Thanks everyone, I have a few phone calls to make now to sort all this out. A lot of this is new to me as I’ve always had a solicitor who advised more and took more control over the process (may be a Scottish thing or that I was just lucky).
@thecaptain: I was just going with what my solicitor told me but, now I think about it and have done some reading, I guess that make sense.
@nickdavies: The sellers are buying a new build so I’m assuming that they want a bit of assurance before they commit. I have no idea why we are exchanging so early really, I just assumed it was normal down here. I’ll get our solicitor to query though. We weren’t that worried about the delay to actually moving in – they have a young family so we’re just being nice (too nice maybe).