What Is the Difference Between Exchange and Completion?
When buying or selling a home, two key stages often cause confusion: exchange of contracts and completion. Although both are milestones in the conveyancing process, they represent different legal steps—and understanding the distinction can help manage expectations and reduce stress.
Exchange of contracts is the moment the sale becomes legally binding. At this stage, both buyer and seller sign identical contracts which are then exchanged by their solicitors. Once contracts are exchanged, neither party can withdraw without facing penalties. A completion date is also set during this exchange.
Completion is the day the property officially changes hands. This is when the purchase funds are transferred from the buyer’s solicitor to the seller’s solicitor, and the keys are released. Completion typically happens a week or two after exchange, though it can be shorter or longer depending on what’s agreed.
The time between exchange and completion gives everyone time to prepare—whether it’s packing, arranging removals, or coordinating related sales in a property chain. For buyers, this is the time to ensure all funds are in place and that their mortgage lender is ready to release the money on time.
At Edward Hands & Lewis, we guide clients through each stage clearly and efficiently. Our conveyancing team ensures all necessary checks are carried out before exchange, and that all funds and documentation are ready well ahead of completion day. We also help coordinate timings across any related transactions, minimising delays and disruptions.
Knowing the difference between exchange and completion can help you feel more in control during your move. With experienced solicitors on your side, the process becomes smoother, less stressful, and more predictable.
At Edward Hands & Lewis, we are committed to providing guidance and support to those seeking help with any conveyancing matters.
Telephone: 0115 955 3444
Email: info@ehlsolicitors.co.uk
Website: www.ehlsolicitors.co.uk
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The information provided in all of our blogs reflects only a narrative of some elements to consider on the topic. The blogs do not contain considered legal advice and should not be relied upon as advice. Please see our website terms and conditions for full details of our disclaimer. If you are interested in obtaining advice, please contact one of our lawyers who will be happy and able to advise you on your own particular circumstances.
The information provided in all of our blogs reflects only a narrative of some elements to consider on the topic. The blogs do not contain considered legal advice and should not be relied upon as advice. Please see our website terms and conditions for full details of our disclaimer. If you are interested in obtaining advice, please contact one of our lawyers who will be happy and able to advise you on your own particular circumstances.
When buying or selling a home, two key stages often cause confusion: exchange of contracts and completion.
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