The Complete Completion Guide

Part 1: Getting Ready for Exchange

What Must Be Done Before Exchange

Before you can exchange contracts, your conveyancer needs to confirm several things are in place. Think of these as preconditions. If any are missing, exchange doesn't happen.

Your mortgage offer must be issued. Not a mortgage-in-principle (the quick preliminary check). A formal written offer stating exactly how much the lender will lend, on what terms, and what conditions they've set. Your conveyancer uses this as proof you have the funds.

Your deposit must be cleared funds in your conveyancer's account. Typically 5–10% of the purchase price. This is real money, not a promise or a pending transfer. It must be physically there, ready to transfer to the seller's conveyancer at exchange.

All searches must be back and clear. Your conveyancer orders four standard searches: Land Registry (confirming ownership history and any registered issues), Local Authority Search (planning history and building regulation approvals), Water and Drainage Search (confirming mains connections), and Environmental Search (contaminated land, flood risk, etc.). Any red flags and you can't exchange until they're resolved.

Your survey must be done and reviewed. If you've had a structural survey, your surveyor's report should be finalized. Serious issues might trigger renegotiations or withdrawal. Minor issues are noted but don't typically stop exchange.

Buildings insurance must be arranged. This is often overlooked. You legally cannot exchange without insurance in place. Why? Because risk transfers to you at exchange. If there's a fire before completion, you're still obliged to complete the purchase. Insurance is your protection. Your lender won't allow exchange without proof of insurance anyway.

The completion date must be agreed. Your conveyancer has negotiated this with the seller's conveyancer. It's written into the contract. It's typically 7–28 days after exchange, though it can be as short as one day or as long as several months if both parties agree.

Arranging Buildings Insurance

Buildings insurance is crucial and the most commonly overlooked step. Here's how to get it right.

Start 3–4 weeks before your expected exchange date. Get quotes from insurers. You'll need to provide: property address, property type (detached, semi, flat, terraced, etc.), age of property, rebuilding cost estimate, and any special features.

The rebuilding cost is different from the market value. It's the cost to physically rebuild the property. A £300,000 house might have a rebuilding cost of £250,000 or it might be £400,000, depending on its age, size, and construction. Your surveyor can help estimate this. The insurance company will have tables for different property types.

Select your insurance 2–3 weeks before exchange. Confirm in writing that the start date is the exchange date, not moving day. Get written confirmation. Don't assume—ask explicitly.

Once you know your exchange date (your conveyancer will tell you when it's confirmed), confirm the exact start date with the insurance company. Ensure it matches.

Provide your lender with the insurance details: policy number, company, start date, cover amount. Your lender confirms they accept it. Only then can your conveyancer exchange.

Insurance cost depends on property type, location, and rebuilding cost. Expect £80–600 per year depending on the property. Most is due upfront before the policy starts.

The Week Before Exchange

One week before you're due to exchange, confirm with your conveyancer:

• All searches are back and clear
• Mortgage offer is confirmed and no issues have arisen
• Your deposit is cleared in their account
• Buildings insurance is active and your lender has accepted it
• The completion date is agreed and written into the contract
• All enquiries are answered to your satisfaction

Your conveyancer will do a final check with the seller's conveyancer. They'll confirm both sides are ready to proceed. If anything's amiss, they'll tell you now.

Part 2: Exchange of Contracts

The Exchange Process

Exchange day arrives. This is the day you become legally committed to the purchase.

Your conveyancer will contact you (usually by phone or email) and ask: "Are you ready to exchange?" You confirm you are. That's your formal authorization to proceed.

Your conveyancer then calls the seller's conveyancer. Both confirm they have express authority from their clients. Both confirm they have the signed contracts. The contracts are exchanged (these days, usually via email or secure document transfer). According to the Law Society's Conveyancing Protocol, this exchange makes the sale legally binding on both parties.

At this point, the sale is legally binding. You cannot withdraw without serious consequences. The seller cannot withdraw either. Both of you are locked in.

What Happens to Your Deposit

At exchange, your deposit transfers from your conveyancer's account to the seller's conveyancer's account. This is called a stakeholder arrangement. The seller's conveyancer holds it until completion, when they release it to the seller. You don't see it again—it becomes part of the purchase price at completion.

The amount is typically 5–10% of the purchase price. At completion, you pay the remaining balance plus any costs. The deposit is credited towards the total.

Your Conveyancer's Post-Exchange Actions

After exchange, your conveyancer prepares a completion statement. This shows:

• Total purchase price
• Deposit already paid (and now held by seller's conveyancer)
• Balance due at completion
• SDLT (Stamp Duty Land Tax) due
• Conveyancer's fees and costs
• Final amount you need to bring at completion

This statement is usually email to you within hours of exchange. Review it carefully. Query any figures that look wrong. Don't wait until the day before completion.

Your conveyancer also begins preparing for completion. They check with your lender that funds will be released on the completion date. They coordinate with the seller's conveyancer on final logistics.

Part 3: Between Exchange and Completion

Your Legal Position

Here's the confusing bit. The seller still legally owns the property, but you're responsible for it. If it burns down, you're still obliged to complete the purchase for the full price. The insurance you arranged is your protection.

This odd position exists because you've legally committed to the purchase, but you don't own it yet. Risk transfers immediately. Ownership transfers later.

Your Responsibilities

You must insure the property (covered by the buildings insurance you arranged). You cannot alter it without the seller's permission. You cannot remove fittings or make structural changes.

If you've negotiated early access via a Key Undertaking (a formal agreement allowing you in before completion), you have additional obligations. You must keep the property in good repair and pay the seller for any outgoings.

Most buyers don't occupy before completion. They wait for completion day.

The Seller's Responsibilities

The seller must vacate by the completion date. They must remove their belongings. They must leave any agreed fixtures (fitted kitchen, wardrobes, etc.) in reasonable condition.

The seller is responsible for any damage they cause while still occupying. But you're responsible for insuring the property, so your insurance would claim against their negligence.

The seller usually wants to leave. Most cooperate and vacate on time. Disputes are rare.

Practical Logistics: Weeks 1–2

During this period (typically 1–2 weeks), you're preparing for moving day.

Arrange removals. Book your removal company for completion day or the day after (not exchange day). Completion timing is uncertain, so schedule removals flexibly.

Notify utilities. Give notice to electricity, gas, water, internet, and phone suppliers. Request final readings for completion day. These readings mark the transfer of responsibility from seller to you.

Update your address. Notify your employer, mortgage lender, insurers, banks, and councils. You don't need to do this immediately, but within a couple of weeks is sensible.

Arrange the final walkthrough. Contact your conveyancer 48 hours before completion and ask them to arrange a final walkthrough. This is your chance to check everything's as agreed before completion day.

The Final Walkthrough

Do this 24–48 hours before completion. Walk through the property with the estate agent or by arrangement with the seller.

Check:

• All agreed fixtures are present (fitted kitchen, wardrobes, light fittings, garden items)
• No new damage has occurred
• The property is being vacated and cleared of the seller's belongings
• Windows, doors, and locks work
• Heating and water systems are functional

If you find problems, contact your conveyancer immediately. They can negotiate repairs, withhold funds at completion, or delay completion pending resolution.

Most walkthroughs are uneventful. You confirm everything matches the contract and you're good to proceed.

Part 4: Completion Day

The Morning

Be available by phone from 9am onwards. Your conveyancer might contact you with final confirmation that everything's ready.

Don't plan to be out shopping or at the gym. Be somewhere quiet where you can take a call. Your conveyancer will ask: "Are you ready to proceed?" You say yes.

They'll confirm with the seller's conveyancer that all documentation is in order. If there are any last-minute issues, they'd be flagged now.

10am–2pm: The Funds Transfer

Your conveyancer sends the completion funds via CHAPS (same-day clearing). The amount includes the balance of the purchase price, any funds from your lender, and any additional funds you're contributing.

The funds are sent to the seller's conveyancer's bank account. CHAPS transfers usually clear within a few hours. The Bank of England operates CHAPS as the system for same-day fund clearing in the UK.

The seller's conveyancer confirms receipt to your conveyancer.

1pm–3pm: Key Release

Once funds are confirmed received, the seller's conveyancer authorizes the estate agent to release the keys. The estate agent calls you to say keys are ready.

Most completions release keys between 1pm and 3pm. Timing varies based on when funds cleared and how quickly the conveyancers processed.

You then visit the estate agent's office and collect the keys. Check you have all keys, test they work, and collect any garage remotes or alarm codes.

First Hour in Your New Home

Conduct a systematic walkthrough:

• Check all agreed fixtures are present
• Verify no unexpected damage
• Test light switches and heating
• Check water runs hot and cold
• Locate the stopcock (water shut-off)
• Find the electricity box and gas meter

Take meter readings for electricity, gas, and water. Photograph them. These readings mark the point between seller and buyer responsibility.

If you find major issues, contact your conveyancer immediately. For minor things, you can address them after settling in.

Same Evening

Contact your utility suppliers with meter readings so you're registered as the new customer from today onwards.

Confirm your buildings insurance is still active. Arrange contents insurance if you have belongings to move in.

Lock all doors, set the alarm if applicable, and keep the keys safe.

Part 5: After Completion

First Week Tasks

Address updates:

• Electoral register (gov.uk online)
• Council tax (local council, or they'll contact you)
• HMRC (online at tax.service.gov.uk)
• Banks and building societies
• Insurance providers
• Employer and doctor

Utilities:

• Submit final meter readings
• Confirm new supplier registration
• Check first bills are in your name

HM Land Registry:

• Ask your conveyancer when the application will be filed
• You don't need to do anything, but good to know the timeline
• Usually takes 4–12 weeks for registration to complete according to Land Registry processing times guidance

Address redirection:

• Royal Mail (online)
• Any subscriptions or memberships
• Service providers not yet updated

First Month

Insurance: Confirm buildings insurance is registered to your new address and with your name as proprietor.

Contents insurance: Ensure coverage starts when you move in.

Mortgage: Confirm your lender has you registered as the new owner. They'll receive updates from HM Land Registry.

Professional inspections: If concerned about any systems (boiler, electrics, etc.), get them checked.

Maintenance: Plan any urgent repairs or improvements.

Part 6: Key Concepts Explained

Exchange of Contracts

The moment when you and the seller legally commit to the sale. Conducted via phone call between conveyancers. Becomes immediately binding on both parties. You cannot withdraw without losing your deposit and facing costs.

Completion

The day when funds transfer, you become the legal owner, and you receive the keys. Usually happens 7–28 days after exchange, though it can be sooner or later by agreement.

Deposit

Typically 5–10% of the purchase price, paid into your conveyancer's account before exchange, transferred to the seller's conveyancer at exchange, released to the seller at completion.

CHAPS

Clearing House Automated Payments System. A same-day bank clearing system used for completion funds transfer.

Buildings Insurance

Mandatory insurance from exchange onwards, covering the structure and fixed components of the property. Your lender requires it as a condition of releasing funds.

Key Undertaking

A formal agreement allowing you access to the property before completion, drafted by your conveyancer, requiring seller's consent.

SDLT (Stamp Duty Land Tax)

Tax on property purchases, calculated on the purchase price, due within 14 days of completion, filed with HMRC by your conveyancer.

HM Land Registry

Government body maintaining property ownership records. Your conveyancer files your ownership application after completion. Registration usually takes 4–12 weeks.

Completion Statement

Document prepared by seller's conveyancer showing purchase price, deposit, balance due, SDLT, costs, and final amount due at completion.

Part 7: What Can Go Wrong (And Usually Doesn't)

Common Issues

Mortgage lender changes terms: Rare. Inform your lender immediately of any employment or financial changes.

Property valuation comes in low: Lender won't release full funds. You'd need extra money from your own sources or renegotiate price.

Property damaged before completion: You're still obliged to complete. Insurance covers repair costs.

Seller doesn't vacate on time: Breach of contract. Your conveyancer can pursue court orders for possession.

Agreed items removed: Breach of contract. Your conveyancer withholds funds pending replacement or compensation.

Completion delayed: Usually just hours. Occasionally a day or two. Keep your removal company informed.

How Your Conveyancer Handles Problems

Your conveyancer's job is to spot issues early and resolve them before they become completion blockers. They'll contact the other side's conveyancer, negotiate solutions, and keep you updated.

Most issues are minor and resolved within hours. Major issues are rare and your conveyancer has processes for handling them.

Part 8: Timeline Overview

4 weeks before exchange: Arrange buildings insurance. Get quotes and select provider.

3 weeks before exchange: Confirm insurance details with lender.

2 weeks before exchange: Finalize all documentation with conveyancer. Confirm exchange date.

1 week before exchange: Final checks with conveyancer. Confirm mortgage offer active, deposit available, searches clear.

Exchange day: Conveyancer exchanges contracts. Sale becomes legally binding.

Days 1–14 post-exchange: Arrange removals, notify utilities, conduct final walkthrough, prepare for completion.

Completion day: Funds transfer, keys released (typically mid-afternoon), you take possession.

Days 1–7 post-completion: Update address with councils and services, submit utility readings, arrange further address updates.

Weeks 2–12 post-completion: HM Land Registry registration completes, you receive confirmation of ownership.

The Takeaway

Exchange and completion are the final legal steps in buying a property. Exchange makes it binding. Completion makes it yours. Understand the process, prepare properly, and completion day will be anticlimactic—which is exactly what you want.

The key is preparation. Get everything in place before exchange. Have buildings insurance sorted. Confirm your deposit is available. Make sure your searches are clear. Do the final walkthrough. Then completion day is just a formality. Funds transfer, keys arrive, you collect them, you take meter readings, and you own a house.

It's worth all the effort.

What's the difference between exchange and completion?

Exchange is when you and the seller legally commit to the sale. Completion is when ownership transfers and you get the keys. Between them (typically 7–28 days), you remain responsible for the property but don't own it yet.

Can I withdraw after exchange?

Technically yes, but you lose your deposit and face legal costs. This is why thorough preparation before exchange matters—surveys, searches, and mortgage approval should all be done before you exchange.

How long does completion usually take?

From exchange to completion is typically 1–2 weeks, though it can be any timeframe both parties agree to. Completion day itself involves funds clearing (usually morning) and key release (usually afternoon).

What happens if funds don't clear on completion day?

Your conveyancer will update you. Completion usually delays by hours or a day. Rarely, it delays longer. Keep your removal company informed and be flexible on moving day timing.

Do I need to do anything on completion day?

Be available by phone from 9am. Once notified funds have cleared, collect keys from the estate agent. Then conduct a property walkthrough, take meter readings, and notify utilities.