Receiving your mortgage offer is a major milestone—but there are still several steps before you can collect the keys. Here's exactly what comes next and how long each step takes.
Summary
Many buyers breathe a sigh of relief when the mortgage offer arrives—and understandably so. Getting to this point required credit checks, an affordability assessment, and a property valuation. But a mortgage offer isn't a completion date. There are still several important legal and financial steps between receiving the offer and actually owning the property.
Your lender sends the mortgage offer documents directly to you and to your solicitor. Read them carefully. The offer sets out exactly how much you're borrowing, the interest rate, the term, any conditions, and the monthly payment. Check the property address, your name, and the amount are all correct. If anything looks wrong, contact your lender or mortgage broker immediately.
Your conveyancing solicitor also receives a copy of the mortgage offer. They'll review it against the property and prepare a mortgage report for you—a plain-English explanation of the conditions and what they mean for your purchase. Read this carefully and ask your solicitor about anything you don't understand before signing anything.
This is also when your solicitor will confirm the full amount you need to pay on completion—your deposit, legal fees, and any Stamp Duty that's due.
Once your solicitor is happy that all searches and enquiries are complete—and you're happy after reviewing the mortgage report—you'll be asked to sign the mortgage deed. This commits you to the mortgage terms. Your solicitor holds the signed deed until exchange of contracts, at which point all the legal pieces are in place.
Exchange happens when both buyer and seller sign identical copies of the contract and the contracts are swapped between solicitors. At this point:
Buildings insurance must be in place from the date of exchange, not completion. This is because from exchange, you're legally obliged to complete the purchase—if the property burns down between exchange and completion, you need to be covered. Your mortgage lender will require evidence of insurance before releasing funds.
On completion day, your solicitor requests the mortgage funds from your lender and transfers the full purchase price to the seller's solicitor. Once confirmed, you can collect the keys—usually from the estate agent—and the property is yours.
Your solicitor then pays any Stamp Duty Land Tax due to HMRC and registers your ownership with the Land Registry. This post-completion registration can take a few weeks, but you're legally the owner from completion day.
| Situation | Validity Period | Notes |
|---|---|---|
| Standard residential purchase | 3–6 months | Most common; varies by lender |
| New build purchase | 6 months (sometimes extended) | Build delays may require extension |
| Offer expired (re-application) | Reset to 3–6 months | May require new affordability check and valuation |
If your mortgage offer is due to expire before you complete, contact your lender. Most lenders will grant a short extension (often a month) at their discretion. If circumstances have changed significantly (e.g. you've changed jobs, had a pay cut), a new application may be needed.
📄 Missing paperwork
If your solicitor still needs documents (leasehold info, search results, enquiry replies), exchange can't happen even if you have your mortgage offer.
💰 Gifted deposit checks
If part of your deposit is a gift, your solicitor must verify the source. Both you and the donor may need to provide documentation.
🔗 Chain complications
Other parties in the chain may not be at the same stage. You can't exchange until all parties in the chain are ready.
🏗️ New build delays
Build completion may slip past your mortgage offer expiry date, requiring an extension request to your lender.
Need a Conveyancing Solicitor?
A proactive solicitor can process your post-offer paperwork quickly and get you to exchange without delay. Compare quotes from vetted firms.
Compare Quotes →