How long after signing contracts do you complete?

After signing contracts and exchanging contracts, you will complete either: on the agreed date stated within the contract of sale, which has been pre-agreed by all parties in the chain; or after 10 working days following being served notice to complete. It is either one or the other.

How long between mortgage offer and exchange?

Your mortgage offer is normally issued halfway through the conveyancing process, which for a freehold takes between 8 to 12 weeks and a leasehold 12 weeks or more. You can see what transactions take longer and shorter than this - How long does it take to buy a house?. After your mortgage offer, expect a further four weeks before you exchange. You can find out everything that needs to be done between mortgage offer and exchange here - What do I need to exchange contracts?

What is a normal gap between exchange and completion?

A normal gap between exchange and completion is 1 week because it gives time to prepare to move in with removals, but not too long as to upset anyone in the property chain.

How long can you delay completion after exchange?

You can delay completion after exchange and incur the notice and interest charges. On the completion day, you'll be served with a notice to complete within 10 working days. You'll be liable for the seller or buyer's costs for the delay (removals etc.), the notice fee of circa £120 INC VAT and interest off 4% above base rate (currently 4.75%) on the balance of the purchase price less the deposit you paid. You can delay past the 10 working days with the consent of the seller, however, be careful. Read more - Can I pull out after exchange of contracts?

We explain how many days are between exchange and completion, who sets the number of days and if you can exchange and complete on the same day. This gap between can save or cost you hundreds in moving costs, so make sure to get it right.

How long between exchange and completion?

by:

Andrew Boast

Last Updated: 22/02/2024

Read by:

23,609

9 min read

Key Takeaways

You can have as long as you like between exchange and completion, as long or short as the chain agrees.
Common choices are 3 days, 1-2 weeks, or 1-3 months.
A same-day exchange and completion should be avoided.
You may not have a choice of a completion date if there is a new build in the chain with completion on notice.

How long between exchange and completion can be any time, mutually agreed between all parties in the chain, although 2 weeks is usually the standard. Most buyers want to exchange and complete on the same day, which is possible but not advisable. We explain the pros and cons for how long the time should be between you exchanging and completing - quite often, it comes down to what is logistically possible rather than anything else.

A Property Chain is the term used for all of the buyers and sellers connected via various sale and purchase conveyancing transactions; it most often has a first-time buyer at one end and someone selling a home without buying one somewhere else at the other.

Although some of the parties in a chain may opt for a completion date 2 weeks after the exchange, there's no 'one-size-fits-all' as some in the chain may be looking for a month - especially if the first-time buyer at the bottom of the chain is in a rental with a 2-month notice.

Choose how long between exchange and completion

We will help you choose how long you should have between exchange and completion and examine the pros and cons for each of the following:

Exchange and complete on same day
3 days between exchange and completion
1 to 2 weeks between exchange and completion
1 to 3 months between exchange and completion
Exchange contracts without a completion date (new build/Help to Buy)

Can you exchange and complete on the same day?

Exchange and completion on the same day is an option. It comes with logistical issues, which normally stop it from happening. The biggest problem that stops exchange and completion on the same day is drawing down mortgage funds. Here are the other pros and cons:

Pros	Cons
Pros Suitable for cash buyers - with no mortgage to draw down, you aren't affected by mortgage lender delays. Suitable for buy-to-let investors - as they aren't moving into the property on the day of completion and may also be taking on an existing tenant. Faster completions	Cons Very stressful - juggling exchange, completion and getting removals organised is not advisable and often dangerous as something could get missed. Not suitable if you are getting a mortgage - it normally takes 5 days for the bank to send the mortgage Either party can pull out prior to exchange - if this did happen, you could be potentially liable to pay unrecoverable third-party costs, such as mortgage interest and removals No time to hand in rental notice - first time buyers in particular may be affected by this, may make this choice unfeasible (not to mention very expensive for them)

Pros

Cons

Pros

Suitable for cash buyers - with no mortgage to draw down, you aren't affected by mortgage lender delays.
Suitable for buy-to-let investors - as they aren't moving into the property on the day of completion and may also be taking on an existing tenant.
Faster completions

Cons

Very stressful - juggling exchange, completion and getting removals organised is not advisable and often dangerous as something could get missed.
Not suitable if you are getting a mortgage - it normally takes 5 days for the bank to send the mortgage
Either party can pull out prior to exchange - if this did happen, you could be potentially liable to pay unrecoverable third-party costs, such as mortgage interest and removals
No time to hand in rental notice - first time buyers in particular may be affected by this, may make this choice unfeasible (not to mention very expensive for them)

3 days between exchange and completion

This is a great option for a no-chain and vacant property, often adopted by first-time buyers. In essence, it gets the fastest completion after exchange and has very few downsides other than it may take your mortgage lender more than 3 days to send your solicitor the mortgage funds.

Pros	Cons
Pros Faster completions - less risk between exchange and completion (see below what risks there are). Suits shorter chains and vacant properties - shorter chains can work to the short time frame to pack and be ready to move out and move in.	Cons Very little time to pack - does 3 days give the seller enough time to pack and leave the property in a reasonable condition? Some mortgage lenders take 5 days - mortgage lenders can take 5 working days to send mortgage funds. No time to hand in rental notice - if your notice period is 2 months, then you'll be paying rent and mortgage repayments for months.

Exchange of Contracts

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Completion Day Checklist

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Pre-Exchange Checklist

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You can complete on any day the seller and the buyer agree on. Most people choose Friday as their completion day to tie in moving in with the weekend, maximising the time to unpack and get their life in order. However, with Friday being in such high demand, you can find the removals cost a lot more than any other day of the week. If you can do so, choosing a Monday or a Tuesday to complete can save on removal costs and your solicitor is less likely to be busy.

Another issue of completing on a Friday is that if you do fail to complete, you have to wait until Monday before you can complete which means the breaching party is covering the other party's costs over the weekend. You can read more about the costs of failing to complete here.

1 to 2 weeks between exchange and completion

This is the ideal time between exchange and completion, giving both seller and buyer time to organise themselves once they know they are legally bound to complete after exchanging contracts. Remember, before exchanging, there are no guarantees either party will complete.

Pros	Cons
Pros Suitable for first-time buyers, repeat movers and cash buyers Time to organise - buildings insurance, removals and packing once you know you have exchanged Time to draw down mortgage - with a 3 to 5-day lead time to draw down a mortgage, this is an ample amount of time to draw your funds in time for completion. Less stressful - More time to organise always means less time to stress, especially as the exchange of contracts has legally bound both the seller and the buyer. More likely the chain will agree - with so many other parties involved in the chain, a 1 to 2 week time should suit everyone. Find out how a property chain works by clicking here.	Cons You have to wait 1 to 2 weeks to move in - there are little downsides to a 1 to 2 week period between exchange and completion, as it is the most common time frame to complete after exchange of contracts.

Pros

Cons

Pros

Suitable for first-time buyers, repeat movers and cash buyers
Time to organise - buildings insurance, removals and packing once you know you have exchanged
Time to draw down mortgage - with a 3 to 5-day lead time to draw down a mortgage, this is an ample amount of time to draw your funds in time for completion.
Less stressful - More time to organise always means less time to stress, especially as the exchange of contracts has legally bound both the seller and the buyer.
More likely the chain will agree - with so many other parties involved in the chain, a 1 to 2 week time should suit everyone. Find out how a property chain works by clicking here.

Cons

You have to wait 1 to 2 weeks to move in - there are little downsides to a 1 to 2 week period between exchange and completion, as it is the most common time frame to complete after exchange of contracts.

1 to 3 months between exchange and completion

This length of time is predominantly requested by first-time buyers looking to tie in their rental notice period with their exchange. The formal notice period for assured tenancy rentals is 2 months. If you are tempted to hand in your rental notice before exchanging contracts, then read this - Made Homeless After Handing Notice to Landlord.

Pros	Cons
Pros Suitable for first-time buyers who rent with a 2-month notice - you can limit the time you have paid for rent and also pay your mortgage (it is always good to have a week between completion and moving out of your rental, so you can make any repairs the rental needs to protect the repayment of your rental deposit. Time to organise - buildings insurance, removals and packing once you know you have exchanged Time to draw down mortgage Less stressful	Cons Less likely the chain will agree - the majority of people in a chain want to have a 1-2-week period between exchange and completion, so you may struggle to get the chain to agree to 1 to 3 months between them. You have to wait to move in

Pros

Cons

Pros

Suitable for first-time buyers who rent with a 2-month notice - you can limit the time you have paid for rent and also pay your mortgage (it is always good to have a week between completion and moving out of your rental, so you can make any repairs the rental needs to protect the repayment of your rental deposit.
Time to organise - buildings insurance, removals and packing once you know you have exchanged
Time to draw down mortgage
Less stressful

Cons

Less likely the chain will agree - the majority of people in a chain want to have a 1-2-week period between exchange and completion, so you may struggle to get the chain to agree to 1 to 3 months between them.
You have to wait to move in

Exchange contracts without a completion date

When you buy a new build property, you must exchange contracts within 28 days after reserving it. You are given an estimated time when the property will be built. The final build date can be delayed; however, once the property is signed off as completed by building control, the developers serve notice on you, and you'll need to complete it within 2 weeks.

Pros	Cons
Pros Suitable for cash buyers - with no mortgage, there is no concern over arranging mortgage funds in time for a future completion date. A completion date could slip, and your mortgage offer won't go out of date. Time to organise - buildings insurance, removals and packing once you know you have exchanged	Cons Mortgage offer expires - you'll need to have a mortgage offer in place before you can exchange contracts; however, most mortgage offers expire after 6 months. This could leave you exposed to not being able to get a mortgage when completion is served. Read more - What happens if my mortgage offer expires between exchange and completion? You have no control over when the property is built - new build properties often overrun, and it can be frustrating waiting for the property to be built. Read more - The risks of a new build completion on notice.

Pros

Cons

Pros

Suitable for cash buyers - with no mortgage, there is no concern over arranging mortgage funds in time for a future completion date. A completion date could slip, and your mortgage offer won't go out of date.
Time to organise - buildings insurance, removals and packing once you know you have exchanged

Cons

Mortgage offer expires - you'll need to have a mortgage offer in place before you can exchange contracts; however, most mortgage offers expire after 6 months. This could leave you exposed to not being able to get a mortgage when completion is served. Read more - What happens if my mortgage offer expires between exchange and completion?
You have no control over when the property is built - new build properties often overrun, and it can be frustrating waiting for the property to be built. Read more - The risks of a new build completion on notice.

Frequently Asked Questions

HOWLONG

MORTGAGEOFFER

NORMAL

DELAYCOMPLETION

Written by: Andrew Boast

Andrew started his career in 2000 working within conveyancing solicitor firms and grew hands-on knowledge of a wide variety of conveyancing challenges and solutions. After helping in excess of 50,000 clients in his career, he uses all this experience within his article writing for SAM, mainstream media and his self published book How to Buy a House Without Killing Anyone.

Reviewed by: Caragh Bailey

Caragh is an excellent writer and copy editor of books, news articles and editorials. She has written extensively for SAM for a variety of conveyancing, survey, property law and mortgage-related articles.