Exchange, Completion and Moving Day: What Happens When?
Exchange and completion are different legal milestones. Understanding the difference helps you avoid making expensive moving commitments before the transaction is ready.
Updated: 19 July 2026
Before exchange
Before exchange, the legal representatives work through title, searches, enquiries, mortgage arrangements and the contract. A survey and any recommended investigations should normally be considered before you become legally committed.
In England and Wales, an accepted offer is not generally legally binding until contracts are exchanged. Chains, searches, lending and enquiries can change timing, so treat proposed dates as provisional until your conveyancer confirms otherwise.
Exchange of contracts
At exchange, signed contracts are exchanged and the agreement becomes legally binding. The contract records matters including price, property, included items and completion date.
Ask your conveyancer what deposit is required, when buildings insurance should start and what happens if either party fails to complete. Do not rely on general internet advice for your contract.
- Confirm the completion date in writing
- Check removals cancellation terms
- Understand the condition and contents agreed
- Keep funds available as instructed
Between exchange and completion
Use the certainty of a fixed date to confirm removals, utilities, time off work and practical arrangements. Keep communication details current and respond quickly to requests from your conveyancer or lender.
Avoid actions that could affect your mortgage or available funds without checking with the relevant adviser. Continue to protect important documents and payment instructions from fraud.
Completion and keys
On completion, the buyer’s legal representative transfers money as required. The seller moves out, keys are released through the agreed arrangement and ownership transfers.
Completion time cannot always be guaranteed. Keep essentials, valuables and medicines with you, and ensure the removal plan allows for waiting or late key release.
After completion
Take meter readings, inspect the property and report urgent discrepancies through the appropriate professional route. Your legal representative deals with post-completion matters such as registration and relevant property tax administration.