Exchanging contracts is viewed as one of the most important stages of purchasing or selling a property because it is the moment at which ownership is officially transferred between parties. More generally, it marks the point at which both the seller and the buyer can start to relax, as the contract is now legally in force and they can start looking towards the next stage of their lives.
A listed building can be defined as a building of great importance or significant history. This could be due to its age, design, or because the building has once been occupied by a person or persons of historical importance. There is a list of these buildings and they are graded as I, II* or II. There are over 300,00 listed buildings in the UK. Listed buildings can be and often are occupied. Alterations and extensions can be carried out on listed buildings, however, it is worth noting that a building of listed status will often have more limitations as to the work that can be carried out. Applications to modernise the aesthetic of these buildings are likely to be rejected, however, improvements can often be made if the original style is maintained.