Exchange Contracts
Once your mortgage has been offered, your solicitor should have a draft contract ready for you to sign. When you have signed the contract, your solicitor will send it to the seller's solicitor, in exchange for the contract the seller has signed. This is the point of no return, both you and the seller are legally committed to the deal.
If exchange of contracts and completion occur on different days, you may be asked to pay a deposit. Your buildings and life insurance should also be placed into force.
A completion date will be agreed. Often this can be on the same day as contracts are exchanged.