Exchange & Completion: UK Home Buyers Guide
Exchange of contracts and completion day are the final legal stages of buying a home in England and Wales. Many buyers hear these words near the end of the conveyancing process, but they do not always understand the difference.
Exchange is when the buyer and seller become legally committed. Completion is when the money is transferred, the seller moves out, and the buyer gets the keys.
Simple answer: Exchange is the legal promise to buy and sell. Completion is the day ownership transfers and you can move into the property.
Exchange vs Completion: What Is the Difference?
| Point | Exchange of Contracts | Completion Day |
|---|---|---|
| Meaning | The buyer and seller become legally bound to the sale. | The property legally transfers to the buyer. |
| Money | The buyer usually pays the exchange deposit through the solicitor. | The full purchase money is sent to the seller’s solicitor. |
| Legal risk | Pulling out after exchange can mean losing your deposit and paying costs. | The sale completes and you become the owner. |
| Moving | You normally do not move in yet. | You usually collect keys and move in. |
| Date | The completion date is usually agreed at exchange. | This is the agreed moving and ownership transfer date. |
How Many Days Between Each Buying Milestone?
There is no fixed legal number of days for every purchase. The gap depends on the chain, mortgage, searches, survey issues, leasehold documents, seller readiness, buyer readiness, and solicitor workload.
GOV.UK says buying a home takes about 5 months on average in England and Wales, and it can take longer if there is a chain.
| Milestone | Typical Gap | What Can Affect It? |
|---|---|---|
| Offer accepted to solicitor instructed | Same day to 3 days | Buyer organisation, solicitor availability, ID checks. |
| Offer accepted to searches ordered | 3 to 10 days | How quickly buyer pays search money and sends ID/source of funds. |
| Offer accepted to mortgage offer | 2 to 6 weeks | Lender speed, valuation, documents, income checks, property type. |
| Offer accepted to survey report | 1 to 3 weeks | Surveyor availability, property access, survey level. |
| Offer accepted to exchange | 8 to 16 weeks is common, but it can be faster or slower | Chain, leasehold pack, searches, mortgage offer, enquiries, survey issues. |
| Exchange to completion | Same day to 4 weeks; 1 to 2 weeks is common | Moving plans, mortgage funds, chain dates, removals, seller readiness. |
| Completion to Stamp Duty filing | Within 14 days in England and Northern Ireland | Your solicitor usually files the SDLT return and pays any tax due. |
| Completion to Land Registry update | Can be weeks or months | Simple updates may be quicker; new-builds, transfers of part, and first registrations can take longer. |
Important: These are guide timings, not promises. A chain-free freehold house can move faster than a leasehold flat, new-build, probate sale, or property with legal problems.
What Must Be Ready Before Exchange?
Exchange of contracts should only happen when the main legal, mortgage, survey, and money checks are ready. Once you exchange, the transaction becomes legally binding.
| Ready? | Before Exchange Check | Why It Matters |
|---|---|---|
| ☐ | Mortgage offer issued | You need confirmed lending before making a legal commitment. |
| ☐ | Searches reviewed | Local authority, drainage, environmental, and other search risks should be checked. |
| ☐ | Survey considered | Serious repair issues should be discussed before exchange. |
| ☐ | Enquiries answered | Your solicitor should be satisfied with replies from the seller’s solicitor. |
| ☐ | Deposit ready | The exchange deposit is usually needed before contracts are exchanged. |
| ☐ | Buildings insurance arranged where needed | Many buyers arrange buildings insurance from exchange, especially for freehold purchases. |
| ☐ | Completion date agreed | Everyone in the chain must agree when the move will happen. |
What Happens on Exchange of Contracts?
- Your solicitor confirms you are ready to exchange.
- The seller’s solicitor confirms the seller is ready.
- Both signed contracts are formally exchanged by the solicitors.
- The completion date becomes fixed in the contract.
- Your exchange deposit is transferred or held as agreed.
- The purchase becomes legally binding.
Warning: Before exchange, the buyer or seller can usually still pull out. After exchange, pulling out can lead to losing the deposit, legal costs, and other financial consequences.
How Long Between Exchange and Completion?
The gap between exchange and completion is agreed by the buyer and seller. There is no single rule that says it must be 7 days, 14 days, or 28 days.
| Gap | When It Might Happen | Buyer Risk or Benefit |
|---|---|---|
| Same day | Cash purchase, urgent move, no chain, or carefully prepared transaction. | Fast, but stressful. No time to fix last-minute problems after exchange. |
| 1 to 7 days | Short chain or buyer and seller already prepared. | Quick, but removals and mortgage funds must be very organised. |
| 1 to 2 weeks | Common for many normal purchases. | Gives time for removals, insurance, funds, packing, and final planning. |
| 3 to 4 weeks | Longer chains, school dates, work commitments, or seller needs time. | More planning time, but longer wait after legal commitment. |
| Several weeks or months | New-build completion on notice, probate, relocation, or complex chain. | Can be useful, but buyers should understand mortgage offer expiry and long-stop date risk. |
Same Day Exchange and Completion: Is It a Good Idea?
It is possible to exchange and complete on the same day, but it is not always the smoothest option. It can work for simple chain-free transactions, but it leaves very little room for problems.
When same day exchange and completion may work
It may work where there is no chain, the mortgage funds are ready, the seller is ready to move, all documents are complete, and both solicitors are confident.
Why it can be risky
If mortgage funds are delayed, bank transfers are slow, a solicitor is unavailable, or a chain member has a problem, the whole move can become stressful.
Better approach for many buyers
A gap of around 1 to 2 weeks often gives buyers more time to book removals, arrange insurance, confirm utilities, transfer funds, and prepare calmly.
What Happens Between Exchange and Completion?
This is the short but important period where the legal commitment has been made and everyone prepares for moving day.
| Task | Who Handles It? | Why It Matters |
|---|---|---|
| Request mortgage funds | Buyer’s solicitor | The lender needs notice before releasing money. |
| Final Land Registry priority search | Buyer’s solicitor | Usually OS1 for whole title or OS2 for part title. |
| Completion statement | Buyer’s solicitor | Shows balance needed from the buyer before completion. |
| TA13 completion replies | Seller’s solicitor | Confirms key practical details, mortgage discharge, and completion arrangements. |
| Removals and packing | Buyer and seller | Moving day needs planning, especially in a chain. |
| Insurance and utilities | Buyer | Insurance, broadband, council tax, and utilities need attention. |
What Happens on Completion Day?
- Your solicitor receives mortgage funds and any final money from you.
- Your solicitor sends the purchase money to the seller’s solicitor.
- The seller’s solicitor confirms the money has arrived.
- The seller moves out and leaves the property as agreed in the contract.
- The estate agent or seller releases the keys.
- You become the legal owner and can move in.
Good to know: Completion often happens around late morning or early afternoon, but it depends on bank transfers, solicitor timing, and any chain above or below you.
Key Legal Documents at Exchange and Completion
| Document | Stage | Simple Meaning |
|---|---|---|
| Contract | Exchange | The legal agreement to buy and sell the property. |
| TR1 | Completion | Transfer deed used for most whole registered property transfers. |
| TP1 | Completion | Transfer deed used when only part of a registered title is transferred. |
| OS1 | Before completion | Official search with priority for the whole title. |
| OS2 | Before completion | Official search with priority for part of a title. |
| TA13 | Before completion | Completion information and undertakings from the seller’s solicitor. |
| CH1 | After completion | Used to register a mortgage or legal charge where required. |
| DS1, DS2 or electronic discharge | Completion or after completion | Used to remove the seller’s existing mortgage from the title. |
| AP1 | After completion | Application to HM Land Registry to update the register. |
| SDLT5 | After completion | Certificate showing the Stamp Duty Land Tax return has been submitted where SDLT applies. |
Exchange and Completion Timeline Examples
| Buyer Situation | Possible Timeline | Comment |
|---|---|---|
| Chain-free freehold house | Offer to exchange: 6 to 10 weeks. Exchange to completion: 1 to 2 weeks. | Can be quicker if mortgage, searches, and enquiries are simple. |
| Leasehold flat | Offer to exchange: 10 to 16+ weeks. Exchange to completion: 1 to 3 weeks. | Leasehold pack, service charge, ground rent, and management replies can slow things down. |
| Long property chain | Offer to exchange: 12 to 20+ weeks. Exchange to completion: 1 to 4 weeks. | Everyone in the chain must be ready before exchange and completion dates can be fixed. |
| New-build home | Exchange may be requested early. Completion may be on notice later. | Buyers should check mortgage offer expiry, long-stop date, snagging, and developer terms. |
| Cash buyer with no chain | Offer to exchange: 4 to 8 weeks. Exchange to completion: same day to 2 weeks. | No mortgage can speed things up, but legal checks still matter. |
Common Delays Before Exchange
Mortgage offer not issued
The buyer may have an agreement in principle, but exchange usually needs the full mortgage offer and legal conditions satisfied.
Searches not back
Local authority searches, drainage searches, environmental searches, and extra location searches can take time.
Survey problems
If the survey finds damp, roof defects, structural movement, or major repairs, the buyer may need quotes, specialist inspections, or renegotiation.
Leasehold pack delays
Leasehold flats often need LPE1 replies, service charge accounts, insurance details, fire safety information, and managing agent replies.
Chain not ready
Even if you are ready, another buyer or seller in the chain may still be waiting for their mortgage, searches, or legal replies.
Common Delays on Completion Day
| Delay | What It Means |
|---|---|
| Mortgage funds arrive late | The buyer’s solicitor cannot complete until funds are available. |
| Bank transfer delays | Money may need to pass through several solicitors in a chain. |
| Chain completion delay | If someone higher or lower in the chain is delayed, keys may be delayed. |
| Seller has not fully moved out | The property should be left as agreed, but practical delays can happen. |
| Estate agent waiting for confirmation | Keys should normally be released only after completion is confirmed. |
Buyer tip: Keep completion day flexible. Avoid booking deliveries, tradespeople, or broadband installation too early in the day.
Exchange Checklist for Buyers
| Done | Before Exchange Checklist |
|---|---|
| ☐ | I have read the solicitor’s report on title. |
| ☐ | My mortgage offer is issued and checked. |
| ☐ | Search results and legal enquiries are acceptable. |
| ☐ | Survey findings have been reviewed. |
| ☐ | Any renegotiation has been agreed in writing. |
| ☐ | Deposit money is ready and solicitor bank details are verified. |
| ☐ | Buildings insurance is arranged where required. |
| ☐ | The completion date works for moving, work, school, and removals. |
Completion Day Checklist for Buyers
| Done | Completion Day Checklist |
|---|---|
| ☐ | Keep your phone available for solicitor or estate agent updates. |
| ☐ | Wait for official confirmation before collecting keys. |
| ☐ | Take gas, electricity, and water meter readings when you enter. |
| ☐ | Photograph meter readings for proof. |
| ☐ | Check agreed fixtures, fittings, keys, fobs, and manuals are present. |
| ☐ | Find the stopcock, fuse box, boiler, and alarm controls. |
| ☐ | Contact utility suppliers and council tax department. |
| ☐ | Keep all completion documents safely. |
What Happens After Completion?
After completion, your solicitor still has post-completion work to do. You may already have the keys, but the legal file is not always fully closed on the same day.
- Your solicitor files the Stamp Duty Land Tax return where required.
- Any SDLT due is normally paid within 14 days of completion in England and Northern Ireland.
- In Wales, Land Transaction Tax rules and timings are different.
- Your solicitor applies to HM Land Registry to register you as the new owner.
- If you have a mortgage, the lender’s charge is also registered.
- Registration may take longer for leasehold, new-build, transfer of part, or first registration cases.
Good to know: HM Land Registry says legal ownership rights are protected from the moment they receive the application, as long as the application is in order and capable of registration.
Real Example: Exchange and Completion Timeline
A buyer has an offer accepted on 1 March. The solicitor is instructed on 2 March. Searches, mortgage offer, survey, and enquiries take around 10 weeks. The buyer exchanges contracts on 12 May and agrees completion for 26 May.
In this example, the gap from offer accepted to exchange is about 10 weeks. The gap from exchange to completion is 14 days. This gives the buyer time to book removals, arrange insurance, transfer final money, and prepare for moving day.
This is a normal-looking timeline, but not every purchase follows it. A leasehold flat, long chain, or new-build home can take longer.
Useful UK Links
- GOV.UK Buying a Home Guide
- GOV.UK Transferring Ownership and Conveyancing
- The Law Society Buying a Home
- GOV.UK Stamp Duty Land Tax
- HM Land Registry Processing Times
- HM Land Registry Forms
- Find a Solicitor
- Council for Licensed Conveyancers
Final Thoughts
Exchange and completion are closely connected, but they are not the same. Exchange is the legal commitment. Completion is the ownership transfer and key collection.
The gap between exchange and completion can be same day, a few days, or several weeks, but many buyers prefer around 1 to 2 weeks because it gives time to organise money, removals, insurance, utilities, and final moving plans.
The safest approach is simple: do not exchange until your legal checks, mortgage offer, survey issues, deposit, insurance, and completion date are all properly understood. A good solicitor or conveyancer helps make sure the final step is exciting, not chaotic.