How long will it take to exchange contracts?
Contracts are exchanged when a Seller and a buyer are ready to commit themselves to the transaction. Often exchange of contracts is referred to as “the point of no return”. All searches and enquiries must therefore be carried out and the mortgage offer received (if a mortgage is being obtained) prior to committing yourself to an exchange of contracts. It can take some time to get replies to the enquiries and local authority search results which can often lead to a delay in exchanging contracts.