What Happens Between Exchange and Completion?

You’ve found a buyer, the survey’s done and your solicitor’s nudging for signatures. Then comes the moment everyone talks about, the exchange of contracts. So what actually happens next, and how do you get from exchange to the day you pick up the keys?

In this clear, no-jargon guide we’ll explain the difference between exchange and completion, what usually happens in that gap, how long it takes and what to do if something goes wrong. We’ll also answer a tough but important question people search late at night, what happens if someone dies between exchange and completion, so you know where you stand if life throws a curveball.

Scotland note: this guide covers England and Wales. Scotland uses missives and tends to conclude contracts close to settlement, so there’s rarely a long gap. If you’re buying or selling in Scotland, follow local guidance on process and timings.

Exchange vs completion – what’s the difference?

Exchange is when both sides sign identical contracts and the solicitors formally exchange them. From that moment, the deal’s legally binding and a fixed completion date is set. Completion is moving day. The money’s transferred, ownership changes at the Land Registry and the buyer gets the keys. In short, exchange binds the bargain and completion transfers ownership.

How long is it between exchange and completion?

In short, it’s whatever you all agree. In many chains the gap is about 1 to 4 weeks, often 7 to 28 days, which gives enough time for funds, removals and final checks. It can be shorter or longer if everyone’s happy, and you can even exchange and complete on the same day if the deal’s simple and ready.

What happens between exchange and completion (the simple version)

Once you’ve exchanged, the work falls into three areas, money, insurance and moving.

The buyer pays a deposit at exchange. Under the Standard Conditions of Sale this is usually 10% of the price. In a chain, deposits can be passed up and a smaller cash amount might be agreed, but if a buyer later defaults the contract still treats 10% as due.

The buyer arranges buildings insurance from exchange. Most contracts say the risk passes at exchange, so lenders and advisers expect cover to start that day. Sellers often keep their policy running until completion as well, so there’s no gap while funds land and keys are released.

Both sides prepare for completion. The buyer’s solicitor calls down the mortgage funds, prepares the completion statement and finalises the transfer deed. The seller’s solicitor lines up mortgage redemption, checks any leasehold apportionments, confirms how keys will be released and makes sure everything’s ready for a clean handover.

Meanwhile you book the practical bits, removals, meter readings, post redirection and utility switches. Good agents keep everyone in the chain updated on timings so vans aren’t sitting idle.

Exchange to completion money timeline in plain English

Here’s how funds usually flow when you’ve got, say, a two week gap.

At exchange the buyer’s deposit is sent to the seller’s solicitor and held as stakeholder under the contract.

The week before completion the buyer’s solicitor requests the mortgage advance for the exact date, confirms any gifted deposits and asks the buyer to send the balance after deposit and fees. Banks have cut off times and fraud checks, so sending early avoids stress.

On completion day the buyer’s solicitor transfers the balance to the seller’s solicitor by same day bank transfer. Once funds land, the seller’s solicitor confirms key release to the agent. The buyer collects keys, moves in and the seller’s mortgage is redeemed. Registration at the Land Registry follows.

Completion day: What actually happens

Morning is usually all about bank transfers. Most chains aim to complete late morning to early afternoon so keys can be released in good time. If you’re near the bottom of a long chain, your funds may arrive earlier. If you’re at the top, you might be waiting on two or three transfers before your part can complete. That’s normal.

Agents will only hand over keys when they’ve had the seller’s solicitor’s green light. If funds are delayed, everyone in the chain feels it. Staying reachable and calm helps your solicitor keep things moving.

Can exchange and completion be the same day?

Yes. Same day exchange and completion can work for an empty property or a simple sale where everyone’s ready. It removes the gap but compresses all the admin into one push, so removals and utilities need to be lined up in advance. Most people still prefer a short gap for certainty and breathing space.

What if someone dies between exchange and completion?

It’s difficult to think about, but the position’s clear. If someone dies after exchange, the contract doesn’t fall away. The seller’s or buyer’s personal representatives step in and complete on behalf of the estate. There may be a short delay while documents are produced, but the sale proceeds on the agreed terms.

For joint owners it depends how the title’s held. If ownership was as joint tenants, the surviving joint owner automatically owns the whole and can complete once the death’s noted. If it was as tenants in common, the deceased’s share passes under the will or intestacy and the personal representatives complete for the estate.

If a buyer dies after exchange, the estate completes the purchase, usually using the arranged mortgage if the lender consents or using alternative funds if needed. The buyer’s solicitor guides the executors through the formalities and keeps the chain informed.

Can a sale fall through after exchange?

It’s very rare because exchange creates a binding contract. If a buyer can’t complete on the agreed date, the seller can serve a notice to complete, which gives a fixed period, commonly 10 working days, to complete and pay contract interest for the delay. If the buyer still doesn’t complete, the seller can rescind the contract, keep the 10% deposit and claim losses.

In real life, solicitors try to avoid this route by spotting funding issues early, keeping lenders in the loop and agreeing short extensions where it makes sense. Communication beats confrontation.

Can you move belongings in before completion?

Only if it’s agreed in writing. Until completion you don’t own the property. Moving things in early can cause insurance and liability problems. If you need early access for a surveyor, snagging or a contractor, your solicitor can arrange a short, limited licence that keeps responsibility clear.

Top jobs for buyers between exchange and completion

• Activate buildings insurance from the exchange date and keep the policy documents handy.
• Send cleared funds for the completion balance in good time. Bank checks and cut offs can slow transfers.
• Book removals and plan access. Confirm van sizes, parking and key collection with the agent.
• Set up utilities and council tax. Start accounts from the completion date and photograph meters on arrival.
• Check your completion statement. Make sure the figures add up and you understand any apportionments.

Top jobs for sellers between exchange and completion

• Keep buildings insurance active until completion. You’re responsible until the money is received and keys are released.
• Pack and prepare. Label rooms and set aside manuals, fobs and window keys for the buyer.
• Read meters and inform providers on completion day and set up mail redirection.
• Leave the property as agreed. It should be empty unless items are listed in the fixtures and fittings form.
• Stay reachable. Quick answers avoid last minute delays.

When you need certainty over ceremony

If a long chain or shifting dates are keeping you awake, there’s another route. Sell House Fast buys directly for cash across the UK, so there’s no chain risk and no last minute drama. You get a fixed timeline and a team that keeps things simple from start to finish.

Here’s what we’re all about:

• A personal, tailored service from first call to completion
• How it works is simple: A straightforward, transparent process with no hidden fees 
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• A team that follows Property Ombudsman guidance and keeps everything straight

If you’re ready to sell your house fast and make your move smoother, get a free cash offer today and see how easy your next step can be.