Exchange and Completion: Timings, Process & What to Expect
When buying a property in England and Wales there are two key dates to look out for.
Exchange is when you're committed to buying. Completion is when you own the property.
This guide covers what actually happens at each stage, realistic timescales (not the optimistic ones you'll read elsewhere), and the practical stuff I've learned from 20 years of buying investment property.
Article updated: November 2025
Contents
- What is Exchange of Contracts?
- What is Completion?
- Key Differences: Exchange vs Completion
- What Happens on Exchange Day
- What Happens Between Exchange and Completion
- How Long Does It All Take?
- Can You Exchange and Complete on the Same Day?
- Can You Exchange Without a Completion Date?
- Does Completion Have to Be on a Friday?
- What Property Investors Need to Know
- Frequently Asked Questions
-
by Robert Jones, Founder of Property Investments UK
With two decades in UK property, Rob has been investing in buy-to-let since 2005, and uses property data to develop tools for property market analysis.
What is Exchange of Contracts?
Exchange is the point of no return. Before this, the sale is "subject to contract" and either party can walk away. After exchange, you're now legally committed. Pull out now and you forfeit your deposit. The seller can also sue you for their losses.
The actual exchange happens when solicitors swap signed contracts by phone. They read through the terms, confirm everything matches, and that's it. Done. Years ago they'd meet in person. Now it takes a phone call. In the future it will be a click of the button, but it feels a long way of that at the moment with the pace of change in the property market.
So, at exchange you pay a deposit, usually 10% of the purchase price. This isn't an extra cost on top. It comes off the final balance you pay at completion. However only exchange if you are committed and ready. If you pull out after exchange, that money is gone.
Here's something that catches people out: you become responsible for the property from the point of exchange, not completion. That means you need to factor in some buy to let costs like buildings insurance in place from the moment you exchange. If the place burns down before completion, that's your problem and you will want to make sure your insured.
What Time Does Exchange Happen?
Solicitors usually aim for around midday, but don't expect a precise time. If you're in a chain, your solicitor is coordinating with several others simultaneously. It might not happen until late afternoon. You'll get a call or email once it's done.
What is Completion?
Completion is when ownership actually transfers. Your solicitor sends the remaining balance to the seller's solicitor. Once they confirm receipt, keys are released (usually through the estate agent), and the property is yours.
The contract specifies when the seller must vacate. Usually 1pm or 2pm. After that, you can collect keys and move in.
Completion is also when Stamp Duty becomes payable. Your solicitor handles this and submits the return to HMRC within 14 days.
What Time Does Completion Happen?
Look, I'll be honest. The day is usually reliable. The exact time? Not so much.
In a chain, completions happen in sequence. Bottom of the chain completes first, then the next, then the next. If you're third in line, you're waiting for two other transactions to finish before yours can happen.
I've had purchases where completion was supposed to happen by midday, but the sellers were still in the property. Their onward purchase had been delayed, so they hadn't moved out yet. It happens. Solicitors are experienced at coordinating these things and make multiple calls to keep everything moving. But if you've got removal vans booked or tradespeople lined up for completion day, build in some flexibility. Don't assume you'll have access at 10am just because that's what you planned.
Key Differences: Exchange vs Completion
People mix these up constantly. Here's the difference:
| Aspect | Exchange | Completion |
|---|---|---|
| What happens | Contracts swapped, sale becomes binding | Money transfers, ownership changes |
| Payment | Deposit (usually 10%) | Remaining balance |
| Keys | Seller keeps them | Released to buyer |
| Back out? | Lose deposit, possible lawsuit | Too late. It's done. |
| Who owns it? | Still the seller | The buyer |
| Insurance | Buyer's responsibility starts | Buyer |
The key thing: you don't own the property at exchange. You're just committed to buying it. Ownership only transfers at completion.
What Happens on Exchange Day
Your solicitor contacts you to confirm you're ready. They need your go-ahead before they can exchange. This is your last chance to back out without losing money.
Once you give the green light, solicitors exchange by phone. They confirm terms match, agree the completion date, verify the deposit is in place, and that's exchange done.
From this point, if you fail to complete, the seller keeps your deposit and can sue for additional losses. That means the difference between your agreed price and whatever they eventually sell for, plus their costs.
This is why you need everything sorted before you give authority to exchange. Mortgage offer confirmed. Surveys done. Any concerns resolved. Don't exchange hoping problems will sort themselves out. They won't, and you'll be legally stuck.
What Happens Between Exchange and Completion
Once you've exchanged, your solicitor prepares for the funds transfer. If you're buying with a mortgage, they'll coordinate with your lender to make sure the money arrives on time. They'll also prepare a completion statement breaking down everything: purchase price, deposit already paid, balance due, Stamp Duty, fees.
If the seller has a mortgage, their solicitor gets a redemption statement confirming exactly what needs paying off.
In a chain, solicitors coordinate so all transactions complete the same day. One transaction hitting problems affects everyone. You're only as fast as the slowest solicitor in the chain.
You have the right to inspect the property before completion. Worth doing, especially if the seller agreed to repairs, or you're buying with vacant possession and want to confirm it's actually empty. I'd always recommend checking. You don't want surprises on moving day.
The gap between exchange and completion is usually one to four weeks. That's your window for booking removals, arranging utility transfers, redirecting post, and packing.
How Long Does It All Take?
Let's be realistic about timescales, because most guides are far too optimistic.
According to Landmark Information Group's Property Transactions Report, the average time from sale agreed to exchange was 109 days in 2024. That's over 15 weeks. Down slightly from 115 days in 2023, but still 65% longer than in 2007 when the average was 66 days.
For cash buyers, you might reach exchange in 6 to 8 weeks if everything runs smoothly. With a mortgage? Expect 12 weeks minimum. Lenders add significant time with valuations, underwriting, and conditions that need satisfying before they'll release funds.
For many property sales Exchange and Completion happens on the same day. However some scenerios require an early exchange with a later exchange. There are a number of reasons for this and your conveyancer will help guide on what is suitable for your situation. Where there is a delay, the gap between exchange and completion is typically a couple of days, up to 4 weeks. Most transactions complete within two weeks of exchange. Many conveyancers will advise that the completion date is agreed before or at exchange and written into the contract.
3 Months or 6 Months Between Exchange and Completion
Some transactions have longer gaps. This typically happens with new-builds (you exchange now, complete when it's finished), sellers who need time to find their next property, property that is being sold with planning granted and it is going through an application or specific contractual situations like tenancies that need to expire.
Extended gaps mean watching your mortgage offer validity. Most offers last 3 to 6 months. A very long gap might mean your financing lapses and you need to reapply and this can come with additional mortgage application fees and delays.
Can You Exchange and Complete on the Same Day?
Yes. It's called simultaneous exchange and completion.
Works best when there's no chain or purchase complications like delayed financing or onward property purchases.
The advantage: reduced uncertainty. Exchange and complete in one go, no worrying about what might go wrong in between.
The risk: no buffer if something goes wrong at the last minute. A problem with the funds transfer, missing documents, one solicitor unavailable. You could have removal vans waiting with nowhere to go.
For investors buying chain-free, same-day can work well. For most residential purchases with chains involved, having a week or two between exchange and completion can be preferred.
Can You Exchange Without a Completion Date?
This can be very risky. It is unusual, but possible. Some contracts include provisions for completion on notice. Something like "completion to take place 10 working days after service of a completion notice."
This might happen when the seller is still searching for their next property and doesn't want to commit to a specific date.
If you're considering this, think about the implications. Your mortgage offer has an expiry date. You'll have uncertainty about your moving date. If you're selling too, you'll struggle to coordinate. Most buyers and sellers prefer a fixed date. Much simpler to plan around.
Does Completion Have to Be on a Friday?
No, but it's the most popular day. Complete on Friday, spend the weekend moving in without taking time off work. Makes sense.
The problem is everyone else has the same idea. Solicitors are busiest on Fridays, banks process the most transfers, and if something goes wrong late in the day there's no next working day until Monday. I've seen Friday completions hit problems at 4pm with no resolution possible until the following week.
Completion can't happen on weekends or bank holidays. Banks need to be open, solicitors need to be working.
Monday to Thursday completions are increasingly common. Removal companies often charge less mid-week. Solicitors have more capacity if issues arise. Something goes wrong, you've got the next day to fix it. Worth considering if you have flexibility.
What Property Investors Need to Know
The exchange and completion process is the same whether you're buying a home or an investment. But there are practical differences worth understanding.
Realistic Timescales
Getting to exchange takes a minimum of 6 weeks for cash buyers, 12 weeks or more with a mortgage. Local authority searches, survey results, and communication delays all add up. Conveyancers handle multiple transactions at once, so you're only as fast as the slowest solicitor involved.
If speed matters, choose a conveyancer known for being responsive and ask them if they have availability in there workload to complete on the sale quickly, and dont try and do DIY conveyancing.
Chain Risk is Real
According to Quick Move Now research, almost 29% of residential property sales fell through before completion in 2024. The main causes were buyers pulling out after surveys, changing their minds, or struggling to get mortgages.
Research from Together found over half of UK buyers and sellers have experienced a collapsed chain, with more than a third experiencing multiple failures.
Being chain-free is a genuine competitive advantage. Sellers know your purchase is less likely to collapse. That can justify a lower offer or faster acceptance.
Tenanted vs Vacant
Property investments may be sold with tenants in place or with vacant possession. Buying tenanted means you inherit the existing tenancy and become the landlord from completion. The tenant's deposit should transfer to you or be re-protected in your name.
Buying with vacant possession? Confirm it's in the contract and inspect before completion. You don't want to find sitting tenants on moving day.
Exchange Deposits
Standard is 10% of the purchase price. On investment purchases, this is sometimes negotiable, particularly with high LTV mortgages. But sellers aren't obliged to accept less, and a reduced deposit may make your offer less attractive if they have buyers willing to commit to more.
Frequently Asked Questions
What comes first, exchange or completion?
Exchange. Always. Exchange is when you're legally committed and pay your deposit. Completion comes later when ownership transfers and you get the keys.
What is the difference between exchange and completion?
Exchange commits you to buying. Completion is when you actually own it. You don't own the property at exchange. Ownership only transfers at completion when the money moves.
How long after exchange is completion?
It is often the same day. If delayed it is usyally within 4 weeks, with most completing within two weeks of exchange. The timescale is agreed before exchange and written into the contract.
What time of day does exchange happen?
Solicitors aim for around midday, but there's no fixed time. In a chain, it might happen later as solicitors coordinate. You'll get confirmation once it's done.
Can I pull out after exchange?
Technically yes. But the seller keeps your deposit (usually 10%) and can sue for additional losses. Only consider this in extreme circumstances with legal advice.
What happens if completion is delayed?
If you cause the delay, you may be liable for the seller's costs. The contract specifies consequences for late completion. Contact your solicitor immediately if delays occur.
When is Stamp Duty paid?
At completion, not exchange. Your solicitor handles payment and submits the return to HMRC within 14 days. You can use our Stamp Duty calculator to find out the costs of SDLT for your property purchase.
Do I own the property after exchange?
No. You're committed to buying, but the seller still owns it. Ownership transfers at completion when funds are transferred and the sale is registered with HM Land Registry.
What is the maximum time between exchange and completion?
No legal maximum. Both parties just need to agree. One to four weeks is typical. New-builds can have gaps of several months. Watch your mortgage offer validity with extended gaps as it will ilkely run out and you will have to apply for new financing.
Can you move furniture in before completion?
No. You don't own the property until completion. The seller has the right to occupy until then. Any access before completion would need specific agreement.
What documents do I need for exchange?
Your solicitor handles the documents. You need: signed contract, deposit funds with your solicitor, buildings insurance confirmed from exchange date. If buying with a mortgage, your formal offer must be confirmed.
What happens on completion day?
Your solicitor transfers funds to the seller's solicitor. Once confirmed, keys are released via the estate agent. The seller vacates by the contract time (usually 1-2pm). You collect keys and the property is yours.
What should I do when I get the keys?
Take meter readings immediately. Test heating and hot water. Locate the stopcock, fuse box, and gas meter. Check fixtures and fittings are present. Within 48 hours: register for council tax, update electoral roll, notify bank and DVLA, set up utilities.
What is a Notice to Complete?
If completion doesn't happen on the agreed date, the innocent party can serve a Notice to Complete. This gives the other party 10 working days to complete. Fail that, and the contract can be terminated. Buyer loses their deposit. Seller faces potential legal action.