contract it will be a breach of contract and you will lose your deposit.
Your solicitor will usually inform you about upcoming exchange of contracts and get confirmation to go ahead with the exchange.
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