There’s been no legal change that stops you exchanging contracts, or completing the purchase or sale of property.
However, every case is individual, and there will be other factors (for example whether you need a mortgage or if the property is already vacant).
Once you’ve exchanged contracts you’re bound by your obligations under the Law Society’s “Standard Conditions of Sale”. This means that if you exchange and are then unable to complete the
transaction (for any reason), you’ll be liable to pay interest and related costs incurred by the other party. You could potentially lose your deposit too.
To stop this from happening, your solicitor may recommend that you add extra terms to the contract. Or they may suggest that completion of the contract happens at the same time as exchange. This is known as "simultaneous
exchange and completion".
