The main difference between exchange and completion is that the 'exchange' is an exchange of contracts, which makes the matter legally binding between the buyer and seller, whereas 'completion' is the date the parties physically move and transfer legal ownership of the property.

How long does it take from exchange to completion?

The length of time between exchange and completion is whatever all the parties involved agree to, but it's usually one or two weeks. That gives everyone time to organise themselves for completion: Buyers and sellers can confirm removals and start packing.

What do you do between exchange and completion?

Advice for the exchange of contracts and completion

• Maintain a good relationship with the seller.
• Ensure you understand everything in the contract.
• Keep open, clear communication with your solicitor.
• Make sure your solicitor is organised and keeping on top of things.
• Find out as much as you can about others in the chain.

What happens if you exchange and complete on the same day?

What are the risks? If you are exchanging and completing on the same day you will not have a binding contract in place until the day you are due to move in. ... If you don't exchange contracts until completion day, then this means you could be caught out.

Can a seller pull out after exchange?

If a buyer pulls out after exchange of contracts, then the seller can rescind the contract and keep any deposit paid.

Exchange and Completion: What's the Difference?

31 related questions found

Can I move in after exchange of contracts?

What happens after exchange? When exchanging contracts, the “completion” date is also confirmed. The completion date, put simply, is moving day. It's the date on which the seller must vacate the property and the buyer will get the keys and can move in.

Can I move house before completion?

It is extremely rare for a buyer to be allowed to move into a property before the sale is complete, mainly because he may change his mind about buying once he has lived there and try to renege on the contract (although he would have to forfeit his deposit).

What will happen on completion day?

Completion day is when the buyer will pick up the keys for their new house. The ownership will be transferred from the seller to the buyer, and the seller must move out. The buyer can move into the house on completion day with the help of a removal company.

What happens if you can't move out on completion?

If you're unable to move into your new home (through no fault of your own), then you can't move out of your existing one, which will make you subject to a fine.

Can you exchange without completion date?

Yes, exchange of contracts can't take place without a completion date agreed. At the point of exchange, the deal becomes legally binding and everyone must complete on the agreed date.

Why is there a gap between exchange and completion?

Why is there a gap between exchange and completion? It is time for both parties to finalise the purchase without any future problems; they have time to get everything in order before completion.

Who is responsible for repairs after exchange of contracts?

Normally it's the buyer who is responsible for repairs after exchange of contracts, as they will be taking ownership once completion has taken place and, like we said earlier, are legally responsible for the property.

Do sellers have to clean the house UK?

There is nothing you can do about this because the seller is under no legal obligation to leave the house in a clean state. However, the seller is under an obligation to empty the house of all their furniture and belongings, unless you agree otherwise with them.

What happens if seller leaves stuff in house?

Sellers leaving some of their possessions in a house after the closing date can lead to conflicts with the buyer. Such a scenario should be avoided as much as possible. But if it does occur, buyers and sellers should take steps to deal with it amicably. ... It will also have details about the closing date and moving date.

What time will I get my keys on completion day?

What time do you normally get the keys on completion day? You normally get the keys between 9 am, and 11 am on completion day if you're the first buyer in the chain. For every step further along the chain that you come, there would usually be about 1 extra hour added to this.

Who gives you the keys when you buy a house?

Now it is officially the buyer's home, and the buyer can get the keys. There are occasions when the seller will go ahead and give the keys to the buyer at closing or before. However, don't assume that this is done on all closings.

Can you get keys before completion?

Occasionally a seller will grant a buyer access after exchange of contracts and prior to completion but it will depend on the circumstances of each individual transaction and it is likely to be on a key undertaking basis.

Can you exchange and complete 4 days?

You can expect to wait between 1 day and 3 weeks between exchange and completion. However, in some circumstances, buyers and sellers agree to exchange and complete on the same day or wait longer – sometimes even months.

Do I own the house after exchange?

Once you have exchanged contracts you will be in a legally binding contract to buy the property. If you do not, you will lose your deposit and you can be sued. Equally though, the seller has to sell or you can keep their deposit and sue them.

Can you rent the house you are buying before completion?

If you decide to let the buyers into the property early, you can offer them a fully fledged tenancy agreement. But you would do much better relying on the terms set out in the contract, which provide a generous rent and the ability to get them out on five days' notice.

Should I start packing before exchange?

However waiting until exchange before you start any packing is probably not wise as it means time will likely be short. The period between exchange and completion – when keys are handed over – is usually between seven days and up to four weeks.

Can I do work on a Property before completion?

If you do wish to do any works to the Property, you can ask the Seller if you can do this before completion. ... The reason being is that after exchange of contracts, you are contractually committed to purchasing the Property and the Seller is contractually bound to sell the Property to you.

What happens if a house burns down between exchange and completion?

As a result, if the Property is damaged or destroyed between exchange of contracts and completion, e.g. by fire or flooding, the buyer must still complete even though mortgage finance will not be available as a result of the destruction.

What happens if house sale falls through after exchange?

A buyer or seller can pull out at any point up to exchange of contracts, without having to pay any damages to the innocent party. If a buyer or seller pulls out after exchange of contracts, the party in breach will be liable for damages and will forfeit the deposit provided on exchange.

Do you have to fill nail holes when selling house UK?

Do I Have to Fill Holes When Moving House? Again, unless your contract specifies that this must be completed, it's mainly up to you to decide. If there is a “make good of any damage” clause in your contract, then you may be legally expected to fill any holes.