Exchange and Completion: What Happens and How Long It Takes

The average time from accepted offer to completion in England and Wales is 12-16 weeks, with exchange of contracts typically happening 1-2 weeks before completion day, according to the Home Buying and Selling Group. At HouseCheckup, our £24.99 property reports help buyers get ahead of the process by providing comprehensive property data early, reducing the delays that stretch timelines and increase the risk of transaction failure. This guide walks you through exactly what happens at exchange and completion.

The Journey to Exchange

Before exchange can happen, several workstreams must complete:

Conveyancing Searches (2-6 weeks)

Your solicitor orders and reviews:

• Local authority search: Planning, building control, roads, and other local data (1-6 weeks depending on the council)
• Environmental search: Flood, contamination, ground stability (usually instant or a few days)
• Water and drainage search: Connection to mains water and sewerage (1-3 weeks)
• Mining search: If in a coalfield area (1-2 weeks)
• Title investigation: Reviewing the seller's title for issues, restrictions, and defects

Mortgage Offer (2-4 weeks)

Your lender processes your full application, arranges a valuation, and issues a formal mortgage offer. The valuation is for the lender's benefit: it confirms the property is adequate security for the loan.

Property Enquiries (2-6 weeks)

Your solicitor raises enquiries (questions) with the seller's solicitor about issues arising from the search results, title review, and the TA6/TA7/TA10 forms. This back-and-forth can be the most time-consuming part. Common enquiries include:

• Missing building control certificates for alterations
• Boundary discrepancies
• Rights of way and access issues
• Lease queries (for leasehold properties)
• Planning condition compliance

Survey (1-3 weeks)

Your surveyor inspects the property and provides their report. Any issues raised may trigger further enquiries or renegotiation.

Exchange of Contracts: The Binding Moment

What Happens

Exchange of contracts is the point at which both parties become legally committed to the transaction. Here's the process:

1. Contract agreed: Both solicitors agree the final contract terms, including the completion date
2. Deposit paid: You transfer your deposit (typically 10% of the purchase price, though 5% is sometimes negotiated) to your solicitor
3. Contracts signed: Both you and the seller sign identical contracts
4. Solicitors exchange: The solicitors exchange the signed contracts by phone (following the Law Society's formulae for exchange) and the deal becomes legally binding
5. Completion date set: A specific completion date is agreed and written into the contract

What Exchange Means

After exchange:

• You must buy: If you pull out, you lose your deposit and may face additional damages
• The seller must sell: If they pull out, they must return your deposit and may face damages
• The price is fixed: No further negotiation (except in exceptional circumstances)
• Buildings insurance: You should have buildings insurance in place from exchange, as you bear the risk of damage to the property from this point

How Long Between Exchange and Completion?

The gap between exchange and completion varies:

• Simultaneous exchange and completion: Same day, common for chain-free transactions
• 1-2 weeks: The most common gap, allowing time for final preparations
• Up to 4 weeks: Sometimes needed to align chain completion dates
• Longer gaps: Unusual but possible for complex transactions

In chains, all linked transactions typically exchange on the same day with the same completion date. This coordination is managed by the solicitors.

Preparing for Completion

Between exchange and completion, several things need to happen:

Financial Preparations

• Mortgage funds: Your solicitor requests the mortgage advance from your lender (usually 3-5 working days before completion)
• Balance of funds: You transfer the remaining purchase money (deposit already held, plus your cash contribution minus the mortgage) to your solicitor
• SDLT return: Your solicitor prepares the Stamp Duty Land Tax return for submission on completion day

Practical Preparations

• Removals: Book removals for completion day (book early, as popular dates fill up)
• Utilities: Notify gas, electric, water, council tax, and broadband of your moving date
• Mail redirection: Set up Royal Mail redirection from your old address
• Insurance: Ensure buildings insurance is active from exchange (if not already)
• Final inspection: Arrange a final visit to check the property is in the agreed condition

Completion Day: What Happens

Completion day follows a specific sequence:

Morning

1. Funds transfer: Your solicitor sends the purchase money to the seller's solicitor via bank transfer (CHAPS, same-day cleared funds)
2. Waiting: You wait for confirmation that funds have been received. This can take from 30 minutes to several hours
3. In a chain: Funds flow up the chain. The bottom buyer's money reaches the first seller, who then releases funds to the next purchase, and so on

Confirmation

1. Completion confirmed: The seller's solicitor confirms receipt of funds to your solicitor
2. Keys released: The estate agent is authorised to release the keys to you
3. The property is yours: You can now collect the keys and move in

Typical Timeline

• 10am-12pm: Funds sent and received (for straightforward transactions)
• 12pm-3pm: Chain transactions complete (funds flow up the chain)
• By 4pm: Most completions finalised. If funds haven't been received by 4pm, completion may be delayed to the next working day

After Completion

Your solicitor handles several post-completion tasks:

• SDLT payment: Stamp Duty Land Tax must be paid within 14 days of completion
• Land Registry registration: Your solicitor registers your ownership at the Land Registry (can take several weeks)
• Mortgage registration: Your lender's charge is registered against the title
• Title deeds: Your solicitor sends you the registered title (or confirms online registration)

What Can Go Wrong on Completion Day

While rare, problems can arise:

• Delayed funds: Bank transfer issues can delay receipt. CHAPS payments are usually same-day but can take hours.
• Chain delays: If a transaction lower in the chain hasn't completed, your seller may not receive their funds to complete their purchase and release your keys.
• Last-minute issues: Occasionally, a party in the chain raises a last-minute problem. After exchange, this is a breach of contract.
• Property condition: If the seller has left the property in a different condition than agreed (e.g., removed fixtures or left rubbish), you may need to negotiate compensation.

Tips for a Smooth Completion

• Send funds early: Ensure your solicitor has all money at least 2-3 days before completion
• Confirm with your solicitor: the evening before completion that everything is in order
• Have a backup plan: Don't schedule your removal for 9am if completion might not happen until 3pm
• Take meter readings: At your old property and new property on moving day
• Don't plan tight travel: If moving long distance, allow for delays

Get Ahead with Early Research

A HouseCheckup report for £24.99 (Complete tier) gives you comprehensive property data at the start of your buying journey, covering flood risk, subsidence, planning history, EPC ratings, and local area information. Early data means your solicitor can raise informed enquiries faster, your mortgage valuation is less likely to surprise you, and you can proceed to exchange with confidence. The sooner you have the right information, the smoother your path to completion day.