Exchange to Completion: What Happens in the Final Weeks of Buying a House (Part 9)
From exchange of contracts to completion day: what to expect in the final weeks of buying your first home, including building insurance from exchange, the completion statement, booking removals, and final checks.
This is Part 9 of 12 in the "Buying Your First Home — Month by Month" series. ← Part 8: Conveyancing and the Legal Process Explained | Part 10: Your New Home Admin Checklist →
The Gap Between Exchange and Completion
Exchange of contracts and completion are two separate legal events. Many first-time buyers are surprised to discover that exchange can happen weeks before they actually get the keys — and that this gap is not dead time. It is arguably the most action-packed period of the entire purchase.
Exchange is when signed contracts are swapped between your solicitor and the seller's solicitor. At this moment, both parties are legally committed and a fixed completion date is written into the contract. Your 10% deposit transfers to the seller's solicitor and is held in escrow until completion.
Completion is when the remaining funds transfer and legal ownership formally passes to you. The keys are released, and you are a homeowner.
The gap between the two — usually one to four weeks — is when several critical things happen in parallel: your lender draws down the mortgage funds, you arrange removals, you finalise utilities and insurance, and your solicitor completes final legal checks.
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Mortgage calculator — check your monthly repayment at current ratesWhy Exchange Is the Riskiest Moment
The exchange of contracts is the single biggest commitment you make in the entire home-buying process. Before you exchange, read these facts carefully:
- You are legally bound to complete on the agreed date. If you cannot complete (because your mortgage falls through, you lose your job, you change your mind), you lose your deposit — typically 10% of the purchase price.
- The seller is equally bound. If they withdraw after exchange without contractual grounds, you can claim your deposit back in full and pursue damages for additional losses.
- Buildings and structural risk passes to you. From exchange, if the property burns down or floods, the legal obligation to complete still stands — which is why buildings insurance from exchange is not optional.
- The completion date is fixed. Changing it after exchange requires agreement from all parties in the chain and your mortgage lender. This is possible but can attract charges.
On a £250,000 purchase, your deposit at risk at exchange is £25,000. This is why you should never exchange until:
- Your mortgage offer is formally issued in writing (not just "agreed in principle").
- Your solicitor has received and checked satisfactory results from all searches.
- You have read and are content with the draft contract, the property information forms (TA6 and TA7), and the fixtures and fittings form (TA10).
- Any issues raised by your survey have been resolved (either via a renegotiated price, a retention, or your acceptance of the risk in writing to your solicitor).
- Your buildings insurance is arranged and confirmed to start from the exchange date.
Buildings Insurance: A Common First-Timer Mistake
One of the most frequent errors first-time buyers make is assuming buildings insurance starts on completion day. It must start on the day of exchange.
Here is why. From the moment you exchange contracts, you hold the equitable interest in the property. If the property is damaged — fire, flood, storm — between exchange and completion, the courts have consistently held that the buyer bears the risk. Your solicitor will tell you this, but it is worth emphasising because the timeline catches people out.
What to arrange before exchange:
- Contact your chosen insurer and request a start date matching your expected exchange date (or slightly before, if uncertain)
- Confirm the rebuild value (not market value) — this is usually specified in your mortgage offer as the minimum insured sum
- Keep your policy number and insurer contact details accessible on completion day
- Make sure your name is on the policy as the insured party
Typical annual premiums in 2025/26:
| Property type | Annual premium (estimate) |
|---|---|
| 2-bed terrace, good condition | £150–£220 |
| 3-bed semi-detached | £200–£280 |
| 4-bed detached | £280–£420 |
| Flat (buildings only — often covered by the freeholder's policy) | £0–£50 block contribution |
For leasehold flats, check whether the freeholder holds a block buildings policy — if so, your obligation is to contribute through the service charge, not arrange a separate policy. Your solicitor will confirm this.
The Completion Statement: Breaking It Down
Two to three days before completion, your solicitor will send you the completion statement — the definitive financial summary of everything required to complete the purchase.
A typical completion statement on a £270,000 first-time buyer purchase in England (2025/26) looks like this:
| Item | Amount |
|---|---|
| Purchase price | £270,000 |
| Less: deposit paid at exchange | −£27,000 |
| Balance of purchase price | £243,000 |
| Stamp Duty Land Tax (SDLT) | £3,500 |
| Land Registry fee | £150 |
| Solicitor's legal fee | £1,150 |
| Local authority search | £100 |
| Drainage search | £70 |
| Environmental search | £60 |
| Bankruptcy search (per buyer) | £4 |
| Electronic funds transfer fee | £30 |
| ID verification fee | £20 |
| Mortgage lender's telegraphic transfer fee | £25 |
| Total due to solicitor | £248,109 |
A few things to note:
- The SDLT figure on a £270,000 FTB purchase in England: under FTB relief, no SDLT applies on the first £300,000 — so this buyer pays £0 in SDLT. (The £3,500 above is illustrative for a non-FTB at that price to show how the line appears.) Your solicitor will calculate the exact amount based on your circumstances.
- The mortgage advance is sent directly to your solicitor's client account by your lender — it does not appear in the statement as a payment from you, but it is what makes up the bulk of the funds.
- Apportionments may appear: if the seller has prepaid council tax, ground rent or service charges, you will reimburse their share for the days after completion.
Stamp Duty Calculator
Calculate Stamp Duty Land Tax (SDLT) for your property purchase in England.
Stamp duty calculator — confirm your exact SDLT liability before completionTransferring Funds to Your Solicitor
The completion statement will include the solicitor's client account bank details. You need to transfer the balance (£248,109 in the example above, minus the mortgage advance your lender is sending directly) so that cleared funds arrive the day before completion.
Practical UK-specific tips:
- Use CHAPS, not Faster Payments, for amounts above £25,000. Faster Payments has a per-transaction limit that varies by bank (typically £25,000–£100,000 for personal accounts, sometimes lower for new recipients). CHAPS transfers settle within the same business day and have no upper limit. CHAPS typically costs £15–£30 but is the standard method for property completions.
- Call your bank to authorise the transfer in advance. For large outgoing transfers to a new payee, most banks require phone verification or a visit to a branch. Do this a day early — do not assume an app transfer for £50,000+ will go through without friction.
- Verify your solicitor's bank details by phone. Conveyancing fraud (solicitor impersonation) is one of the most common forms of authorised push payment fraud in the UK. Always call your solicitor on a number you have independently verified (not from an email) to confirm the account details before transferring.
- Transfer the day before completion, not the morning of. Your solicitor needs confirmed cleared funds before they can send the purchase price to the seller's solicitor. Same-day transfers carry a risk of technical delays that push your completion to the following day.
Booking Removals: Do It Immediately After Exchange
The moment you have an agreed completion date at exchange, book your removal company. Do not wait a week.
Why it matters: Completion days cluster heavily on Fridays (buyers want a weekend to settle in before work). Popular removal companies in most UK cities are fully booked 2–3 weeks ahead on Fridays. If you exchange on a Monday with a Friday completion two weeks away, and you call removal companies on Wednesday, you may find your slot is gone.
Typical removal costs in 2025/26:
| Move type | Estimated cost |
|---|---|
| 1-bed flat, local move (under 10 miles) | £300–£500 |
| 2-bed house, local move | £500–£800 |
| 3-bed house, local move | £700–£1,100 |
| 2-bed house, long distance (100+ miles) | £900–£1,500 |
| Full packing service (2-bed) | Add £300–£500 |
5 practical tips for removals:
- Get three quotes. Prices vary significantly. Ask each company to visit or video-survey to give an accurate quote — a quote based on a rough description will change when they see the actual volume.
- Check insurance. Verify the removal company's goods-in-transit insurance covers the value of your belongings. Ask to see the policy summary.
- Confirm the access situation at your new home. Parking permit required? Narrow access road? These affect which size vehicle the company sends.
- Disassemble large furniture the night before. Beds, wardrobes, flat-pack units — get the screwdriver out the evening before to save time and cost on the day.
- Keep essential items in a separate bag. Kettle, phone charger, toiletries, documents, medication — pack these last and keep them with you, not in the removal truck. You will want them immediately when you arrive.
The Week Before Completion: Your Action Checklist
With one week to go, work through these tasks:
Legal and financial:
- Confirm with your solicitor that all funds (from you and from your lender) are arranged and will clear in time
- Review the completion statement line by line; query anything unfamiliar
- Confirm SDLT payment will be handled by your solicitor within the 14-day window
- If buying leasehold: confirm your solicitor has notified the managing agent (required by most leases)
Insurance and utilities:
- Confirm buildings insurance is active from the exchange date
- Contact current energy supplier to give final meter readings and notify your move-out date
- Set up energy account at new address (or arrange to take over existing account from completion date)
- Contact broadband provider — allow 2–4 weeks if new infrastructure is needed
Practical:
- Confirm removals booking with the company; reconfirm two days before
- Pack non-essential items; disassemble large furniture
- Arrange Royal Mail postal redirection (£33.99 for 3 months, 2026 rates) — apply at least a week in advance
- Notify employer, bank, HMRC, DVLA and any subscription services of your new address
- Organise childcare or pet care for completion day itself if needed
Day-before checks:
- Confirm your solicitor has confirmed receipt of your fund transfer
- Get the estate agent's contact details for key collection
- Confirm the time keys will be available
Completion Day: What Happens Hour by Hour
| Time | What is happening |
|---|---|
| From 8am | Your solicitor sends the completion funds (balance of purchase price) to the seller's solicitor via CHAPS |
| 10am–12pm | Seller's solicitor receives funds and confirms to your solicitor |
| 12pm–2pm | Keys released to the estate agent; you collect them |
| That day | SDLT is prepared for submission within the statutory 14-day window |
| Within 2–6 weeks | Land Registry registers you as the new legal owner |
What to do the moment you get the keys:
- Take dated photographs of all meter readings — gas, electricity, water — before removing anything from the van.
- Check the property is in the agreed condition; compare against the fixtures and fittings (TA10) form.
- Locate the consumer unit (fuse box) and the stopcock (main water shutoff).
- Check that all keys, fobs and access codes are present.
- Turn on the boiler and check hot water and heating function.
A Note on Chains
If you are buying in a chain — where your seller is also buying, and their seller is also buying — completion is co-ordinated across all parties simultaneously. Everyone in the chain completes on the same day, with funds cascading from the lender at the bottom of the chain upward.
This is logistically complex. Any one party in the chain failing to have funds cleared by the CHAPS cut-off (typically 3pm–4pm) can delay completion for the entire chain until the following business day.
In a chain, expect:
- Your solicitor to be in contact with other solicitors in the chain throughout the morning of completion
- Possible delays of a few hours while funds clear
- Occasionally, a 24-hour delay if a CHAPS transfer misses the cut-off — frustrating but usually resolved the following morning
Do not book removals to arrive at 9am if you are in a chain. Most solicitors advise building in a two-to-three hour buffer. Confirm key collection with the estate agent before asking the removal company to start unloading.
Costs Summary: Exchange to Completion
On a typical first-time buyer purchase of £250,000 in England (2025/26):
| Cost | Amount |
|---|---|
| SDLT (FTB, under £300,000) | £0 |
| Balance of purchase price (already transferred to solicitor, net of deposit) | £225,000 |
| Solicitor legal fees (if not already paid) | £1,100–£1,500 |
| Land Registry fee | £150 |
| Searches (usually paid earlier in the process) | £250–£400 |
| Electronic transfer / CHAPS fee (from your bank) | £15–£30 |
| Buildings insurance (if paying annually) | £150–£280 |
| Removals (2-bed, local move) | £500–£800 |
| Total additional cash needed from exchange to completion | ~£2,165–£3,160 |
The large mortgage advance (£225,000 in this example) comes directly from your lender — but these ancillary costs come directly from your savings. Most are due in the week before completion.
Savings Calculator
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Savings calculator — check your cash buffer is sufficient for completion costs5 Practical Tips for a Smooth Final Stretch
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Never move large sums of money in the weeks before exchange without telling your solicitor. Anti-money laundering checks are triggered by unexplained large transfers. If you are receiving a gifted deposit, organise the paperwork (gift letter, donor bank statement) well in advance.
-
Do not apply for new credit between exchange and completion. Lenders carry out a final credit check close to mortgage drawdown. A new car finance agreement, 0% balance transfer, or even a new credit card can flag on your file and cause the lender to put the drawdown on hold pending an explanation.
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Do not change jobs between exchange and completion. Employment status is re-verified close to drawdown. Changing employer — even for a higher salary — can cause delays or, in the worst case, require re-underwriting the entire mortgage.
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Keep all your documents in one place. Solicitor correspondence, mortgage offer, survey, search results, completion statement — assemble a single folder (physical or digital) so you can answer queries quickly in the final days.
-
Chase proactively, not reactively. Conveyancing involves multiple solicitors, a lender, a broker, an estate agent and sometimes a managing agent. Waiting for others to update you passively loses days. Call your solicitor every two to three days in the final two weeks to confirm progress. Polite, consistent chasing moves completions forward.
Sources
- HMRC: Stamp Duty Land Tax — when and how to pay
- HM Land Registry: Registration process and timelines
- UK Finance / CHAPS Co: CHAPS payment system — same-day settlement
- The Law Society: Conveyancing Protocol — exchange and completion
- Action Fraud: Conveyancing fraud — protecting your deposit
- Royal Mail: Post redirection service
- RICS: When does risk in a property pass to the buyer?
- gov.uk: HM Land Registry fees
Frequently asked questions
How long does exchange to completion take?
Most buyers set a gap of one to four weeks between exchange and completion. One week is the practical minimum — your lender needs at least three to five working days' notice to draw down the mortgage funds, and removal companies book up quickly. Two weeks is the most common choice when you need to give notice on a rental tenancy. Four weeks allows more flexibility if you are in a chain with multiple properties moving simultaneously. In some cases — usually vacant properties with no onward chain — exchange and completion can happen on the same day, though this carries greater logistical risk.
When must I take out buildings insurance?
Buildings insurance must be in force from the moment you exchange contracts, not from completion day. Once exchange happens you are legally committed to the purchase, and if the property is damaged or destroyed between exchange and completion the risk falls on you as the buyer. Most lenders require evidence of buildings insurance as a condition of mortgage drawdown. Arrange your policy before exchange and confirm the start date matches your exchange date, not your completion date. Typical premiums for a two-bed house run £150–£300 per year.
What is the completion statement and what does it include?
The completion statement is the final financial summary your solicitor sends you in the days before completion. It itemises every payment required to complete the purchase: the balance of the purchase price (total price minus the deposit already paid at exchange), Stamp Duty Land Tax (SDLT), Land Registry fee, solicitor's legal fees, search fees, any apportionments for council tax or ground rent already paid by the seller, and any mortgage lender requirements. You should receive this at least two to three days before completion so you have time to transfer the balance to your solicitor's client account. Review every line carefully and query anything you do not recognise.
Can the seller pull out after exchange?
No — exchange of contracts is legally binding on both parties. If the seller attempts to withdraw after exchange, they are in breach of contract. You are entitled to keep your deposit and pursue damages, including additional costs you have incurred (surveys, mortgage arrangement fees, legal fees). If you pull out after exchange without legal grounds in the contract, you forfeit your deposit — typically 10% of the purchase price. This is one of the key milestones that makes exchange the 'point of no return' in the purchase process.
What checks should I do on the day before completion?
The day before completion, confirm with your solicitor that all funds are in their client account (your balance transfer should clear by close of business the day before completion). Confirm the completion statement figures have not changed. Check your buildings insurance is active and correctly recorded. Confirm your removals booking. Contact the estate agent to confirm key collection arrangements. If you are buying a leasehold flat, ensure your solicitor has served the required notice of transfer on the managing agent or freeholder, as many leases require this within two to four weeks of completion.
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