Exchange of Contracts & Completion Day: Everything Sellers Need to Know

What Is the Exchange of Contracts?

The exchange of contracts is the moment when both the buyer and seller become legally committed to the sale. At this point, the solicitors for both parties will have agreed on all terms, signed the contracts, and swapped them. Once contracts are exchanged:

• The sale becomes legally binding
• The completion date is fixed
• Backing out without legal consequences is no longer possible

This is typically the time when the buyer pays a deposit (usually 5%–10% of the purchase price). Exchange is usually done by phone between solicitors and confirmed in writing.

What Happens Between Exchange and Completion?

After contracts are exchanged, both parties prepare for moving day - known as completion. This can be the same day, but more often it's set for a few days or weeks later. During this window:

• Final funds are transferred and confirmed
• Utilities and council tax are notified
• Removals are booked and keys are arranged

Can I Delay Completion After Exchange?

Once contracts are exchanged, the agreed-upon completion date becomes legally binding. Delaying completion is very difficult and can only happen if both parties agree in writing. If you, as the seller, want to delay completion after exchange, you'll need to speak to your solicitor immediately, and your buyer will need to agree to the change.

If you delay unilaterally, you may be in breach of contract and liable for costs, including compensation to the buyer.

Common Reasons for Delay Requests:

• Delays in removals or packing
• Seller's onward purchase not ready
• Unexpected illness or personal emergencies

Our advice? Avoid exchanging contracts until you're 100% confident your moving arrangements are in place.

What Happens If the Buyer Wants to Move the Completion Date?

If the buyer requests to change the completion date after exchange, they are also legally bound by the contract and must seek your written agreement. You're not obligated to accept the change, and your solicitor can advise on your position.

However, if the buyer fails to complete on the agreed day without your agreement, you may be entitled to:

• Keep the deposit
• Charge daily interest for late completion
• Claim damages for any additional losses

That said, if the change is reasonable and agreed upon, both parties can sign a variation agreement to change the date. Flexibility is possible - but only with consent.

Can I Stay in My House After Completion?

No - completion day is when the legal ownership transfers to the buyer, and you must vacate the property by the agreed time, usually no later than 1–2pm.

If you remain in the property after completion without permission, you could be considered to be trespassing, and the buyer may take legal action.

Exceptions:

• If a formal "licence to occupy" has been agreed in writing between both parties
• If the buyer explicitly agrees to a delayed handover - but this is rare

Always plan to be fully moved out and ready to hand over the keys on completion day.

What Should I Do on Completion Day?

Completion day is when the transaction finalises and the buyer takes possession. It's a big moment - and being prepared makes all the difference.

Here's a checklist to help your completion day run smoothly:

• Have everything packed and loaded before midday – aim to leave before the buyer arrives
• Clean the property – leave it in a reasonable condition
• Label keys clearly and leave them with the estate agent (or as agreed)
• Take final meter readings – for gas, electric, and water, then inform your utility providers
• Redirect your post using Royal Mail's redirection service
• Ensure all agreed fixtures/fittings remain – removing these can cause disputes
• Keep your solicitor's number handy in case any final queries arise

Exchange and completion are the final stages of selling your home - but they're also the most crucial. Once you exchange, you're legally tied into the move, so you must plan ahead, communicate clearly, and be ready to vacate on time.

If you need help navigating your sale, from valuation through to moving day, the team at Farrell Heyworth is here to support you every step of the way.