Conveyancing
Exchange of Contracts to Completion: What Happens
By Faizal Lunat · 8 September 2026 · 5 min read
Exchange makes the sale binding; completion is when the keys change hands. Here is what happens in the days between, and what you should be doing.
Exchange of contracts is the moment a property transaction becomes legally binding. Completion is the day ownership passes and the keys are released. The gap between the two is usually one to two weeks, though it can be same day where everyone needs it to be.
What happens at exchange
Both solicitors read the agreed contract to each other over a recorded telephone call, confirm the completion date and insert it. From that moment neither side can withdraw without serious financial consequences. The buyer's deposit, usually 10% of the price, is held by the seller's solicitor.
The period between exchange and completion
- The buyer's solicitor sends the certificate of title to the lender and requests the mortgage funds
- Final pre-completion searches are carried out at HM Land Registry and against the buyer for bankruptcy
- The seller's solicitor obtains a final redemption figure for the mortgage
- Removals are booked, utilities are notified and buildings insurance is arranged
- Completion statements are agreed on both sides
Buildings insurance matters here. From exchange, the risk in the property generally passes to the buyer, so cover should be in place from that date rather than from completion.
Completion day
Money moves through the chain by bank transfer during the morning. Once the seller's solicitor confirms receipt of the full balance, they authorise the estate agent to release the keys. In a long chain this can be early afternoon, since each transaction has to complete in order.
After completion
We submit the Stamp Duty return and pay HMRC, then apply to register you at HM Land Registry as the new owner and register your lender's charge. Registration can take some months at present, and we send you a copy of the updated title once it is issued.
Can the dates be the same?
Exchanging and completing on the same day is possible and sometimes necessary, but it leaves no margin: until contracts are exchanged, either party can still walk away, so removals booked in advance are at risk. We will tell you honestly whether it is achievable in your chain.
Frequently Asked Questions
- How long is it from exchange of contracts to completion?
- Usually one to two weeks, agreed between the parties at exchange. Same day exchange and completion is possible but leaves no margin if anything slips.
- Can a buyer pull out after exchange?
- Not without serious consequences. The seller can keep the deposit, usually 10% of the price, and claim further losses.
- When do I need buildings insurance?
- From exchange, not completion. Risk in the property generally passes to the buyer once contracts are exchanged.
- What time do I get the keys on completion day?
- Once the seller's solicitor confirms receipt of the full balance the agent releases the keys. In a long chain that can be early afternoon.
This article is general information, not legal advice. For advice on your own circumstances, speak to a Solicitor & Director on 07449 567711.
