How Long Between Exchange and Completion? Timelines, Steps and What to Expect

The standard timeframe between exchanging contracts and completing a property purchase is typically 1-2 weeks, but in reality it can be anywhere from the same day to a few months. And it can be even harder to predict if you’re part of a long chain.

Put simply, exchange makes the deal legally binding, while completion is when you actually get the keys. The time between the two is your window to get ready to move. But with so many factors at play, the time it takes to buy a house or sell your property can vary.  

To clarify how long it is between exchange and completion, this guide breaks down everything you need to know about the exchange and completion stages: 

• The differences
• Typical timescales
• Why there’s a gap
• What happens if something goes wrong
• What you can do to shorten the time it takes to get your keys 

Quick answer: The typical timeframe between exchange and completion is 1-2 weeks, with the completion date agreed before exchange.

What’s the Difference Between Exchange and Completion? 

The exchange of contracts happens when both parties’ signed contracts are swapped by conveyancers. At this point, the deal becomes legally binding. The buyer pays the deposit (typically 10% of the purchase price), and the completion date is fixed in the contract. 

Completion, on the other hand, is when the rest of the money is transferred. When this happens, legal ownership is passed to the buyer, and they can collect the keys. 

Each stage also has specific legal responsibilities attached to it, including: 

• From exchange, both parties are legally committed. This means the buyer must complete and the seller must hand over the property in the condition agreed, with the fixtures and fittings listed. 
• At completion, the buyer becomes the legal owner and takes on the ongoing costs, e.g. the mortgage, council tax and utility bills. 

Before exchange, either side can walk away from the transaction without penalty. After exchange, pulling out of the deal can have serious financial consequences.

	Exchange	Completion
What happens	Signed contracts are swapped by the conveyancers.	Remaining funds are transferred, and ownership passes to the buyer.
Legal commitment	Both parties are legally bound to go ahead.	The contract is fulfilled.
Legal ownership	Stays with the seller.	Passes to the buyer.
Money that moves	Buyer’s deposit (usually 10%).	Balance of the purchase price, including mortgage funds.
Who is responsible for the property?	Usually the seller, though the buyer’s lender will want insurance in place.	The buyer.
Keys	Not released.	Released to the buyer.
Typical timing	Once searches, enquiries and the mortgage offer are complete.	Usually 1 or 2 weeks after exchange.

What comes first: exchange or completion? 

Exchange always comes first – completion can’t happen without a contract being in place, even if both happen on the same day. 

Both stages of the property buying process happen towards the end of the conveyancing process, which usually follows this route: 

1. Offer
2. Searches and enquiries
3. Mortgage offer
4. Exchange
5. Completion 

What does completion mean when buying a house? 

Completion is the day you become the legal owner of a property and can move in. Once the transaction is complete, your conveyancer can formally apply to update HM Land Registry. 

How Long Between Exchange and Completion?

It usually takes a couple of weeks from exchanging contracts to the transaction being completed and getting the keys. This gap ensures the buyer’s lender can release the mortgage funds and allows both parties to organise moving. 

The completion date is agreed before exchange, so the timeframe specific to your move will be written into the contract, and it can’t be changed afterwards unless everyone agrees to it. 

Timeframe	Best suited to	Things to watch out for
Same day	Cash buyers, vacant or investment properties.	No binding contract until the day itself, which rarely works with a mortgage.
2-5 days	Short or no chain, vacant property.	Mortgage lenders may need more notice to release funds.
1-2 weeks	Most buyers and sellers.	Very few downsides, apart from a short wait to move in.
1-3 months	Sellers needing time to find somewhere, or buyers working around a notice period.	The whole chain must agree to this.  Mortgage offers can expire.
No fixed date	New builds.	Building delays and mortgage offers expiring.

Why is there a gap between exchange and completion? 

The gap between exchanging and completing the purchase isn’t inserted for legal reasons, but for practical ones. 

For a start, mortgage lenders need notice before they release funds. Your conveyancer will also need time to carry out final checks. 

Additionally, if your property transaction is part of a chain, each party involved in it needs a firm, legally binding date before they book removals, give notices to landlords and start packing up their home. 

Exchange locks in the deal, so you can plan your move knowing the sale can’t fall through without serious consequences for whoever pulls out.

What factors affect the completion date? 

When you’re negotiating the completion date with the buyer or seller, there are a few things both parties will have to consider before committing to a date, such as: 

• Chain length: Everyone in your chain must complete on the same day, so the date has to work for each buyer and seller in it. The longer your chain is, the harder it can be to agree on a shorter gap between exchange and completion. 
• Practical logistics: Availability of removal firms, school terms, childcare, leave from work and time to pack will all factor into your decision. 
• The day of the week: Fridays are the most popular completion day, because they allow you to move over the weekend. However, you’ll need to consider the cost of removals (these might be higher on a Friday) – banks and conveyancers can also be busier on Fridays. If anything is delayed, completion may be pushed to Monday. If possible, try to aim for Monday to Thursday when negotiating your completion date. 

Mortgage lender rules that can affect your completion date 

It’s not just logistics and your chain that can impact your completion date. If you’re buying with a mortgage, your lender’s rules can influence the timeline in these ways: 

Drawdown time 

Conveyancers have to formally request your mortgage funds from the lender, and most lenders need 3-5 working days’ notice. This is one of the main reasons very short gaps aren’t possible. 

Offer validity

Mortgage offers usually last 3-6 months from the date they’re issued, and completion must happen before the offer expires. In some cases, you may be able to get an extension, but these aren’t guaranteed. This can be especially tricky for new build houses, where long delays can push completion dates beyond the validity period. 

Lender restrictions

Some lenders don’t let you exchange and complete on the same day or have their own minimum notice period. Not sure if this applies to you? Don’t worry – your conveyancer will check mortgage requirements for you.

How long between exchange and completion for first-time home buyers with no chain? 

If you’re a first-time buyer with no chain, you’re likely to be in a good position to complete quickly. With no property to sell, and if the property is empty, an exchange and completion gap of a few days is realistic – the only thing holding you up is your lender’s drawdown time.

If you’re renting before buying your first home, never hand in your notice before you exchange contracts. Nothing’s guaranteed until contracts are exchanged, and you could be left without anywhere to live if the purchase falls through. 

If you want to avoid paying rent and a mortgage at the same time, you could ask for a longer gap between exchange and completion to align it with the notice period at your rental property. 

Read our guide to first-time buyer conveyancing for everything you need to know about the process. 

How to Shorten the Time Between Exchange and Completion

It’s understandable you’ll want to move into your new property as soon as possible, especially if it’s your first or dream home. If you want to minimise the wait time and move as soon as possible, these steps could help: 

• Get your finances ready: Make sure your mortgage offer and all funds (deposit, balance and fees) are in place before exchange. 
• Speak to your lender early: Get confirmation on how long they need to release your mortgage funds and factor this into your completion planning. 
• Sign paperwork in advance: Sign your completion documents, like the transfer and mortgage deeds, before exchange, so you’re not holding things up. 
• Provisionally book removals: Find a removal firm that can be flexible and ready once your move date is confirmed. 
• Reply quickly: Respond promptly to your conveyancer and keep in touch with your estate agent about how ready the rest of the chain is. 

Remember: A short gap between exchange and completion only works if each party in the chain can meet it.

Is There a Maximum Time Between Exchange and Completion? 

As long as everyone agrees to the gap, there’s no maximum time limit between exchanging and completing house sales in England and Wales. If your contract doesn’t include a specific completion date, the Standard Conditions of Sale, which most residential contracts are based on, set a default of 20 working days after exchange. 

Broadly speaking, the gap between exchange and completion is usually kept to a few weeks. This is because mortgage expiry dates, the cost of running two homes and the risks of a long wait all make a longer period of time impractical. 

What are the risks of a long gap between exchange and completion? 

Essentially, the longer the wait, the more time there is for something to go wrong, including: 

• Changes in finances: If you lose your job or your income drops before completion, your lender could withdraw your mortgage offer, but you’d still be legally committed to buying the property. 
• Mortgage offer expiry: If completion slips past the end date of your offer, you may need to reapply, which could mean losing the rate you were originally offered. 
• Damage to the property: Accidental damage, like fires or floods, could happen before completion – making it important that you get buildings insurance at the point of exchange. 
• Life changes: Illness, bereavement or a change of plans from either side can complicate things. 
• Extra costs: You may end up paying rent and a mortgage at the same time, or have your deposit tied up longer. 

Simultaneous Exchange and Completion vs a 1-2 Week Gap

Simultaneous exchange and completion means exchanging contracts and completing on the same day. This is most common with cash buyers, vacant properties, buy-to-let purchases and very short chains. 

The main risk with exchanging and completing on the same day is timing. Until the contracts are exchanged, there’s no binding agreement. So, if something goes wrong, any removals you’ve booked or notice you’ve given (e.g. to landlords) is at your own risk. It’s also rarely practical if you’re buying with a mortgage, because of the drawdown times. 

By contrast, a gap of 1-2 weeks gives you more certainty before you commit to removals, leaving time for mortgage funds to be released and generally makes the whole process less stressful. The only real trade-off is waiting to move in. 

Some conveyancers might prefer a gap because it reduces the risk of payment redirection fraud – when criminals try to divert money by sending fake bank details. 

Avoiding payment redirection fraud: Whatever your timeline, never act on an email asking you to change the bank details you send money to. If you receive an email like this, always call your conveyancer on a number you know to check.

Exchange and Completion Timeline for New Builds

Exchanging and completing on a new build property works differently to standard house sales, because you can exchange contracts without a completion date. 

Developers may ask buyers to exchange within a set period after reserving a property, usually 28 days. This often happens before the home is finished, so you won’t get a fixed completion date at exchange. 

Instead, the developer will serve a notice to complete once the property is signed off as finished. 

You’ll then need to complete within the notice period set out in your contract, typically around 10 working days. However, the wait for the notice itself can be several months, depending on how long the build takes.

To avoid dragging things out too long, your contract should include a long-stop date. This is the point at which you may be able to withdraw from the purchase if the build overruns significantly. 

The biggest risk in terms of completing a new build is your mortgage offer expiring before the property is ready. So make sure you speak to your lender early about whether they offer extended mortgage offers for new builds. You can also book a snagging survey, which checks the property for defects, before or soon after completion.

Get expert advice with our new build conveyancing services.

What Happens Between Exchange and Completion? 

Once contracts are exchanged, the legal side is almost done. This is when the paperwork turns into practical moving arrangements.

What your conveyancer does

If you’re buying, your conveyancer will:

• Carry out final pre-completion searches with HM Land Registry, which protect your purchase until registration.
• Run a bankruptcy search on you and anyone buying with you.
• Request your mortgage funds from your lender.
• Prepare your completion statement, which shows exactly how much money is needed.

If you’re selling, your conveyancer will:

• Get a redemption statement from your mortgage lender, showing how much is needed to pay off your mortgage.
• Make sure the transfer deed is signed.
• Prepare to pay off your mortgage and your estate agent from the sale proceeds.

Do you need buildings insurance from exchange? 

In practice, yes. Most mortgage lenders require buildings insurance to be in place from exchange. Even if you’re a cash buyer, having cover from exchange protects your financial commitment if the property is damaged before you complete.

Under the Standard Conditions of Sale, the seller usually keeps responsibility for the property until completion. However, individual contracts can change this, so check the terms with your conveyancer. Sellers should keep their own buildings insurance in place until the day of completion.

What buyers need to do

If you’re buying a property, use this time to:

• Arrange buildings insurance to start from exchange.
• Transfer the balance of your funds to your conveyancer in good time.
• Confirm your removal booking.
• Give notice to your landlord, if you rent.
• Set up utilities, broadband and council tax at your new address.
• Arrange a mail redirection.
• If you’re buying with someone and contributing different amounts, make sure any deed of trust is signed before completion.

What sellers need to do

If you’re selling your house, use this time to:

• Pack and arrange to have the property empty by the time set in the contract, usually early afternoon.
• Leave behind all the fixtures and fittings agreed on the TA10 Fittings and Contents Form.
• Take final meter readings on the day.
• Cancel or transfer your utilities and services.
• Arrange to hand over the keys, usually through your estate agent.

What Happens on Completion Day?

On completion day, the buyer’s conveyancer sends the purchase money to the seller’s conveyancer by bank transfer. Once the seller’s conveyancer confirms the money has arrived, the keys are released to the buyer.

If you’re part of a chain, this process happens one sale at a time along the chain, so it can take a few hours. After completion:

• The seller’s mortgage is paid off from the sale proceeds.
• In England, the buyer’s conveyancer files the Stamp Duty Land Tax return and pays any tax due within 14 days. In Wales, Land Transaction Tax is paid instead, within 30 days.
• The buyer is registered as the new owner with HM Land Registry.

Learn what homebuyers need to know about Stamp Duty in our guide. 

What Happens If Someone Doesn’t Complete on Time?

Most completions happen on the agreed date, but short delays can happen. This is usually because mortgage funds arrive late or there’s a hold-up elsewhere in the chain. The party causing the delay may have to pay interest at the rate set in the contract, along with the other side’s extra costs.

If the delay continues, the other party can serve a notice to complete. This typically gives the delaying party 10 working days to complete. If they still don’t, the seller can keep the buyer’s deposit and the buyer can claim damages, depending on who is at fault.

Pulling out altogether after exchange is rare, but it’s expensive. A buyer who pulls out can lose their deposit and be sued for further losses. A seller who pulls out can be sued for the buyer’s costs.

Warning: Don’t hand in notice, book non-refundable removals or pack up your home until after you’ve exchanged contracts.

Get Ready for a Smooth Completion

For most people, the wait between exchange and completion is 1-2 weeks. The date is agreed before you exchange, so the key is to get your finances, insurance and moving plans in order early. That way, you can use the gap to prepare rather than panic. 

If you’re planning a move, speaking to your conveyancer early helps you agree on a realistic completion date that works for you and everyone else in the chain.

For more practical guides to buying and selling, explore our blog. Here, you’ll find expert insight into topics like the differences between tenancies in common and joint tenancies, what a declaration of trust is and how a deed of gift for property works. 

How Long Between Exchange and Completion: FAQs

How long after exchange of contracts is completion?

Usually 1-2 weeks. However, it’s whatever completion date was agreed and written into your contract.

Can a completion date be changed after exchange?

Only if everyone in the chain agrees; otherwise, the date in the contract is legally binding.

Can you get the keys before completion?

Not usually. Early access is entirely at the seller’s discretion and carries risks for both sides, so it needs to be agreed formally through the conveyancers.

What time does completion happen?

There’s no set time. Completion happens once the funds arrive, which is often between late morning and early afternoon. Your contract will usually set a latest time for completion.

How much deposit is paid on exchange?

Typically 10% of the purchase price, although a lower amount can sometimes be agreed with the seller.

Is exchange and completion the same in Scotland?

No. Scotland uses a different system, known as concluding missives. This guide covers the process in England and Wales only.

What’s the exchange and completion process when buying at auction? 

If you buy a property at an auction, exchange of contracts happens when the hammer falls. Buyers typically have 20-28 days to complete the purchase or risk losing the deposit they paid and being charged additional fees.