Exchanging contracts is a crucial milestone in the home buying and selling process. Until contracts have been exchanged, both buyer and seller can each walk away from the sale and nothing is guaranteed.

Here we explain what’s involved and the things you can do to ensure you’re able to exchange contracts as quickly and easily as possible.

What does exchanging contracts mean?

The exchange of contracts is the point at which the sale of a house becomes legally binding, both to the buyer and the seller.

In order for the sale to proceed both the buyer and the seller need to sign copies of an identical contract and the buyer needs to pay a deposit – typically 10% of the purchase price. This is separate to the mortgage deposit.

Nick Owens a property partner at Keystone Law explains: ‘The seller’s solicitor prepares the contract which is usually a very simple two sides of A4 document which includes standard terms (details of the buyer and seller, the details of the property and the agreed price and deposit) and conditions.’

In addition to the standard terms the contract may also include any ‘chattels’ that have been included in the sale, for example furniture or white goods.

Once the contract has been signed, solicitors representing each party then read copies of the contract over the phone to each other in a recorded conversation before posting the signed copies to each other.

Image credit: Future Plc/Simon Whitmore

At what point in the process do you exchange contracts?

Before contracts can be exchanged, you (and your solicitor) need to be sure that you are happy to buy the property at the price that has been agreed.

This means it cannot happen until the necessary searches and surveys have taken place and any questions or queries that may have arisen as a result have been resolved.

Kate Hathaway, a property solicitor at Keystone Law adds: ‘The buyer will also need to have received their mortgage offer before exchange of contracts.’ This will provide the necessary evidence that you’ve got the money to buy your new home.

You’ll also need to have bought buildings insurance for your new home and have agreed what fixtures and fittings are to be included in the sale. A completion date should also be agreed.

According to Halifax, it typically takes between eight and 12 weeks to go from offer acceptance to exchange of contracts. However, just how long it takes you will depend on the results of the searches and the building survey.

If any problems arise, these can take time to resolve.

The length of your chain can also make a difference, the shorter it is, or if your process is chain-free, the less complicated it is likely to be and the faster you can hopefully exchange.

Can a buyer or seller drop out after contracts have been exchanged?

Once contracts have been exchanged the buyer is legally bound to buy the property and the seller is legally bound to sell it. This means that if either party were to pull out, it would be considered a breach of contract and there would be significant financial penalties.

The buyer would lose their deposit and may have to pay interest on the outstanding balance of the completion funds. The seller, meanwhile, would become liable for the costs that the buyer has incurred so far.

This is why it’s vital all parties must be certain that they want to go ahead, before they sign the contract.

Even though the seller doesn’t have as much to lose by backing out at this stage, it’s worth pointing out that it is incredibly unusual for sales to collapse after contracts have been exchanged.

Image credit: Future Plc

What happens after exchanging contracts?

After contracts have been exchanged, there is still a fair amount of work that needs to be done before the transaction can complete. That said, it’s less fraught because the difficult work has been done and you should at least have the confidence that your move will go ahead as planned.

Nick Owens says: ‘Once contracts are exchanged, the solicitors swap their clients’ signed parts of the contract and the buyer and the seller then sign transfer deeds to transfer the ownership of the property in readiness for completion. The buyer’s solicitor will collect the money from the buyer and his mortgage company (if applicable) that they need for completion and will carry out final checks and prepare the stamp duty land tax return.’

It’s a busy time for the buyer and seller too who will need to start preparing for the move in earnest, for example packing and arranging removals. It’s also a good idea to contact utility providers and arrange mail redirection ahead of the big day too.

Can you exchange contracts without a completion date?

The completion date needs to be included in the contract and unfortunately for those seeking flexibility, you can’t exchange without it.

All parties involved in the sale need to agree on the completion date, which is usually scheduled for a few weeks after exchange.

This allows both buyer and seller the necessary time to pack up and arrange their move.

Can you exchange contracts and complete on the same day?

Completion is the final stage in the home buying process. All payments are made and the title documents are transferred to the new owner. The seller vacates the property and the buyer can finally move into their new home.

If you are in a real hurry, or it’s been such a stressful experience building up to exchange, you may want to wrap things up as quickly as possible by exchanging contracts and completing on the same day.

However, while it is possible to exchange contracts and complete on the same day, Daniel Knott, mortgage adviser at Active Financial, points out that it may only add to your stress. ‘There are a lot of different parties within a chain and therefore a lot of moving parts to all work for completion to occur. If there are any issues throughout the chain, this could be delayed. This can be inconvenient and costly if you have booked removal vans, taken time off work or redirected your mail.’

Kate Hathaway takes a similar view. ‘The risk of not having time between exchange and completion is a lack of certainty in the transaction — until contracts are exchanged either party could walk away from the transaction at any point without penalty. An exchange of contracts provides the certainty to all parties that completion will occur on a specific day.’

Image credit: Future Plc/Alexander James

Is the fee for exchanging contracts included in the solicitor’s fees?

Yes. Your solicitor’s bill will be made up of two parts – a fee for their services (including exchange of contracts) and disbursements. Disbursements are additional legal costs charged by third parties, for example searches, fraud checks, stamp duty and bank transfers.

Tips for exchanging contracts as quickly as possible

Daniel Knott says it’s a good idea to keep talking to your solicitor.

‘It’s essential you work together with your conveyancing solicitor. A good solicitor will tell you the individual who will be looking after you and your purchase or sale. This means you’ll know exactly where to direct your queries or concerns.’

‘The biggest stress is usually uncertainty, this is especially true for first-time buyers who haven’t experienced the process before. Communication with your conveyancing solicitor will ensure you understand what’s already been done, what stage you’re at currently and what is still to come.

Kate Hathaway, also recommends that buyers act quickly and get everything they need to do done as soon as possible. ‘Although there is some financial risk involved, get your mortgage application in, your solicitor instructed and your survey commissioned as soon as possible. This will help you flush out any issues as soon as you can.’

She adds that you might also want to try and avoid being in a chain, if it is at all possible. ‘A chain will only ever move as quickly as the slowest link and it can be difficult getting information further down the chain.’

The post Exchanging contracts – what this actually means when buying a house appeared first on Ideal Home.

If you need help to make the most of your outside space, asking a garden designer to bring your ideas to life could be the best investment you’ll make. If you’re wondering how much does a garden designer cost, taking this major step is easier than ever; many garden design professionals offer flexible services offering targeted advice focussing on what homeowners really want to see in their garden ideas.

‘Garden design is no longer the sole preserve of the wealthy and landed, “ordinary” people can have even a small garden professionally designed,’ says Juliet Sargeant, who is the owner of Juliet Sargeant Gardens & Landscapes, a member of the Society of Garden Designers (SGD) and a recent RHS Chelsea Gold Medal winner for her Blue Peter ‘Discover Soil’ garden.

Image credit: Future Publishing Ltd / Polly Eltes

What does a garden designer do?

A garden designer will pull together all your ideas, from the latest garden trends to your favourite plants, and help you source everything you need to complete the look you want, including helping you to choose the best garden furniture for your scheme.

‘Designers will oversee the project from concept to completion, removing the stresses of the build from the client,’ says garden designer James Beadnall, owner of James Beadnall Garden Design. ‘They come up with functional and aesthetically-beautiful solutions for the space before creating masterplans and construction details for landscapers to work from.

‘If you want them to, they will source materials, landscape teams, and plants, and also manage the build. They will also carry out regular site visits to make sure everything is going to plan.’

Image credit: Future Publishing Ltd / Dominic Blackmore

How much does a garden designer cost?

In the UK, the average cost paid for a garden design is £1,950, according to Fiona Jenkins, garden expert at household jobs comparison site, MyJobQuote. The price range, however, is wide. To hire a garden designer to plan out, in detail, a new or renovated garden could cost from £600 to £4,500.

This will vary around the country; generally speaking, it’s more expensive to hire a garden designer in London and the South East than in the North of England, Scotland, or Wales. Phil Hirst, owner of Phil Hirst Garden Design, says that designers calculate their fees in two very different ways; either as a percentage, typically between eight percent and 20 percent of the overall expected budget for the garden, or base their fees on an hourly rate. Bear in mind that according to MyJobQuote, garden designers tend to charge from £60 to £200 an hour. Most people with more modest gardens tend to favour the hourly rate option, professionals say, so they can keep a close eye on how much their garden design will cost.

Image credit: Jacksons Fencing

1. Planning and design stage

‘Budget on an approximate cost of £30 to £150 per sqm for the whole design to be put into practice, from design to execution,’ says Fiona. If you’re looking for easy garden ideas your design will potentially cost less, as there will be fewer features.

For example, creating and finishing a 10sqm garden should cost between £3,000 and £15,000, but this price could double if you wanted to spend on high-quality planting, premium landscaping materials such as limestone or York stone, and expensive features such as outdoor kitchens.

Image credit: Bond Landscape Design Limited

2. Landscaping and structures

When your garden design is completed, you will need to consider garden landscaping costs in detail. If you’re concerned about how much your garden design will cost, this is where you can make savings, by working with your designer and contractor/s to find the best value for money materials.

These might include timber and stone, and structures such as fences and pergolas, substituting expensive for economical options if necessary. You will also need to add in labour costs; experienced landscapers typically charge about £150 to £200 per day, according to MyJobQuote.

3. Available access

There may be additional costs to pay if your garden is tricky to access; for example, if items such as furniture and fencing have to be craned into place rather than carried down a path. The extra time it takes and the hire of any equipment will need to be taken into account.

4. Waste disposal

Most contractors will dispose of debris in the most economical and environmentally-friendly way possible. However, if there is a lot of waste to remove, skips will be needed. Hire prices vary around the UK, but MyJobQuote suggests for example, that a two to three-yard ‘mini skip’ which will take approximately 30 bin bags, costs between £60-£130 for a week’s hire.

Image credit: Jacksons Fencing

Is garden design expensive?

It doesn’t have to be. Garden designer, vlogger and BBC1 Garden Rescue TV presenter Lee Burkhill, known as ‘Garden Ninja’, says his own garden designs start at £1,000, increasing in cost based on size and complexity: ‘Once the quote has been given for the design this is then fixed, so no surprises. Even on the tightest budgets, professional garden design can save you bags of money and avoid many costly mistakes.’

His tip for keeping the cost of garden design in check is to employ a garden designer based on the amount of time they will spend on your job, rather than paying them a percentage of the overall budget: ‘This often saves you money, rather than a one-size-fits-all percentage of the overall cost.’

How can I reduce the cost of garden design?

There are a number of ways you can save money on professional garden design. One option is to hire a garden designer for a partial or limited design service. This might involve, for example, getting help with designing the layout of your garden, or choosing plants, landscaping materials and built-in elements such as bench seating, but not with the actual construction or installation.

Image credit: Future Publishing Ltd / Annaick Guitteny

Stick to a budget

Part of the satisfaction of designing a garden for a client is sticking to a budget, says Andrew Duff, vice-chairman at SGD. ‘If you had a certain figure in mind, for example, £5,000, and you said, “I want to spend this, what can you do?” there are certainly designers that would be happy to work to that. And whatever the budget, a line is still a line, you might be looking at the difference [in cost] between lawn and gravel, or York stone, but the line is still there. The design has been made.’

To reduce the number of hours your garden designer might spend researching ideas, he advises creating a digital – such as Pinterest – or physical, such as a mood-board or scrapbook, resource of your own to share with your professional, collating images of gardens, plants and garden features you like.

Image credit: Future Publishing Ltd / Nigel Rigden

General guidance

If you already have a good idea how to plan a garden and just want expert advice on a certain aspect such as planting for a tricky spot, or creative ideas on how to deal with challenges such as privacy, you could ask a garden designer for a one-off consultation. For example, Lee Burkhill charges £200 for his 60-minute Remote Garden Consultancy Service.

Source your own plants

You can always ask a designer to simply create a scheme, then source your own plants; you may even decide not to fill all of the garden at once. However, you should always consider long-term plant growth and maintenance, so you will need to discuss this with your designer first. ‘On a very basic level a maintenance schedule is produced for the client,’ says James. ‘This classifies all the plants in the garden and explains when to do what with each of them. This is very useful for clients wanting to tend to their own garden or for them to hand over to their gardener.’

Image credit: Future Publishing Ltd / Dominic Blackmore

Use technology and free garden design services

If you’re planning a major garden design project and sourcing a lot of plants or materials such as hard landscaping from a particular garden centre or specialist supplier, ask if the company offers any free design services to keep costs down.
Or, if you’re technically-minded, there is a choice of free or low-cost garden design software such as Shoot Gardening, £59 subscription for one year, and apps that you can use to create your own garden design such as the app iScape Landscape Design, free for amateurs and Home Outside, £2.49, Apple Store.

Is it worth getting a garden designer?

Andrew says definitely yes: ‘The thing about a garden designer is that they know how to get the best out of you; a good designer will look in your head and bring your ideas to life. That’s the precise job of a garden designer.’

Does a garden designer add value?

British house buyers would be willing to spend an extra £15,000 to buy a house with a well-designed garden, found a survey undertaken by SGD and property portal Zoopla. This survey also found that around three-quarters of homeowners either already have or would consider spending money on their garden to increase the value of their property, with 40 percent saying they would consider employing a professional garden designer to help create their perfect garden. ‘Nowadays more people understand the value of having their garden professionally designed,’ says SGD member Cleve West. ‘Many see it as a long-term investment.’

Image credit: Future Publishing Ltd / Robert Sanderson

What are the benefits of a garden designer?

They bring vision and discipline, which go hand in hand in garden design, whether you’re looking for neat and tidy front garden ideas to maximise kerb appeal or tackling several acres of untamed wilderness.
‘Working with a garden designer is similar to working with an architect and with an interior designer, but we kind of fuse the two things together,’ says Lee Bestall, founder of garden design company Bestall & Co, and SGD member. ‘We are expected to know lots about plants, site, situation. We have to know lots about the infrastructure, but also how to light it, how to dress it. We’re really both jobs amalgamated into one, as well as a plant doctor.’

When should you not have a garden designer?

If you are worried about how much a professional garden designer will cost, or you want the satisfaction of designing your own garden, there’s no reason why you can’t do it yourself. You will need a strong visual eye and sound plant knowledge, plus an understanding of the way the physical aspects of your garden will perform; so you will need to consider factors such as the type of soil, drainage and orientation.

‘You can actually do it yourself, but if you engage a garden designer, you’re often paying for years of experience and where they’ve learnt through their mistakes,’ says Andrew. ‘They know what works as well as what can go wrong.’

Written by Jayne Dowle

The post How much does a garden designer cost? Experts reveal all appeared first on Ideal Home.

Interior designer Nate Berkus has revealed a common bedroom furniture mistake that often trips us up. According to the designer and TV personality, matching bedside tables and lamps aren’t always the way to go.

The best bedroom ideas come from playing the long game and gradually bringing together a mix of pieces old and new, says Nate.

Image credit: Nate Berkus x Beautyrest

Bedroom furniture mistake

‘One of the most common mistakes is buying furniture sets that all look the same,’ says Nate Berkus. ‘It’s so much more interesting to assemble your bedroom furniture piece by piece and not have everything matching.

‘I’m all about bringing in vintage pieces and things that have patina and character, which helps infuse personality into your home,’ Nate adds.

There’s a lot of pressure to get our homes finished, but you don’t have to do everything at once. By being a little bit more resourceful and looking for second-hand pieces on Facebook Marketplace, at car boots, or in vintage shops, you’re guaranteed to get a more interesting mix.

Image credit: Future PLC/James French

Even though it’s more time-consuming, this may turn out to be cheaper than buying new, particularly if you manage to get items for free. Nate’s ‘piece by piece’ approach is a lot harder than just adding lots of furniture to your virtual cart, but it’ll result in a unique space that you love being in.

There are lots of clever bedroom design tips for better sleep, but we can’t think of a better one than building a room that tells your story and makes you feel relaxed. A rattan bedroom chair can be repurposed as a bedside table, or perhaps some old leather suitcases would be more your style.

You could look out for an old-fashioned wooden valet stand instead of having The Chair that ends up piled high with clothes. Handy if you’re looking for small bedroom ideas that will keep things streamlined.

Image credit: Future PLC/Colin Poole

Or you can just look around your home and see if furniture can be brought in from elsewhere and given a new purpose. Symmetry can be nice in a bedroom, but we agree with Nate things can get a little matchy-matchy if we’re not careful.

Nate Berkus has collaborated with Beautyrest to create a sleep collection with an innovative design that’s thoughtful and sustainable.

The post Interior designer reveals the mistake we’re all making when buying bedroom furniture appeared first on Ideal Home.

As the weather gets warmer and the days get longer. we’re spending more time outdoors than ever. But while there are garden ideas aplenty, many of them require a lot of work or cost a pretty penny.

TV presenter and interiors influencer, Louise Roe, has exclusively shared with us how she styles her outdoor space to perfection – without having to take out a mortgage. Her favourite trick? Inspired by the relaxed vibes of Provence, she uses vintage and pre-loved items to create a beautifully Bohemian space on a budget.

Louise Roe’s stylish outdoor space secret

So, how does the style guru make her outdoor space into something special without the price tag?

‘With vintage,’ Louise Roe said to us. ‘We often use vintage for indoors but never consider it for the garden. I love finding old rugs, vintage bamboo tables and chairs and crockery, to give it a more timeless feel. I set up searches on e-Bay when I get obsessed with styles and items. Plus, I actually love the thrill of things coming up unexpectedly!’

‘Adding these one of a kind pre-loved pieces can really make a smaller space feel special. And it’s a great way to make the area your own.’

Choosing vintage pieces means you’re guaranteed to have a unique look in your outdoor space. Plus, it doesn’t matter if you have acres of lawn to play with or a tiny balcony – there’s something to fit both large and small garden ideas.

‘A bistro set is a lovely way to create a sweet Brasserie moment in a limited space,’ suggests Louise. ‘They usually fold away, so can be very practical. Little rattan lanterns are a nice touch in smaller spaces, too, and I love a hanging plant!’

It’s not just style and budget garden ideas that looking for secondhand pieces bring, however. By purchasing a pre-loved item you’re being eco-conscious and helping the environment.

Louise Roe has partnered with eBay to create an edit of her favourite garden products to buy this summer.

There are so many vintage outdoor pieces out there – and some seriously stylish one on the edit – but unless you have ample storage, our tip is to make sure you’re buying something that will work indoors as well as out. After all, the British summer only lasts so long!

The post Louise Roe reveals her secret for creating a stylish outdoor space on a budget appeared first on Ideal Home.