Reviewed and updated: 17 October 2026. Original archive publication date retained.
Exchange and completion are separate stages of a home purchase in England and Wales. An accepted offer usually remains subject to contract; exchange is the point at which the agreement to buy and sell becomes legally binding. Scotland and Northern Ireland have different processes.
Before exchange
The conveyancer checks the contract and title and deals with enquiries, searches and the lender’s requirements where a mortgage is involved. The buyer should understand what the survey has found and which issues remain unresolved.
Agree the completion date through the legal representatives rather than treating an estate agent’s provisional estimate as a commitment. A chain, outstanding documents or mortgage conditions can affect readiness. There is no universal number of days that every transaction must take.
Completion day
Completion involves the purchase money being transferred and the arrangements for handing over possession being carried out. Keys should be released through the agreed process once completion is confirmed. The conveyancer also handles the relevant post-completion work.
Keep a clear record of the agreed fixtures, any outstanding work and the practical arrangements for moving. Ask the conveyancer when insurance should begin for this particular contract.
Before transferring funds, independently confirm payment details through a trusted contact route. A last-minute email changing bank details is a reason to stop and verify, rather than rush to meet a moving deadline.