Exchange is the legal turning point in any property sale. After exchange, the sale is legally binding. Here's exactly what happens in the period between exchange and completion—and how to make sure it goes smoothly.
Key Facts
Before exchange, either party can withdraw from the sale without legal penalty (though you may lose survey and solicitor costs). After exchange, the sale becomes legally binding. If the buyer pulls out post-exchange, they typically forfeit their deposit (usually 10% of the purchase price). If the seller withdraws, they can be sued for damages including the buyer's wasted costs.
This is why the period between exchange and completion is generally calm—both sides are committed and the legal work is largely complete. However, there are still important steps to take.
From the moment of exchange, the buyer assumes responsibility for the property—even though they don't yet own it. Buildings insurance must be in place from exchange, not completion. If the property is damaged between exchange and completion (e.g., by fire or flood), the cost falls on the buyer unless they're insured.
Your solicitor carries out a priority search (Official Search of the Register) to confirm that no new entries have been made against the title since the original searches, and that the buyer's funds are confirmed. This typically takes 2–5 business days.
Once you have a confirmed completion date, book your removal company immediately—removal companies can be booked up quickly, especially for popular dates like Fridays and end-of-month. Give yourself at least a week's notice; longer in summer.
On completion day, your solicitor sends the remaining purchase funds (purchase price minus deposit already paid) to the seller's solicitor. Once received, the seller's solicitor confirms completion and your estate agent releases the keys.
After completion, your solicitor pays any stamp duty (SDLT) to HMRC within 14 days and submits the title registration to the Land Registry. This formally records you as the new owner—the process typically takes 4–12 weeks to complete on the Land Registry's end.
While it's rare for deals to fall through after exchange, problems can arise:
📋 Unresolved legal issues
Missing documents, party-wall disputes, or title defects identified after exchange. Rare, but requires solicitor intervention to resolve.
🔍 Issues in final inspection
A pre-completion inspection reveals the property has been significantly changed or damaged since exchange. You can flag this to your solicitor before funds are released.
💬 Miscommunication
Delays in fund transfers or solicitor communications on completion day can hold up key release. Most solicitors aim for midday transfer; delays can mean late completion.
🚚 Removal delays
Sellers not vacating on time, or removals running over schedule, can breach the completion terms. Keep your removal timings realistic and build in buffer time.
Yes — but only in specific circumstances
Simultaneous exchange and completion ("same-day exchange and completion") is possible when both solicitors agree on a confirmed release time. It's most practical for chain-free buyers—first-time buyers, cash buyers, or those whose own sale is not linked. In a chain, one weak link can delay the entire process and make same-day exchange and completion very risky.
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