The short answer
In a usual England and Wales residential sale, exchange creates the binding contract and fixes the agreed completion date. Completion is when the transaction is completed with the required money paid and the keys released as arranged. Signing documents alone is not exchange.
Get actual confirmation of exchange and completion from your conveyancer.What should be settled before exchange?
Your conveyancer should explain the contract, title and relevant enquiries, and you need to understand the report and any remaining risks. Confirm funding, the mortgage offer where applicable and the deposit arrangements.
Agree a realistic completion date with the other parties. If you are in a chain, the date and readiness need to work across the linked transactions. Ask when buildings insurance responsibility begins under your contract.
What changes at exchange?
Once contracts are exchanged, the parties are committed under the contract. Withdrawing or failing to complete may lead to serious financial consequences. If something goes wrong at this stage, speak to your conveyancer immediately.
The deposit payable at exchange is not necessarily identical to the amount you described to your mortgage broker as your deposit. Ask how the contractual deposit is funded, especially where sale proceeds are involved.
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What happens on completion day?
The legal teams coordinate the required money and confirm completion. The seller then authorises release of keys through the agreed route, often the estate agent.
Do not assume you can collect keys at a particular hour simply because the date has arrived. A chain or banking delay can affect timing. Keep contact details available and wait for confirmation before arriving with an expectation of immediate access.
What happens after moving?
Your conveyancer deals with applicable tax and registration steps after completion. Ask what documents you should expect and how the firm will keep you updated if registration is not finished immediately.
Keep the final statement, important reports and guarantees together. On moving day, record meter readings and deal promptly with practical matters such as utilities, security and insurance. Legal completion and all the practical tasks of moving are not the same event.
Your next steps
- Read and understand your legal report.
- Confirm funds, deposit and insurance arrangements.
- Wait for actual exchange confirmation.
- Collect keys only after completion is confirmed.
A little more clarity
Can exchange and completion happen on the same day?
Sometimes, if the parties and funding arrangements allow it. Ask your conveyancer about the practical risks and lack of certainty beforehand.
Can I walk away after signing?
Signing alone does not establish whether you are committed. Confirm whether exchange or another binding arrangement has occurred and obtain advice before withdrawing.
Further reading
General information for England and Wales, not advice on your individual transaction. Millennium Legal is a referral and case management service, not a firm of solicitors. Your appointed firm provides legal advice. Check current official guidance and your own terms.
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