Once all the paperwork is in order, your solicitor will advise you that contracts are ready to be exchanged. (In Scotland, the term used is "missives). You will be asked to sign various documents including the contract for the sale of the property. Upon exchange of contracts, you will be asked to pay a deposit (usually 10% of the purchase price) which will go via your solicitor, to the seller's solicitor with a copy of the signed contract. If you fail to complete the purchase for any reason, you will lose this deposit.

Upon exchange of contracts, you can agree a completion date. Don't forget that once you have exchanged contracts, it is now your responsibility to ensure that you have adequate life insurance in place and that the building is insured. Again, SPF can help you with this.