Exchange vs Completion: What Actually Happens on Moving Day
Exchange is the moment the deal becomes legally binding and the deposit is committed. Completion is the day money moves, keys are released and you move in. In England and Wales they are usually one to four weeks apart and Scotland works differently through missives and a date of entry.
The short answer
- Exchange makes the contract binding and sets the completion date
- Buildings insurance on the new house should start at exchange
- Completion happens when the seller's solicitor confirms funds received
- Keys are released through the estate agent typically between 12pm and 2pm
- Book removals for the morning and accept keys may come at lunchtime
What happens at exchange
The solicitors read the signed contracts to each other over the phone and post them. Your deposit, usually five to ten per cent, becomes committed and the completion date is fixed in the contract.
From this moment neither side can withdraw without serious financial penalty. This is also the point your risk on the property begins which is why buildings insurance must start at exchange rather than completion.
- Sign and return the contract and transfer deed
- Send the deposit to your solicitor in cleared funds
- Put buildings insurance in place from the exchange date
- Confirm the completion date with your removal company
- Book any parking suspension for the new street
Completion day hour by hour
Nothing on this timeline is guaranteed to the minute because it depends on the whole chain. Plan for the middle of the day rather than nine in the morning.
| Time | What happens |
|---|---|
| 7:30 to 8:00 | Removal crew arrives and starts loading |
| 9:00 to 10:00 | Your lender releases mortgage funds to your solicitor |
| 10:00 to 12:00 | Funds move up the chain solicitor to solicitor |
| 11:00 to 13:00 | You vacate the old property and hand keys to the agent |
| 12:00 to 14:00 | Seller's solicitor confirms receipt and completion is declared |
| 12:30 to 14:30 | Agent releases keys for the new home |
| 13:00 to 17:00 | Unloading and placing furniture |
| Evening | Meter readings first night box and the kettle |
Why keys are so often late
A chain completes in order. Your money cannot reach the seller until the person buying from you has sent theirs, and their funds depend on the buyer below. One slow bank transfer holds up everyone above it. Friday afternoons are the worst because banking cut off times are real and a missed cut off can delay a whole chain to the next working day.
How to plan the day around it
Assume you will be sitting in a loaded van for an hour or two and make that hour comfortable rather than stressful.
- Book the crew for an early morning load
- Take food drinks and phone chargers in the car
- Have your solicitor's direct number and the agent's mobile saved
- Arrange childcare and pet care for the full day
- Do not plan an evening commitment
Scotland and Northern Ireland
In Scotland the binding point is the conclusion of missives and the move happens on the date of entry which is agreed much earlier and rarely moves. Northern Ireland follows a contract and completion model closer to England.
Frequently asked questions
How long between exchange and completion?
Usually one to four weeks though same day exchange and completion happens where a chain needs it. Two weeks is the most common gap.
What time do you get the keys on completion day?
Most buyers get keys between midday and 2pm once the seller's solicitor confirms the money has arrived.
Can completion fall through on the day?
It is rare after exchange because the contract is binding. Delays of hours are common but failures are not and the contract sets out penalties if a party defaults.
When should buildings insurance start?
From exchange of contracts. You carry the risk on the property from that moment even though you do not yet own it.
Planning a move?
BlueSky Removals gives fixed written prices after a free video or home survey. Call 0800 090 3125 or request a quote online.