As you’re liable for the property you will need to have buildings insurance in place.
It’s also sensible to have any mortgage protection such as life and critical illness cover in place as you’re liable for the property and purchase at this point. There is more on mortgage protection here.
This is when the mortgage is drawn, the property is yours and you receive your keys!
Exchange and completion can take place on the same day, but it’s usual to exchange ahead of completion as it takes approximately 1 week for your solicitor to arrange to draw the mortgage loan for you.
Once you have found the property the process from start to finish is typically 6 to 8 weeks.
The mortgage offer is usually obtained in 2 to 4 weeks.
From Exchange to Completion can be instantaneous or 4 weeks plus, depending on the purchase chain and when Conveyancing searches have been completed.