The finish line is finally in sight, but what happens at Exchange and Completion and what does that mean for you?
By the end of this chapter you’ll understand:
✓ What exchange of contracts means
✓ What happens between exchange and completion
✓ What to expect on completion day
✓ When you’ll receive your keys
✓ How to prepare for moving day
Estimated Reading Time: 10 minutes
After weeks, or sometimes months, of paperwork, phone calls and waiting, you’re almost there. Your mortgage has been approved. Your solicitor has completed their legal work. The searches have been returned. The enquiries have been answered. Now you’re approaching the final stages of buying your first home.
This is often the most exciting part of the journey, but it’s also the point where several important things happen in a relatively short space of time. Let’s look at what you can expect.
Did You Know?
Many buyers think they become the legal owner of the property when their offer is accepted. In fact, you don’t become the legal owner until completion day, when the purchase is finalised and ownership officially transfers to you.
Exchange of Contracts is one of the biggest milestones in the home-buying process. This is the point where both the buyer and seller become legally committed to completing the purchase. Once contracts have been exchanged:
Before exchange takes place, your solicitor will make sure:
Your solicitor will ask for your authority before exchanging contracts on your behalf.
What happens between Exchange and Completion?
Once contracts have been exchanged, there’s usually very little left to organise. This is your opportunity to prepare for moving day. Now is a good time to:
Many buyers use this time to make a moving checklist so nothing is forgotten.
What happens on Completion Day?
Completion Day is the day you’ve been waiting for. This is when ownership of the property officially transfers from the seller to you. Here’s what usually happens:
Your lender releases the mortgage funds – The mortgage money is sent to your solicitor.
Your solicitor sends the purchase money – Your solicitor transfers the funds to the seller’s solicitor. This includes your mortgage funds and the deposit you’ve already provided.
The seller’s solicitor confirms completion – Once the money has been received, the seller’s solicitor confirms that completion has taken place.
You collect your keys – The estate agent is authorised to release the keys. Congratulations, you now own your first home.
When can I move in? – Once completion has taken place and you’ve collected your keys, you’re free to move into your new home. Some buyers move in immediately. Others choose to move over a few days. There’s no right or wrong approach. The important thing is making sure you’ve planned ahead and given yourself enough time.
Your first day as a homeowner
Collecting your keys is an incredible feeling. Before you start unpacking, there are a few simple things worth doing.
These small tasks can make settling into your new home much easier.
Completion day can sometimes involve a little waiting.
Although funds are usually transferred during the morning, it’s perfectly normal for keys to become available later in the day.
Try not to worry if you don’t receive the call first thing in the morning, this is a normal part of the process.
When Alex and Sophie received the call from their solicitor to say they were ready to exchange contracts, it finally felt real.
Although they had been preparing for weeks, hearing that the purchase had become legally binding made everything suddenly feel much more exciting.
The countdown to moving day had officially begun.
✓ What Exchange of Contracts means.
✓ What happens between exchange and completion.
✓ What to expect on completion day.
✓ When you’ll receive your keys.
✓ How to prepare for moving into your new home.
Next Chapter
Protecting Your New Home & Your Future
Buying your first home is a huge achievement, but your journey doesn’t end when you collect the keys.
In the final section of this guide, we’ll explain how different types of insurance can help protect your home, your income and the people who matter most, giving you peace of mind long after moving day.
