Put simply, exchange and completion are the two big stages in the house buying process.

Exchange of contracts is the point at which the buyer and seller’s solicitors or conveyancers do just that – exchange the contracts that their clients have signed.  This is usually done over the phone and there is a prescribed process that is used.

The buyer will also pay a deposit to the seller – usually 10% of the purchase price. At this point, the sale becomes legally binding and neither party can pull out without serious penalties. The solicitors will also agree a moving date, commonly referred to as a completion date.

Completion is the final point in the process, when legal ownership of the property is transferred to the buyer, the balance of the sale price is paid, the keys are handed over and the place is legally yours.