Between exchange and completion: What to do and when
Exchanging contracts is a major milestone. At this point you are legally committed to the move. Completion is the day ownership changes and the keys are released. The period between the two can feel short and intense, so knowing what needs to happen helps everything run smoothly.
What happens between exchange and completion?
Once contracts are exchanged, the completion date is fixed. Your focus now shifts from legal preparation to practical arrangements and final checks.
What to prioritise
There are a few key steps to take as soon as exchange has taken place.
Book your removals - Now you have a fixed completion date, confirm dates and times with your removal company.
Arrange your funds - Your solicitor will send you a statement of account, showing the balance needed for completion. Make sure any money you are sending arrives as clear funds the day before completion.
Put buildings insurance in place - In most cases, the risk of the property passes to the buyer on exchange, unless otherwise agreed. It is therefore essential to put your building insurance on risk from exchange (for leasehold flats, the freeholder usually insures the building; check this and arrange contents cover). If you have a lender, this will likely be a requirement of your offer.
Plan for meter readings - For both buyers and sellers, it is important to take meter readings on completion day to ensure you are billed correctly by energy providers.
On completion day
Completion usually takes place once funds have been received by the seller's solicitor. You'll usually collect keys from the estate agent once funds are received on the seller's side. It is sensible to be available by phone in case anything needs confirming.
What this means for you
The period between exchange and completion is about preparation and timing. Clear communication and early planning help reduce stress and avoid last minute problems.
Next steps
If you are approaching exchange or have questions about what happens next, taking advice early can help everything stay on track. Our residential conveyancing team is here to guide you through the final stages.
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