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The most common method is by telephone. Once satisfied that everything is in order and mortgage instructions from your lender have been received, your solicitor will call the seller's solicitor to exchange contracts.You will be notified by your solicitor of exchange.

It usually takes around eight to 12 weeks to reach the point where you're ready to exchange contracts. The actual process is quite speedy, requiring a phone call between the buyer's and seller's solicitors.

Can you exchange contracts without a completion date? Exchange of contracts can't take place unless the buyer and seller have agreed to a completion date. That's because the completion date is drawn into the final contracts, making the sale, and date, legally binding for both the seller and the buyer.

What Is a Reverse Exchange? A reverse exchange in real estate is a type of property exchange wherein the replacement property is acquired first and then the current property is sold. A reverse exchange was created to help buyers purchase a new property before being forced to trade in or sell a current property.

Buyers and sellers are liable for solicitor fees if either party pulls out before the exchange of contracts.For sellers who still want to continue selling their house right away, you won't need to pay this straight away and may be able to keep your solicitor on until you've found another buyer.

Provided the seller's conveyancer does confirm before the agreed time then the buyer's conveyancer has to honour the exchange but if he does not then the exchange is not completed. This is known as the buyer's conveyancer giving a release of the contract to the seller's conveyancer.

Formula B is used where each solicitor holds their own client's part of the contract. Following the telephone call effecting exchange, each solicitor dates their part of the contract, inserts the agreed completion date and sends their client's signed part of the contract to the other.