{"id":573,"date":"2026-07-21T14:09:31","date_gmt":"2026-07-21T14:09:31","guid":{"rendered":"https:\/\/advaithhomes.co.uk\/?p=573"},"modified":"2026-07-21T14:26:00","modified_gmt":"2026-07-21T14:26:00","slug":"between-exchange-and-completion","status":"publish","type":"post","link":"https:\/\/advaithhomes.co.uk\/between-exchange-and-completion\/","title":{"rendered":"Between Exchange and Completion"},"content":{"rendered":"\n
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What Happens Between Exchange and Completion?<\/h2>\n\n

After exchange of contracts<\/strong>, the purchase becomes legally binding and the agreed completion date is fixed. However, several important legal, financial and practical tasks must still be completed before you receive the keys.<\/p>\n\n

\nSimple answer:<\/strong> Between exchange and completion, your conveyancer prepares the final money transfer and legal documents, your mortgage lender releases the loan, the seller prepares to leave and you organise insurance, removals and moving arrangements.\n<\/blockquote>\n\n

This guide follows the usual home-buying process in England and Wales<\/strong>. Scotland uses a different process involving missives and settlement, while Northern Ireland has its own conveyancing procedures.<\/p>\n\n<\/section>\n\n

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Exchange and Completion: What Is the Difference?<\/h2>\n\n\n\n\n\n\n\n
Milestone<\/th>\nWhat It Means<\/th>\n<\/tr>\n<\/thead>\n
Exchange of contracts<\/strong><\/td>\nBuyer and seller become legally committed to the transaction. The completion date and contract terms are fixed.<\/td>\n<\/tr>\n
Completion<\/strong><\/td>\nThe remaining purchase money reaches the seller’s conveyancer, ownership transfers and the buyer can collect the keys.<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n\n

Exchange gives you a binding agreement to buy the property. Completion is when the purchase is finalised and the home legally becomes yours.<\/p>\n\n<\/section>\n\n

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How Long Is There Between Exchange and Completion?<\/h2>\n\n

The exchange-to-completion timeline is agreed by the buyer, seller and everyone else in the property chain.<\/p>\n\n

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  • One to two weeks:<\/strong> A common arrangement for an ordinary property purchase.<\/li>\n
  • Two to four weeks:<\/strong> Gives buyers and sellers more time to organise funds, removals and accommodation.<\/li>\n
  • Same-day exchange and completion:<\/strong> Possible, but moving arrangements remain uncertain until contracts are exchanged.<\/li>\n
  • Several months:<\/strong> Sometimes used for new builds, tenants giving notice or unusual transaction conditions.<\/li>\n<\/ul>\n\n

    There is no single compulsory gap. GOV.UK explains that completion is often around two to four weeks after exchange<\/strong>, although both can happen on the same day.<\/p>\n\n

    \nPractical tip:<\/strong> Avoid choosing a completion date that is very close to your mortgage offer expiry date. A delay could mean the lender needs updated information or a new application.\n<\/blockquote>\n\n<\/section>\n\n
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    What Your Conveyancer Does After Exchange<\/h2>\n\n

    Your solicitor or licensed conveyancer continues working behind the scenes to make sure the money and legal documents are ready for completion.<\/p>\n\n

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    1. Prepares the completion statement:<\/strong> This shows the purchase price, deposit already paid, mortgage advance, legal fees, taxes and the final amount you must provide.<\/li>\n
    2. Requests mortgage funds:<\/strong> Your conveyancer sends the required certificate or request to your mortgage lender.<\/li>\n
    3. Carries out final legal searches:<\/strong> These normally include a Land Registry priority search and any insolvency or bankruptcy check required by the lender.<\/li>\n
    4. Checks the transfer document:<\/strong> The signed transfer deed, commonly Form TR1<\/strong>, must be ready for completion.<\/li>\n
    5. Confirms the seller’s mortgage arrangements:<\/strong> The seller’s conveyancer obtains a final redemption figure so the existing mortgage can be repaid.<\/li>\n
    6. Prepares the completion payment:<\/strong> The remaining purchase money is transferred to the seller’s conveyancer on completion day.<\/li>\n<\/ol>\n\n

      What Is an OS1 Priority Search?<\/h3>\n\n

      For most purchases of a complete registered title, the buyer’s conveyancer carries out an OS1 official search with priority<\/strong>. This checks for recent changes or pending applications and protects the buyer’s intended registration for a limited priority period.<\/p>\n\n<\/section>\n\n

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      What the Buyer Must Do<\/h2>\n\n

      1. Transfer Your Remaining Money<\/h3>\n\n

      Your completion statement will show the balance you must send. This may include:<\/p>\n\n

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      • the remaining buyer contribution;<\/li>\n
      • Stamp Duty Land Tax or Land Transaction Tax;<\/li>\n
      • legal and search fees;<\/li>\n
      • Land Registry fees;<\/li>\n
      • leasehold apportionments or service charges; and<\/li>\n
      • other agreed transaction costs.<\/li>\n<\/ul>\n\n

        Ask your conveyancer when cleared funds must arrive. Do not wait until completion morning unless they have specifically instructed you to do so.<\/p>\n\n

        \nBank fraud warning:<\/strong> Verify your conveyancer’s bank details using a trusted telephone number. Treat any unexpected email claiming that the bank details have changed as suspicious.\n<\/blockquote>\n\n

        2. Keep Your Mortgage Safe<\/h3>\n\n

        Your lender can reconsider its mortgage offer if your financial circumstances materially change. Before completion:<\/p>\n\n

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        • avoid applying for unnecessary loans, credit cards or car finance;<\/li>\n
        • continue making existing payments on time;<\/li>\n
        • do not make unexplained large transfers between accounts;<\/li>\n
        • tell your mortgage adviser or lender about important employment or income changes; and<\/li>\n
        • respond quickly if the lender requests updated documents.<\/li>\n<\/ul>\n\n

          A mortgage offer is important, but the money still needs to be released successfully before the purchase can complete.<\/p>\n\n

          3. Maintain Buildings Insurance<\/h3>\n\n

          For many freehold purchases, buildings insurance should begin from exchange because the contract may place the property’s risk on the buyer from that point.<\/p>\n\n

          If you are buying a leasehold flat, buildings insurance is commonly arranged for the whole building by the freeholder or management company. Your conveyancer should confirm the position and whether your lender needs evidence of cover.<\/p>\n\n

          4. Book Removals and Services<\/h3>\n\n

          Once exchange has fixed the completion date, you can confirm:<\/p>\n\n

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          • your removals company or van hire;<\/li>\n
          • storage or temporary accommodation;<\/li>\n
          • broadband installation;<\/li>\n
          • postal redirection;<\/li>\n
          • utilities at your existing home; and<\/li>\n
          • contents insurance for your belongings.<\/li>\n<\/ul>\n\n<\/section>\n\n
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            What the Seller Must Do<\/h2>\n\n

            The seller must prepare to give the buyer possession in accordance with the contract. This normally means the seller should:<\/p>\n\n