Buying or selling a home is an exciting time, but the process can feel overwhelming, especially when unfamiliar legal terms start appearing. Two of the most important stages are exchange of contracts and completion. Below, we explain what they mean in simple, clear language and answer the questions we’re asked most often.
Do you exchange or complete first?
Completion is the final step in the process — the day the money is transferred, and you get the keys to your new home.
Exchange of contracts always happens before completion.
What is the exchange of contracts?
Exchange is the moment the sale becomes legally binding.
- The buyer commits to buying the property.
- The seller commits to selling it for the agreed price on the agreed completion date.
Before exchange, either party can walk away without legal penalties. After exchange, both sides must go ahead with the sale.
Can a buyer pull out after exchange?
Once contracts are exchanged, withdrawing from the sale is a breach of contract. The buyer would usually lose their deposit and may have to pay compensation.
Before exchange, either side can withdraw for any reason, as no legal contract has been formed.
Do I need to be present for the exchange?
No — exchange is handled entirely by your solicitor.
You simply:
- Sign the contract in advance
- Stay reachable by phone or email on the day of exchange so your solicitor can get your final authority to proceed
This ensures you’re happy to go ahead and gives you the chance to raise any last-minute questions.
What does my solicitor do to prepare for exchange?
If you’re selling
Your solicitor:
- Prepares the contract
- Sends it to you for signing
- Makes sure everything is ready for the buyer’s solicitor
If you’re buying
Your solicitor will:
- Ask you to sign the contract
- Collect your deposit (usually 10% of the price)
- Carry out final Land Registry checks
- Confirm you’re ready to go ahead
Whether buying or selling, your solicitor will always speak to you before exchange to confirm you’re happy to proceed.
How do solicitors actually exchange contracts?
Exchange happens by phone. Both solicitors read through the contract to confirm the terms match exactly. When they agree everything is correct, they date the contract — this is the moment the agreement becomes legally binding.
What if I’m part of a chain?
If you’re selling and buying at the same time, your move forms part of a chain. Everyone in the chain must agree on the same completion date.
Estate agents often help coordinate this so all parties can exchange together.
Once everyone is ready:
- Each solicitor “releases” the contract to the next one in the chain
- Exchange starts at the top and is confirmed step-by-step all the way down
- When it reaches the bottom, the whole chain is officially exchanged
What happens between exchange and completion?
During this time, solicitors carry out the last administrative steps, such as:
- Requesting mortgage funds
- Finalising estate agent invoices
- Ensuring everything is ready for completion day
You can focus on preparing for your move.
How long is the gap between exchange and completion?
Most lenders need five working days to release mortgage funds, so many buyers opt for about a week between exchange and completion. This gives you time to book removals, notify utility companies, and get organised.
Shorter or longer gaps can be agreed if needed. Some people even exchange and complete on the same day, although this only works if there is no chain.
What does my solicitor do on completion day?
If you’re selling
Your solicitor:
- Receives the purchase funds
- Confirms you are ready for the keys to be released
- Repays your existing mortgage
- Sends you any balance due
If you’re buying
Your solicitor:
- Sends the purchase money to the seller’s solicitor
- Confirms when you can collect the keys
- Submits your Stamp Duty return and payment
- Registers your ownership with HM Land Registry
Can things go wrong between exchange and completion?
It’s unusual, but delays can happen — for example, if banking systems experience issues. In rare cases, temporary access may be agreed so buyers aren’t left stranded.
Your solicitor will keep you fully informed and work quickly to fix any issues.
Tips for a Smooth Completion
- Stay contactable. Your conveyancer may need final confirmations on the day.
- Arrange removals early. Have your moving date booked as soon as the completion date is agreed.
- Check your utilities. Notify energy suppliers, broadband, and council tax before moving.
Final Thoughts
Exchange and completion mark the finish line of your property journey. With good communication between your solicitor, agent, and mortgage lender, the process can be straightforward – and you’ll be picking up your new keys in no time.
Get a Conveyancing Quote When you’re ready to move, call us for a fixed-fee conveyancing quote.
We keep the process clear, calm and stress-free — so you can focus on the excitement of your new home.