Exchange and Completion – What Do They Really Mean?

For many home buyers and sellers, the legal steps involved in a property transaction can feel a little mysterious. Two terms you’re likely to hear during the conveyancing process are 'exchange' and 'completion'. They’re both critical stages—but they’re not the same thing.

Exchange of contracts is the stage where both parties formally commit to the sale or purchase. Until this point, either side can walk away. But once contracts are exchanged—by solicitors, on behalf of their clients—the agreement becomes legally binding. A completion date is set at the same time.

Completion is the final stage, when the property officially changes hands. The buyer’s solicitor sends the funds to the seller’s solicitor, and the estate agent is instructed to release the keys. From that point, the buyer becomes the new legal owner.

There’s usually a short gap between exchange and completion, commonly around one to two weeks. This window allows time for packing, removals, and tying up any loose ends. It’s also when mortgage funds are arranged and final paperwork is prepared.

At Sheltons Solicitors, we take pride in offering clear advice throughout the entire conveyancing journey. We make sure you understand what to expect at each point, and that all the paperwork, payments and timings are properly handled. For those who may not have moved in many years—or who are managing a move on behalf of a relative—this reassurance makes all the difference.

Whether you’re selling a long-held family home, buying a retirement property, or helping someone else move, knowing the difference between exchange and completion will help you feel more in control. And having a trusted solicitor on hand ensures everything goes smoothly.

At Sheltons Solicitors, we offer friendly, thorough conveyancing support tailored to your needs.

Telephone: 0115 955 3444

Email: info@sheltons-solicitors.co.uk

Website: www.sheltons-solicitors.co.uk

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