What actually happens when you exchange contracts?

[Missusblusky1]

Looking to exchange today, in a chain of 6, everyone has agreed a completion date and deposits received by solicitor and contracts signed. Can anyone tell me what actually happens, I assume I get a phonecall to say it’s done ? Will they read the whole thing out?

you (and anyone buying with you) should get a phone call asking if you are happy to proceed with exchange.
then later (sometimes a day later) you will get a phone call, a text, or a notification in the conveyanve portal that exchange has happened.

Your solicitor rings you to get your permission to exchange. They will check the price and completion date with you. Then it’s a series of phone calls between the solicitors in the chain.
Once exchanged, your solicitor will ring you to say you’re done.

I forgot to send you good luck!

Thank you! Been waiting to do this for over a week now, it’s been very stressful!

Bless you.
Don’t worry it it takes a while today. The phone calls between solicitors have to go up the chain to confirm they are ready to exchange, then down the chain doing the actual exchange. So 12 calls in total IYSWIM.

I got the call around midday - all exchanged!

That must feel amazing :)

Congrats @Missusblusky1!

Thanks all! I feel it’s been a long time coming but in reality not long at all if you know what I mean x