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Homes Mortgages and homebuying

Contract exchange and completion when buying a home

Until the exchange of contracts, both the buyer and seller of the home can change their mind and pull out of the deal, although there might be some cost for doing so. Find out more about the final stages of buying a property.

What’s in this guide

  • Before you exchange contracts
  • Exchanging contracts
  • Completion date

Before you exchange contracts

Exchanging contracts is legally binding, so be certain you want to go ahead before signing anything.

Check the contract your solicitor will send before signing and returning it – ask your solicitor to explain any conditions or terms you don’t understand. 

Use our helpful checklist to make sure you're ready to exchange:

  • Check the surveys are complete.
  • Check the searches are complete and raise any queries with the buyer/seller.
  • Check you have your mortgage offer in writing.
  • Check you have the funds for your mortgage deposit.
  • Make sure you’ve agreed on a completion date for sale.
  • Make sure you know what’s included in the offer, like fixtures and fittings, and have it put in writing.
  • Consider getting indemnity insurance to cover wasted costs.
  • If the seller pulls out before you exchange contracts, you have no legal right to recover any costs from them. Your solicitor can advise you about this. 
  • Check the Energy Performance Certificate (EPC)Opens in a new window for your new home - this rates the energy efficiency of the building.
  • Organise buildings insurance and make sure it’s valid from your exchange date. Find out more in our guide Protect yourself and your home: shopping for insurance.

If sellers attempt to renegotiate the purchase price at this stage, get advice from your solicitor and ask them to help you with the negotiations. They can also advise you on next steps if you want to refuse and withdraw from the sale.

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Exchanging contracts

During the exchange of contracts, the solicitor or conveyancer from each side will read out the contract over the phone in a recorded conversation.

They will make sure the contracts are the same and then post them to each other.

Once contracts have been exchanged you’re legally bound to buy the property. The next steps will be: 

  • to tell the freeholder (if it’s a leasehold property) you’re the new owner
  • check the solicitor/conveyancer has registered transfer of ownership with the land registry
  • if it’s a share of freehold purchase, the solicitor will arrange for a new share certificate to be issued.
Read our guide Find the right property solicitor or conveyancer
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Completion date

This is the date when you can move into your new home.

The estate agent is likely to hold the keys for you to pick up.

  • On completion day, your solicitor will arrange for money to be transferred to the seller’s solicitor.
  • Ideally, all the buyers and sellers in the chain complete on the same day, otherwise you might have to wait for the seller to have completed buying their new home before you can move in. 
  • If you have a share of freehold, ask your solicitor or conveyancer how to register your name on the company register.

How long does it take to exchange contracts?

Buying a property in Scotland

If you’re buying in Scotland, read our timeline for buying a property in Scotland.

The time it takes to go from exchange to completion is decided by the buyer and seller. It’s typically between 7 and 28 days. 

It can sometimes be affected by other parties within the chain. For example, if the seller is waiting for a house purchase of their own to go through before moving out. 

 

What time of day does exchange of contracts happen?

Most contract exchanges will happen in the morning, usually between 10am and noon.

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MoneyHelper is the new, easy way to get clear, free, impartial help for all your money and pension choices. Whatever your circumstances or plans, move forward with MoneyHelper.

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MoneyHelper is the new, easy way to get clear, free, impartial help for all your money and pension choices. Whatever your circumstances or plans, move forward with MoneyHelper.

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