Offer to keys
Exchange and Completion: What First-Time Buyers Need to Know
A first-time buyer guide to exchange of contracts, completion day and the final checks to make before getting your keys.
Quick answer
Exchange of contracts is the point when the transaction becomes legally binding in England and Wales. Completion is when the money is transferred and you get the keys. Before exchange, check your mortgage offer, survey, searches, enquiries, deposit and buildings insurance arrangements.
Education, not advice. Use this as a clear starting point, check the linked official sources and speak to an appropriately regulated professional before acting. Read the disclaimer
Jump to an answer
Before exchange of contracts
Exchange is a serious legal commitment. Ask your solicitor or conveyancer to explain anything you do not understand before you agree to proceed.
- Check that you have your written mortgage offer.
- Read the survey and resolve any decisions arising from it.
- Make sure searches and legal enquiries are complete.
- Confirm what fixtures and fittings are included.
- Agree a completion date.
- Arrange buildings insurance when your conveyancer tells you it is required.
What completion day means
On completion day, your conveyancer transfers the purchase money to the seller's legal representative. Once completion is confirmed, the estate agent can normally release the keys.
The timing can vary, especially where several purchases form a chain. Keep your phone available and avoid making plans that depend on collecting keys early in the morning.
Your moving-day essentials
- Take meter readings and photographs.
- Locate the stopcock, fuse box and meters.
- Check the property and report urgent issues promptly.
- Update council tax, utilities and your address where needed.
- Keep your home documents together for future reference.
Common questions
What is the difference between exchange and completion?
Exchange is when the purchase becomes legally binding in England and Wales. Completion is when the purchase money is transferred and you can collect the keys.
Do I need buildings insurance before completion?
MoneyHelper advises organising buildings insurance and making sure it is valid from exchange. Ask your solicitor or conveyancer what applies to your transaction.
Official sources
Use these sources to check the latest rules and read more detail:
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