How to agree Exchange & Completion dates

Updated: 19th Dec, 2024

Introduction

Deciding on an Exchange and Completion date can be complicated. To help you understand the key factors involved, and how to make the best decision, we’ve put together this guide.

Before we get into detail, some key things you need to know about Exchange & Completion dates are: The whole chain needs to exchange on the same day, and the whole chain needs to complete on the same day, so everyone needs to coordinate.

The dates for Exchange and Completion need to be agreed at the same time, as you can’t exchange without a Completion date that’s legally binding (apart from for off-plan New Builds). There’s usually at least a week between Exchange and Completion, but sometimes they can happen on the same day.

How do I pick an Exchange date? 🤝

Exchange can only happen when all the legal checks and property surveys have been completed. When you reach this point, your solicitor or conveyancer should discuss Exchange and Completion dates with you.

The exchange date can happen when the following have all been done for the whole chain:

The solicitors have completed all their legal checks (throughout the entire chain if there is one).
You have your mortgage finalised (if you're getting one).
All the required documents have been signed, particularly the contract for exchange.
You have transferred your deposit to your conveyancer.
A completion date has been agreed (see below).

Your solicitor will need to work with the other parties' solicitors to find a date that works for everyone.

Once the Exchange date has been agreed you will need to take out buildings insurance starting from the Exchange date (if your new home is freehold).

How do I pick a Completion date? 🏁

The Completion date needs to be agreed before exchange.

Completion must be on a workday, as the conveyancers must be available to confirm that all the bank transfers have gone through. Remember that the whole chain needs to complete on the same day.

Picking a Completion date will depend on:

Giving mortgage lenders a few days to transfer funds to conveyancers (this may apply to other people in the chain even if it doesn't apply to you).
Holidays and other personal commitments of the whole chain.
Allowing everyone time to organise removals & do the packing.
Mortgage offer expiry dates - Completion needs to be before these.
End of rental agreements - you will want to minimise time paying both rent and a mortgage. We have a separate guide on when to serve notice on your rent.
Having time to unpack after Completion - most people choose a Friday to use the weekend for this. However, this means removals tend to be busier and more expensive on Fridays.

To agree on a Completion date, you should send some dates that work for you to your conveyancer, and they will coordinate with the rest of the chain to find a date that works for everyone.

Once you Exchange, this Completion date becomes set in stone, and if you aren't ready by the agreed date, you can be sued for any costs incurred by other people in the chain.

Things are a bit different if a New Build property is still under construction ("off-plan") anywhere in the chain.

In this case, you can exchange contracts without a specified completion date. Doing this is called "Exchanging on Notice". You will need to wait for the developers to sign off on the property being ready. Then, they'll give notice that Completion needs to happen within the next 10 working days.

Need help staying on top of your move? 📦

I'll guide you through where to update your address, managing bills, packing tips, and more!

Can you exchange and complete on the same day? 📆

Typically, there is at least a week between the Exchange and Completion dates, but you can exchange and complete on the same day. There are pros and cons of doing this:

✅ Pros

It reduces the risk of something going wrong between Exchange and Completion. For example, someone falling seriously unwell or serious damage happening to the property e.g. a fire or pipe bursting.
It allows for faster Completion, which might be better if you need to move in a hurry or have a strict deadline.

❌ Cons

Either party can still pull out up until the day, as you have yet to exchange. You could lose money if you had already booked removals and the seller pulled out at the last minute.
If you have a mortgage, additional fees and logistics may be involved in the mortgage transfer. Some lenders won't allow you to exchange and complete on the same day. This might not affect you, but another person in the chain might have a lender who won’t allow it.
Some conveyancers also charge an additional fee for the extra admin required to exchange and complete on the same day. Our [research](/guides/legal/the-legal-costs-of-buying-a-house#sneaky-fees shows this fee can be up to £400.

If you're renting, you'll have a more difficult decision on when to hand in your notice if you Exchange and Complete on the same day.

Your conveyancer will advise you to only serve your notice after Exchange, because before that the sale could still fall through, and you might have to find somewhere else to rent quickly or end up homeless. But if you’re exchanging and completing on the same day, serving notice after that day will mean you might have to pay both rent and your mortgage at the same time for a while, which could be unaffordable.

If you’re renting, having Exchange and Completion on the same day might not be the best financial decision for you.

Read more in our article about when to service notice on your rent.

What's next?

After agreeing on the exchange and completion dates, you're on the home stretch (pun intended)!

Here are some more guides you can check out to help you understand your next steps:

Alternatively, you can make a checklist to see all these tasks (and more) in order!