Exchange: the commitment point
Exchange is when contracts are signed and formally exchanged between solicitors.
After exchange, the completion date is fixed and you’re legally committed (backing out can have serious financial consequences).
Completion: when you get the keys
Completion is when the purchase funds are transferred to the seller’s solicitor and the transaction is final.
Once completion is confirmed, the estate agent is authorised to release keys.
What happens between exchange and completion
Your solicitor carries out final checks, requests mortgage funds, prepares completion statements and confirms moving logistics.
It’s also when you’ll finalise removals, utilities, and any remaining paperwork.
Common pitfalls
Booking removals too early, delays in mortgage funds, or last-minute issues with deposit source evidence.
Good conveyancing keeps you updated so there are no surprises right at the end.
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