What Happens Between Exchange and Completion for Sellers?

You've exchanged contracts. Congratulations -- your sale is now legally binding, and the finish line is in sight. But what actually happens between exchange and completion, and what do you need to do as a seller to make sure everything runs smoothly?

This guide explains the full process step by step, covering your legal obligations, what your solicitor is doing behind the scenes, how the deposit works, and what to do if something goes wrong. It applies to residential property sales in England and Wales under the Law Society's Standard Conditions of Sale.

What is exchange of contracts and how long does it take?

Exchange of contracts is the moment when both the buyer and the seller sign identical copies of the sale contract and swap them through their solicitors. From this point onwards, the sale is legally binding. Neither party can withdraw without facing serious financial consequences.

What makes exchange legally binding is the combination of the signed contracts and the buyer's deposit. At exchange, the buyer pays a deposit -- usually 10% of the purchase price -- to the seller's solicitor. If the buyer pulls out after this point, the seller is entitled to keep the deposit and may also sue for additional damages. If the seller pulls out, the buyer can recover their deposit in full and claim compensation for any losses, including the cost of finding an alternative property.

In practice, the exchange itself happens over the phone between the two solicitors. It follows one of the Law Society's standard formulas for exchanging contracts:

• Formula A: Used when one solicitor already holds both signed contracts. The solicitors agree on the phone that contracts are exchanged, and the signed copies are posted to each other afterwards.
• Formula B: Used when each solicitor holds their own client's signed contract. They agree over the phone that exchange has taken place, and then post the contracts to each other. This is the most common formula for straightforward transactions.
• Formula C: Used for chain transactions where multiple exchanges need to happen simultaneously. One solicitor acts as the coordinating solicitor and confirms exchange across the whole chain in sequence.

The phone call itself takes only a few minutes. However, getting to the point of exchange from when the offer is first accepted typically takes 8 to 12 weeks. This is because both sides must complete their conveyancing work first -- the buyer's solicitor needs to carry out property searches, review the legal pack, raise enquiries, and arrange the mortgage offer, while the seller's solicitor must prepare and respond to all the required property information forms and title documents.

Once exchange has taken place, there is usually a gap of 1 to 2 weeks before completion day, when the buyer pays the remaining balance and you hand over the keys. In some cases the gap can be up to 4 weeks, particularly where a longer chain needs coordinating. It is also possible to have simultaneous exchange and completion, where both events happen on the same day with no gap at all. This is most common in chain-free sales, though it carries a higher risk because there is no binding contract to fall back on if something goes wrong on the day. For a full explanation of how this works, see our guide to simultaneous exchange and completion.

What does exchange of contracts actually mean?

Exchange of contracts is the moment a property sale becomes legally binding. Before exchange, either party can walk away without penalty -- which is one of the main reasons house sales fall through. After exchange, both the buyer and the seller are contractually committed to completing the transaction on the agreed date.

The actual exchange is carried out by the two solicitors over the phone, using one of the Law Society's agreed formulas (usually Formula B for chain transactions or Formula C for simultaneous exchanges across a chain). Each solicitor holds a signed copy of the contract. During the phone call, they confirm the details, agree the completion date, and the buyer's solicitor confirms that the deposit has been sent or will be sent that day. From that moment, both contracts become binding.

The key legal effects of exchange are:

• A completion date is fixed and written into the contract. This is the date you must vacate the property and hand over the keys.
• The buyer pays a deposit, usually 10% of the purchase price, which is held by your solicitor.
• Both parties are legally bound. If either side pulls out, the other can claim damages for breach of contract.
• The buyer acquires an equitable interest in the property, even though legal ownership does not transfer until completion.

How long between exchange and completion?

The gap between exchange and completion varies, but most residential sales in England and Wales follow a predictable pattern. According to the Law Society's conveyancing protocol and guidance from the Council for Licensed Conveyancers, the standard timeframe is one to four weeks.

Two weeks is the most common gap. This gives both sides enough time to make practical arrangements -- booking removal firms, notifying utility providers, and arranging mortgage drawdowns -- without leaving an unnecessarily long period of uncertainty. For more on same-day transactions, see our guide to simultaneous exchange and completion.

What sellers must do between exchange and completion

Once you have exchanged contracts, there is a clear list of practical and legal tasks to complete before completion day. Here is a checklist in rough order of priority.

1. Sign the transfer deed (TR1)

Your solicitor will prepare the transfer deed -- a form known as the TR1 -- which is the legal document that transfers ownership of the property from you to the buyer. You will need to sign this and return it to your solicitor before completion. In some cases, your signature will need to be witnessed. Your solicitor will explain exactly what is required and may arrange for you to come into their office to sign, or send the documents by post with clear instructions.

2. Arrange your move

Book a removal firm as soon as possible after exchange. Removal companies can be heavily booked, particularly on Fridays (the most popular completion day). If you are in a chain, confirm the completion date with your estate agent and solicitor so everyone is working to the same timeline. Start packing non-essential items immediately to reduce the pressure on moving day itself.

3. Keep buildings insurance in place

This is important. Under the Standard Conditions of Sale (6th Edition), used in virtually all residential transactions in England and Wales, the risk in the property remains with the seller until completion. That means if the property is damaged by fire, flood, or any other event between exchange and completion, you bear the responsibility. Do not cancel your buildings insurance until your solicitor confirms that completion has taken place and the funds have been received.

4. Notify utility providers

Contact each of the following to notify them of your moving date and provide a forwarding address where applicable:

• Gas and electricity suppliers
• Water company
• Council tax office (your local authority)
• Broadband and telephone providers
• TV licence (if applicable)
• Royal Mail (set up a mail redirect)

You do not need to disconnect gas, electricity, or water -- the buyer will simply take over the supply. What matters is that you notify the providers of the date responsibility transfers, so you are not billed for usage after you have left.

5. Take final meter readings

On the morning of completion day, take readings of your gas, electricity, and water meters. Photograph each meter and the reading so you have evidence in case of any dispute. Pass these readings to your utility providers when you inform them of the transfer date. This ensures your final bills are accurate and the buyer's bills start from the correct point.

6. Redirect your post

Set up a Royal Mail redirect to your new address. This costs from around 35 pounds for three months and ensures that any post sent to your old address reaches you. You can set this up online at the Royal Mail website or at a Post Office branch. It is worth doing this at least a week before completion so it is active on the day.

7. Gather keys and security information

Collect all keys for the property, including front door, back door, garage, shed, window locks, and any communal areas if you are selling a flat. Leave alarm codes, boiler instructions, appliance manuals, and any relevant paperwork for the buyer. A brief handover note covering how the heating system works, bin collection days, and similar practical details is a thoughtful touch that can also prevent post-completion phone calls.

What happens with the deposit?

When contracts are exchanged, the buyer pays a deposit to the seller's solicitor. This is usually 10% of the purchase price, though a lower deposit (typically 5%) can be negotiated in some circumstances. The deposit is held by your solicitor in their client account, regulated by the Solicitors Regulation Authority (SRA) or the Council for Licensed Conveyancers (CLC).

If you are in a chain and buying another property, your solicitor may use the deposit received from your buyer as part of the deposit you need to pay on your onward purchase. This is known as "using the deposit as a sub-sale deposit" and is standard practice in chain transactions.

The deposit is not released to you as cash between exchange and completion. You will receive the full sale proceeds, including the deposit amount, on completion day after your solicitor has deducted the mortgage redemption, their fees, and the estate agent's commission.

What happens if someone tries to pull out after exchange?

Pulling out after exchange of contracts is a breach of contract. The consequences are significant for both buyers and sellers, as set out in the Standard Conditions of Sale.

In practice, pulling out after exchange is extremely rare precisely because the financial penalties are so severe. A buyer walking away from a 400,000-pound purchase would forfeit 40,000 pounds in deposit alone, plus face a potential damages claim. This is why exchange is considered the point at which the sale is effectively "safe" for sellers.

What your solicitor handles during this period

While you are packing boxes and booking removal firms, your solicitor is handling a series of important legal and financial tasks behind the scenes. Understanding what they are doing can help you feel more confident about the process and respond promptly if they need anything from you.

• Preparing the transfer deed (TR1): This is the document registered at HM Land Registry to transfer legal ownership. Your solicitor drafts it and sends it to you for signing.
• Obtaining a mortgage redemption statement: If you have a mortgage, your solicitor contacts your lender to obtain the exact amount needed to repay it on the completion date. This figure changes daily because of interest accrual.
• Preparing a completion statement: This is a financial summary showing the sale price, minus the mortgage redemption, solicitor fees, estate agent fees, and any other deductions. The balance is what you receive.
• Dealing with last-minute queries: The buyer's solicitor may raise final requisitions (standard pre-completion questions) confirming practical matters such as the arrangements for handing over keys.
• Arranging key release: Your solicitor will confirm with you and the estate agent how and where the keys will be released to the buyer once funds are received.

For a broader view of the solicitor's role throughout the entire process, see our conveyancing costs breakdown which details what you are paying for at each stage.

Completion day step by step for sellers

Completion day is when the property officially changes hands. For a detailed walkthrough, see our guide on what happens on completion day for sellers. Here is a summary of how the day typically unfolds:

1. Morning: The buyer's solicitor transfers the remaining purchase funds (the full price minus the deposit already held) to your solicitor's bank account via the banking system. This is done by same-day bank transfer (CHAPS), which typically costs around 25 to 35 pounds.
2. Mid-morning to early afternoon: Your solicitor waits for the funds to arrive and clear. This usually happens between 11am and 2pm, though it can be earlier in straightforward cases or later if there is a chain.
3. Confirmation of completion: Once your solicitor confirms receipt of the full funds, they notify you, the buyer's solicitor, and the estate agent that completion has taken place. The property is now legally the buyer's.
4. Key release: You release the keys, usually by leaving them with the estate agent or handing them directly to the buyer. The method is agreed in advance.
5. Financial settlement: Your solicitor repays your mortgage from the sale proceeds, pays the estate agent's commission, deducts their own fees, and transfers the remaining balance to your bank account. This usually arrives within 1 to 2 working days, though some solicitors can arrange same-day transfer.

Common problems between exchange and completion

While the period after exchange is far more secure than the period before it, problems can still arise. Here are the most common issues sellers face and how to handle them.

Delays in the chain

If you are part of a chain, a delay anywhere in the chain can affect your completion. For example, if the buyer at the bottom of the chain has a last-minute mortgage problem, completion may need to be postponed for the entire chain. While this is frustrating, the contract provides remedies: the party causing the delay must pay penalty interest to the other side under the Standard Conditions of Sale.

Buyer's mortgage funds not arriving on time

The buyer's mortgage lender must release funds on the completion date. Occasionally, administrative errors or missing paperwork can delay the drawdown. If this happens, your solicitor will chase the buyer's solicitor and the lender directly. Most delays of this kind are resolved within hours rather than days.

Property damage between exchange and completion

If the property suffers damage (for example, from a burst pipe, storm, or fire) between exchange and completion, the Standard Conditions of Sale place the risk on the seller. Your buildings insurance should cover the damage, and you would be expected to either repair the property before completion or negotiate a price reduction with the buyer. In extreme cases, the buyer may have the right to rescind the contract if the damage is so severe that the property cannot be used for its intended purpose.

Seller not ready to vacate

If you are not ready to vacate on completion day -- perhaps your onward purchase has fallen through or your removal firm has let you down -- you cannot simply postpone. The completion date is contractually fixed. Failing to vacate is a breach of contract and could result in you paying the buyer's additional costs, including hotel bills and storage charges. If you anticipate any difficulty, speak to your solicitor immediately so they can negotiate a solution with the buyer's solicitor before the completion date arrives.

Disputes over fittings and contents

Disagreements about which items are included in the sale are surprisingly common. The TA10 Fittings and Contents Form should have been completed before exchange, listing exactly what is included, excluded, or available for separate negotiation. If you are in any doubt, refer back to the TA10 and make sure you leave everything that was agreed. Removing items that were listed as included could give the buyer grounds for a compensation claim.

Preparing for a smooth handover

The best way to avoid post-completion disputes and ensure a clean handover is to be thoroughly prepared. Pine helps sellers get ahead of the process by completing property information forms, organising documents, and ordering property searches before the property is even listed. When your legal paperwork is watertight from the start, the period between exchange and completion is straightforward rather than stressful.

If you are still in the early stages of your sale, our conveyancing checklist for sellers covers every step from instruction to completion in a single printable list.

A timeline of what to do after exchange

Here is a practical day-by-day guide for the period between exchange and completion, assuming a standard two-week gap.

• Day 1 (exchange day): Confirm the completion date with your solicitor and estate agent. Book your removal firm if you have not already. Notify your buildings insurer that you have exchanged and confirm coverage continues until completion.
• Days 2-3: Contact all utility providers (gas, electricity, water, broadband, council tax) to notify them of your moving date. Set up a Royal Mail redirect. Start packing non-essential items.
• Days 4-7: Sign and return the transfer deed (TR1) to your solicitor if you have not already. Review your solicitor's completion statement, which shows how the proceeds will be distributed. Continue packing.
• Days 8-12: Confirm arrangements for key handover with your estate agent. Do a final check of the property against the TA10 form to make sure everything that should stay is staying. Cancel or redirect any regular deliveries.
• Day 13 (day before completion): Finish packing. Prepare for final meter readings. Gather all keys, alarm codes, and manuals.
• Day 14 (completion day): Take final meter readings and photograph them. Vacate the property. Leave keys with the estate agent or as agreed. Wait for your solicitor to confirm that funds have been received. The sale is done.

How the transfer of ownership works

When completion happens, the buyer becomes the beneficial owner of the property immediately. However, legal ownership does not officially transfer until the buyer's solicitor registers the change at HM Land Registry. This registration must be completed within a priority period protected by an official search that the buyer's solicitor carries out before completion. According to HM Land Registry guidance, the buyer's solicitor typically submits the application for registration within a few days of completion, though HM Land Registry processing times can vary. For more detail on this process, see our guide to the transfer of ownership process.

As the seller, you do not need to do anything for registration -- this is entirely the buyer's solicitor's responsibility. Once registered, your name is removed from the title register and replaced with the buyer's name.

Sources and further reading

• The Law Society — Standard Conditions of Sale (6th Edition), conveyancing protocol, and property information forms (lawsociety.org.uk)
• HM Land Registry — Title registration, TR1 transfer deed guidance, and property ownership records (gov.uk/government/organisations/land-registry)
• Solicitors Regulation Authority (SRA) — Regulation of solicitors holding client deposits, conduct rules, and complaints procedures (sra.org.uk)
• Council for Licensed Conveyancers (CLC) — Regulation of licensed conveyancers and conveyancing standards (clc.gov.uk)
• Gov.uk — Guidance on buying and selling property, Stamp Duty Land Tax, and Land Registry services (gov.uk)
• RICS (Royal Institution of Chartered Surveyors) — Property valuation standards and homebuyer survey guidance (rics.org)
• HomeOwners Alliance — Consumer guidance on the exchange and completion process (hoa.org.uk)
• Propertymark — Estate agent professional body, market data and best practice guidance (propertymark.co.uk)

Related guides

• What Happens If Completion Is Delayed?
• Can You Complete on a Friday? Pros and Cons
• How Long Does Stamp Duty Take to Process?
• Can You Exchange Before Getting a Mortgage Offer?
• Conveyancing After an Auction Sale: The 28-Day Timeline
• What Happens After Exchange: Seller\u2019s Checklist
• How Solicitors Handle Completion Money
• How to Read Your Conveyancing Bill
• S38 Agreements: Highway Adoption and Your Sale
• Conveyancing Jargon Buster: Every Term Explained

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