Exchange of Contracts & Completion Day
You're nearly there. Exchange and completion are the final two milestones before you get the keys to your new home. Here's exactly what happens at each stage, so there are no surprises.
What Is Exchange of Contracts?
Exchange of contracts is the moment the sale becomes legally binding. Up until this point, either the buyer or the seller can pull out without penalty (frustrating, but that's how it works in England and Wales). After exchange, you're both committed.
Here's what actually happens: your solicitor and the seller's solicitor literally "exchange" the signed contracts. In practice, this is usually done over the phone — they read out the details, confirm everything matches, and then it's done. You won't be in the room for this; your solicitor handles it and calls you to confirm.
What Happens at Exchange
Contracts are exchanged
Your solicitor and the seller's solicitor swap signed contracts, making the sale legally binding
You pay the deposit
Your solicitor transfers the deposit (usually 10% of the purchase price, though this can sometimes be negotiated down to 5%) to the seller's solicitor
Completion date is set
Both sides agree on the completion date — this is when you'll actually get the keys
Buildings insurance starts
You need buildings insurance in place from exchange, as you now have a legal interest in the property
The Point of No Return
After exchange, if you pull out, you'll lose your deposit and the seller could take legal action against you for any losses. This is why your solicitor will make sure everything is in order before exchange — your mortgage offer is confirmed, searches are completed, and any issues have been resolved.
Between Exchange and Completion
The gap between exchange and completion is usually 1 to 2 weeks, though it can be longer or shorter depending on the circumstances. Some transactions exchange and complete on the same day (called "simultaneous exchange and completion"), but most solicitors prefer to have a gap.
This period is your chance to get everything ready for moving day. Here's your checklist:
Book Your Removal Company
If you haven't already, book movers for completion day. Friday is the most popular day for completions, so book early. Get at least three quotes.
Confirm Buildings Insurance
This should already be in place from exchange. Double-check the start date and that the cover amount matches the rebuild value (not the purchase price).
Set Up Utilities
Contact gas, electric, water, broadband, and council tax providers. Take meter readings on the day you move in. Set up a Royal Mail redirect for your post.
Start Packing
Begin packing non-essential items. Label boxes by room. Keep important documents (passport, mortgage paperwork) separate and accessible.
Completion Day — You Get the Keys
This is the big day. Completion is when the property officially becomes yours and you get the keys. Here's what happens behind the scenes:
Your Solicitor Sends the Money
First thing in the morning, your solicitor sends the remaining purchase money (your mortgage funds plus any balance from your deposit) to the seller's solicitor via bank transfer. This is called a "completion statement" transfer.
The Seller's Solicitor Confirms Receipt
Once the money arrives in the seller's solicitor's account, they confirm receipt. This can take anywhere from a couple of hours to most of the day, depending on the banking system and whether there's a chain.
Keys Are Released
Once the seller's solicitor confirms the money has arrived, they authorise the estate agent to release the keys to you. Your solicitor will call you to let you know. Then you can go and collect your keys from the estate agent's office.
You're a Homeowner
That's it. The property is yours. Take a moment to enjoy it — you've earned it.
When Will I Get the Keys?
There's no set time. If you're buying with no chain, you could have the keys by late morning. If there's a chain (where multiple sales depend on each other), it could be mid-afternoon or later. The waiting can be nerve-wracking, but it's completely normal. Keep your phone nearby and try not to stress — your solicitor will call you as soon as it's done.
After Completion — What to Do Next
Once you've got the keys and moved in, there are a few things to take care of in the first few weeks:
Take Meter Readings
On the day you move in, take readings for gas, electric, and water meters. Photograph them with your phone so you have a record. This ensures you only pay for the energy you use.
Register with the Council
Contact your local council to register for council tax. If you're the sole occupant, you may be eligible for a 25% single person discount.
Set Up Your Mortgage Direct Debit
Your lender will send you details about your first mortgage payment. Set up the direct debit as soon as possible so you don't miss a payment. Your first payment is usually due about a month after completion.
Change Your Address
Update your address with your bank, employer, GP, dentist, DVLA (driving licence and car registration), electoral roll, and any subscriptions. Set up a Royal Mail redirect if you haven't already.
Land Registry
Your solicitor handles the Land Registry registration, which officially records you as the owner. This can take several weeks but happens in the background — you don't need to do anything.
Stamp Duty
Your solicitor will handle the Stamp Duty payment on your behalf. As a first-time buyer, you pay 0% on the first £300,000 and 5% on the portion between £300,001 and £500,000. If your property is £300,000 or less, you won't pay any Stamp Duty at all.
Common Delays and How to Handle Them
The buying process doesn't always run smoothly. Here are some common delays and what you can do about them:
Slow Solicitors
This is the most common cause of delays. If your solicitor is slow to respond, don't be afraid to chase them. A polite but firm email asking for an update is perfectly reasonable. This is where having a broker helps — I regularly chase solicitors on behalf of my clients.
Search Delays
Local authority searches can sometimes take weeks, depending on the council. There's not much you can do to speed this up, but your solicitor should submit them as early as possible.
Mortgage Offer Delays
Sometimes lenders take longer than expected to issue a mortgage offer. If this happens, I'll chase the lender directly and keep you updated. Most lenders aim to issue offers within 2-4 weeks of a full application.
Chain Issues
If your seller is also buying a property (creating a chain), delays further up the chain can affect your purchase. As a first-time buyer, you're not adding to the chain — which is one of your biggest advantages.
The Emotional Side
I won't pretend the buying process isn't stressful. The waiting, the uncertainty, the paperwork — it can feel overwhelming at times. That's completely normal. If you're feeling anxious about any part of the process, just give me a call. Sometimes it helps just to talk it through with someone who's been through it hundreds of times.
Common Questions About Exchange & Completion
Your home may be repossessed if you do not keep up repayments on your mortgage.
This guide is for general information only and does not constitute financial or legal advice. The conveyancing process can vary depending on your circumstances. For advice tailored to your situation, please get in touch for a free, no-obligation chat.
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