185. In general.

On exchange a binding contract will come into existence, after which time neither party will normally be able to withdraw from the contract without incurring liability for breach1. It is therefore essential to check before exchanging contracts that all pre-contract formalities have been carried out and are in order. This includes that there have been satisfactory replies to all pre-contract searches and enquiries2; that the client has accepted a suitable mortgage offer (where necessary)3; that other financial arrangements including the deposit4 and insurance5