Congratulations! You have exchanged contracts on your new home, and the countdown to move-in day has officially begun. While this is an exciting time, it can also be overwhelming, especially if you’re a first-time homebuyer. But fear not – we’ve got you covered. Here’s what happens after you exchange contracts on a house.

1. Pay your deposit

After the exchange of contracts, you’ll need to pay your deposit. This is usually 10% of the purchase price, and it’s paid to the seller’s solicitor. Make sure you have the funds available and that you pay on time to avoid any delays.

2. Set your completion date

The completion date is the day when you officially become the owner of the property and can move in. You’ll need to agree on a completion date with the seller, usually around two weeks after the exchange of contracts. This should give you enough time to finalise your mortgage, arrange removals and any other necessary preparations.

3. Organise your mortgage

Assuming you haven’t already done so, you’ll need to arrange your mortgage. If you have a mortgage in principle, now is the time to finalise your mortgage application. Your mortgage provider will arrange a valuation of the property to ensure that it’s worth the amount you’re borrowing.

4. Arrange insurance

You’ll need to arrange buildings insurance for your new home. This is your responsibility from the day of exchange, as you’re now legally responsible for the property. You may also want to consider contents insurance to protect your belongings.

5. Finalise your removal plans

You’ll need to arrange removals for your move. This is also a good time to start packing and decluttering your current home. Keep in mind that removal companies can get booked up quickly, so it’s best to arrange this as soon as possible.

6. Notify utility companies

You’ll need to inform utility companies of your move, including gas, electricity, water and broadband. It’s a good idea to take final meter readings in your old and new home to avoid any disputes.

7. Conduct a final inspection

Before completion, you’ll have the opportunity to conduct a final inspection of the property. This is to ensure that everything is in the condition you expected and that any agreed repairs have been carried out.

8. Completion day

On completion day, the funds will be transferred from your solicitor to the seller’s solicitor. Once this is done, you’ll receive the keys to your new home and can officially move in.

In conclusion, exchanging contracts is a significant milestone in the homebuying process, but there are still several steps to take before you can move in. By following these steps, you can ensure a smooth and stress-free move to your new home.