What Can Go Wrong Between Exchange and Completion?

Reviewed by the Chapter Law reviewing team. Last updated Nov 5, 2026.

You’ve exchanged. The date is fixed, the removal van is booked, and you should feel relieved. Instead, there’s a small voice asking what happens if something breaks before you get the keys.

Here’s the honest answer to what can go wrong between exchange and completion. Usually, not much. Most sales complete on the agreed date. When something does go wrong, it is normally a delay rather than a collapse: late mortgage money, a hold-up in the chain, or someone not ready on the day. Rarer risks include job loss, bankruptcy, death, damage to the property and payment fraud. In every case, the contract sets out what happens next.

Chapter Law is a conveyancing firm in Birmingham. We act for buyers and sellers across England and Wales. This guide covers each risk, its likelihood, what the standard contract says, and what you can do about it.

The 11 risks in this guide

Mortgage money arrives late
The mortgage offer is withdrawn or expires
The buyer loses their job
A buyer or seller is made bankrupt
Completion money is sent to a fraudster
A buyer or seller dies
The seller isn’t out on time, or takes fixtures
The property is damaged
Something new appears on the title
A delay elsewhere in the chain
Removals and moving-day problems

How often does it go wrong after exchange?

Rarely, and usually only by a few hours. Those scary figures about sales falling through? They mostly describe sales that collapse before exchange, when either side can still walk away. After exchange, both sides are legally bound. So when people ask us what can go wrong between exchange and completion, the typical answer is a late completion, not a lost one.

That’s a big difference. A late afternoon is annoying. A lost house is something else entirely. If you want to know about the problems that tend to hit earlier in the process, our guide to common conveyancing problems covers them.

Money problems between exchange and completion

1. Mortgage money arrives late

This is the most common completion-day problem, by a distance. Here’s how the money moves. Your lender sends the mortgage advance to your conveyancer. Your conveyancer adds your own funds, then sends the full price to the seller’s conveyancer. A lender releasing funds late, a bank processing delay or a busy payments system can hold any of those steps up.

Most delays like this last hours, not days. However, timing still matters. Under the Standard Conditions of Sale, the money is due by 2pm unless your contract says otherwise. If it arrives after that, the buyer may owe compensation for late completion. And if it misses the banking day altogether, completion slides to the next working day.

What helps: send your own share of the money to your conveyancer several working days before completion. Also ask them to confirm that the lender has been asked for the advance in good time.

2. The mortgage offer is withdrawn or expires

Lenders rarely pull an offer after exchange. They can, though, if your circumstances change, if the information on your application turns out to be wrong, or if the property is badly damaged.

Expiry is the one people miss. A mortgage offer is valid for a fixed period from the date it was issued, not from exchange. So if your purchase took months to reach exchange, and completion is then pushed back, the offer can quietly run out before the money is released. Check the expiry date on your offer before you agree a completion date. If the two dates are close, tell your conveyancer and broker straight away. Long transactions are the usual cause here, and our guide on how long conveyancing takes explains why some drag on.

If your mortgage falls away, you’re still bound by the contract. You could lose your deposit and have to cover the seller’s losses (see “What happens if someone fails to complete?” below). Speak to a broker about a replacement loan the same day.

3. The buyer loses their job

Redundancy doesn’t cancel the contract. It matters because most mortgage offers require you to tell the lender about a material change in your income. The lender may then withdraw the offer.

It’s tempting to keep quiet and hope. Don’t. Hiding the change from your lender creates a far bigger problem than the one you started with. Instead, tell your conveyancer and broker on the same day, while there’s still time to look at options.

4. A buyer or seller is made bankrupt

If a seller is made bankrupt, control of their property can pass to a trustee in bankruptcy. The sale may then be delayed or put in doubt. If a buyer is made bankrupt, they’re unlikely to have access to the purchase money, and their lender won’t lend.

When you buy with a mortgage, your conveyancer runs a bankruptcy search against you before completion as part of the lender’s requirements. If either side becomes bankrupt after exchange, get legal advice immediately. The right steps depend on the timing and on what the trustee decides.

5. Completion money is sent to a fraudster

Most guides leave this one out. Yet it’s the risk that can cost you the most, and it’s the one you have the most power to stop.

The scam works like this. Criminals hack or copy an email account involved in your sale. They wait, sometimes for weeks, until completion is close. Then they send a convincing email saying your conveyancer’s bank details have changed. Money sent to the new account is often gone within hours.

This isn’t a theoretical risk. According to the Law Society, Action Fraud received 143 reports of conveyancing fraud between 1 April 2024 and 31 March 2025, with losses of £11.7 million. The City of London Police added that 140 of those reports involved residential property, with an average loss of £78,393 per case. For most people, that’s a deposit and then some.

Our bank details will not change during your transaction. If you get an email that says otherwise, don’t reply and don’t pay. Call us on the number in your client care letter or on our website, never the number in the email. If you’ve already sent money, call your bank immediately and ask for a recall. Then report it to Action Fraud.

People problems

6. A buyer or seller dies

It’s a hard thing to think about, but the contract doesn’t end when a party dies. It binds their estate, so their personal representatives step into their place. In practice, completion is usually delayed. That’s because the personal representatives may need a grant of probate or letters of administration before they can sign the transfer or deal with the money.

Where a couple own or buy jointly, the position can be different. It depends on how they hold the property. This is one of those situations where you need advice on the specific facts.

7. The seller isn’t out on time, or takes fixtures

The seller must give you vacant possession on completion. That means the property is empty of people and their belongings, unless the contract says otherwise. A seller whose removals run late is the usual cause of a short delay. A seller who refuses to leave, or can’t, is in breach of contract. They’re then liable for your losses, such as a second day’s removal costs or a hotel.

The fixtures and fittings form the seller filled in becomes part of the contract. So if items listed as included have vanished when you arrive, photograph what you find. Then compare it with the form and tell your conveyancer the same day. If you’re selling, our conveyancing for sellers page explains what we’ll ask you to confirm before completion.

Disputes and communication breakdowns

Now and then, a buyer and seller fall out after exchange. It might be over a missing item, the state of the property or a date. The contract still binds both of them. Keep the dispute separate from completion: complete on the agreed day, then deal with the claim afterwards through your conveyancer. Refusing to complete over a small dispute can put you in breach of contract, and that’s a much bigger fight.

Property problems

8. The property is damaged

This is where a lot of buyers get caught out. Most residential contracts in England and Wales use the Standard Conditions of Sale (Fifth Edition, 2018 Revision). Under those terms, the risk of damage passes to the buyer at exchange, not completion. So if the house is damaged by fire, flood or a burst pipe before completion, the buyer generally still has to complete. The seller also has no duty to insure unless the contract says so.

Therefore, your buildings insurance between exchange and completion matters. It must start on the day of exchange, not on completion day. Most lenders insist on it too.

The standard position can be changed in the contract. For example, a seller can agree to keep the risk, or to keep insuring and pass on any claim. If you’re buying with a mortgage, ask your conveyancer before exchange what your contract says. A lender may not release funds against a badly damaged property. For a leasehold flat, the building is usually insured under the landlord’s policy, and your conveyancer will check that it stays in place.

9. Something new appears on the title

Shortly before completion, your conveyancer checks the Land Registry title again. The aim is to make sure nothing has changed since the title was first checked, such as a new charge or restriction registered against the property. The same search also protects your application to register as the new owner for a limited period. It sits alongside the earlier property searches done before exchange.

New entries at this stage are uncommon. If one does appear, the seller’s conveyancer must deal with it before completion, which can push the date back.

Chain and logistics problems

10. A delay elsewhere in the chain

Think of a chain like a row of dominoes running uphill. Money passes from one conveyancer to the next, and nobody higher up can complete until the money below them arrives. One late transfer near the bottom can hold up everyone above it, sometimes until late afternoon.

If you’re buying and selling, your purchase usually depends on your sale money arriving. If your buyer is late, you may be late for your own seller. You could even owe them compensation, though the delay wasn’t your fault. Your conveyancer can tell you what your contracts say. Moving out early, using temporary storage or taking a bridging loan can take you out of the chain, but each one costs money.

11. Removals and moving-day problems

Book your removals once the completion date is fixed at exchange, not before. Ask the firm what happens if completion is late in the day. Also ask whether they charge for waiting or for storing your belongings overnight.

One small tip that saves a lot of stress: pack a separate bag with documents, keys, chargers and the kettle. If you can’t get in until the evening, you’ll be glad of it.

What happens if someone fails to complete?

If completion is late, the party at fault usually pays compensation. If it doesn’t happen at all, the other side can end the contract. Here’s how the standard terms work.

Compensation for late completion

The party causing the delay usually pays interest at the “contract rate” on the balance of the price, for each day of delay. Your contract defines the rate, so check yours.

Here’s a worked example. On a £300,000 purchase with a £30,000 deposit already paid, the balance is £270,000. At an example contract rate of 8% a year, one day’s delay costs £270,000 × 8% ÷ 365, which is about £59. A week costs about £414.

Notice to complete

If the other side still isn’t ready, the party who is ready can serve a notice to complete. Under the Standard Conditions of Sale, this gives the late party 10 working days to finish the sale.

The 5% deposit trap

Many buyers agree to pay a 5% deposit instead of the standard 10%. That feels like a win at exchange. But if the seller serves a notice to complete, the standard residential conditions require the buyer to top the deposit up to the full 10%, as Russell-Cooke sets out. As a result, a buyer who defaults can lose 10% of the price, not 5%.

If the notice runs out

When the buyer still fails to complete, the seller can end the contract, keep the deposit, resell the property and claim further losses. If a seller fails to complete, the buyer can end the contract, get their deposit back with interest and claim their losses. Alternatively, the buyer can ask a court to order the seller to complete.

In practice, conveyancers talk first. A notice is usually served only when a delay looks likely to run on.

Can you pull out between exchange and completion?

You can refuse to complete, but it’s a breach of contract with serious costs. A buyer who pulls out can lose their deposit and be liable for the seller’s further losses. A seller who pulls out has to return the deposit, pay the buyer’s losses, and may be ordered to complete.

If you think you can’t go ahead, speak to your conveyancer before you do anything. A short, agreed delay is often possible, and it’s almost always cheaper than walking away.

How long should the gap between exchange and completion be?

There’s no legal minimum or maximum. A week or two is common, because it gives the lender time to release funds and gives you the opportunity to book removals. Exchange and completion on the same day is possible, but until exchange anyone can still pull out.

A long gap raises the risks in this guide, particularly mortgage offer expiry. New builds work differently. The contract usually sets a “long stop” date by which the home must be finished. Our guide to exchange and completion explains the timing in more detail.

Problems between exchange and completion: quick reference

Use this table as a checklist of what can go wrong between exchange and completion, and the first step for each.

Problem	How likely	First thing to do
Mortgage money late on the day	Most common	Wait for your conveyancer’s update; keep removals informed
Mortgage offer expires	Uncommon, avoidable	Check the expiry date before agreeing completion
Offer withdrawn or job lost	Rare	Tell your conveyancer and broker the same day
Email says bank details have changed	Rare, high cost	Don’t pay; call your conveyancer on a known number
Property damaged	Rare	Call your insurer and conveyancer; check the contract terms
Seller not out on time	Uncommon	Tell your conveyancer; keep records of extra costs
Fixtures missing	Uncommon	Photograph and compare with the fixtures and fittings form
Chain delay	Common in long chains	Ask your conveyancer where the money has reached
Bankruptcy or death	Very rare	Get legal advice immediately

How Chapter Law helps keep your completion on track

Contact our expert to guide you in-depth

If you’re buying, our conveyancing for buyers page explains how we handle each stage.

Frequently asked questions

Can I get into the property before completion?

Only with the seller’s written agreement. You may be able to get access to measure up or do agreed work, usually by collecting and returning the keys each day. Moving in or storing belongings before completion also needs your lender’s consent. Speak to your conveyancer first.

What if I find a problem after completion?

If the seller gave wrong or incomplete answers on the property information forms, you may have a claim for misrepresentation. You’ll need evidence of what you were told and what the problem costs to fix. Time limits apply, so get advice early.

Does any of this apply in Wales?

Yes. The same contract terms are used in England and Wales. The main difference after completion is the tax return: Land Transaction Tax in Wales instead of Stamp Duty Land Tax.

The short version

Most of what can go wrong between exchange and completion comes down to timing, and most of it is in your hands. Check your mortgage offer’s expiry date. Put buildings insurance in place on the day you exchange. Send your funds early. And never, ever act on an email that says bank details have changed. Do those four things and the remaining risks are rare.

This guide is general information about buying and selling in England and Wales, not legal advice about your transaction. Speak to your conveyancer about your own contract.

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