Exchange and complete on the same day: can you do it?

It is possible to exchange and complete on the same day, but only under certain circumstances. This guide explains exactly what happens during a same-day exchange and completion, and whether this option might work for your move.

 

What does exchange and completion mean?

Before getting into the possibilities of exchanging and completing on the same day, let’s first break down what is meant by exchange and completion.

What does ‘exchange’ mean?

Exchange refers to exchange of contracts - this is the moment your property purchase becomes legally binding.

Your conveyancer and the seller's conveyancer will review and swap identical signed contracts. Once they've exchanged these contracts, both sides are committed to the transaction.

If anyone backs out after exchange, they break a legal contract and could face court action (litigation) or either lose or be forced to return deposits.

The buyer pays their deposit at exchange, which is typically 10% of the purchase price.

What does ‘completion’ mean?

Completion day marks the end of the conveyancing journey. It’s the day when legal ownership of the property officially changes hands. If you’re selling and buying a property, these will be completed on the same day.

The keys are finally the buyers, and the property is officially their new home. All the paperwork is done and dusted, and the legal side is wrapped up.

For buyers, it's champagne time – the moment you've been dreaming about through all those weeks (or months!) of waiting is here. And while sellers might be feeling a mix of emotions as they say goodbye, they're ready to turn the page to their next chapter.

Learn more about completion day here.

 

What happens when you exchange contracts and complete on the same day?

When exchange and completion happen on the same day, it's a carefully choreographed process. Your conveyancer will coordinate each stage to ensure everything moves smoothly. Here's how the day typically unfolds:

1. Early preparation: Your conveyancer gets everything ready for the exchange – all paperwork must be complete, and your deposit needs to be with them
2. Contract exchange: Both conveyancers review and formally swap the signed contracts. At this point, you're legally committed to buying the property
3. Mortgage release: If you're using a mortgage, your conveyancer arranges for these funds to be released from your lender
4. Confirmation: The seller's conveyancer confirms receipt of all funds, marking official completion
5. Key collection: Once completion is confirmed, you can collect your keys, and the property is officially yours!

Learn more about what a conveyancer is.

When can I simultaneously exchange and complete?

To exchange and complete on the same day, preparation is key, and circumstances need to be right. Here are some situations where simultaneous exchange and completion may be suitable:

Chain-free buyers

Chain-free buyers are in a strong position for same-day exchange and completion since they're not juggling multiple property transactions. Without a property to sell, they have far fewer moving parts to coordinate – no anxious waiting for their own buyer's mortgage to come through or worrying about synchronising multiple completion dates.

First-time buyers may be eager to move into their new house and are not tied to a chain.

Cash buyers don’t have to worry about taking out a mortgage. Therefore, they may have a better chance of exchanging and completing on the same day.

New build properties

New-build properties naturally lend themselves to same-day exchange and completion. Since the property is ready to move into once construction is complete and signed off, there's often no reason to delay between exchange and completion. There's no chain to consider, no seller needing to move out, and the property is empty and waiting – making the swift timeline of same-day exchange and completion fairly practical.

Is new build conveyancing different?: New build conveyancing explained.

Empty properties

If the seller has already moved out or the property is empty, same-day exchange and completion becomes much more straightforward. There's no need to coordinate moving dates or wait for the seller to pack up and vacate – the property is ready and waiting. This removes a major logistical hurdle, making it easier to wrap everything up in a single day.

 

How long is there between exchange and completion normally?

After exchange, the countdown to completion begins! While most people complete within 2-4 weeks of exchanging contracts, the timeline is actually flexible and can be agreed between all parties.

The sweet spot for many buyers is around 2 weeks after exchange. This gives everyone enough time to organise their move without dragging things out too long. However, your timeline might look different depending on your circumstances.

If you're part of a property chain, you'll need to coordinate completion dates with everyone involved. More people in the chain generally means more scheduling to juggle, as everyone needs to complete on the same day.

Chain-free purchases tend to be more straightforward – you'll often have more flexibility to choose a completion date that works best for you and the seller.

Keep in mind that your conveyancer will work with you to agree on dates that suit your situation, whether that's a quick turnaround or a longer gap between exchange and completion.

Guide: Conveyancing timeline: how long does it take?

 

What are the advantages of same day exchange and completion?

The main advantages of simultaneous exchange and completion include:

• Skip the waiting time between exchange and completion - get your keys faster
• Lower risk of another buyer making a last-minute higher offer before exchange
• No need to pay for temporary storage while waiting to move in
• Deal with all the paperwork and moving stress in one focused day
• Makes planning your move more straightforward with just one fixed date to work towards

 

What are the risks of same day exchange and completion?

Here are the potential risks of same-day exchange and completion to consider:

• Everything must be perfectly lined up - one delay can derail the whole day
• Very little time to fix any last-minute issues that arise
• Your mortgage funds must be ready exactly when needed
• Removals need to be booked without the security of having exchanged
• More pressure on conveyancers and all parties involved
• If anything goes wrong, you might need somewhere to stay on short notice
• No contract in place until the day, meaning buyers or sellers could pull out last minute

 

Frequently asked questions

How can I speed up exchange and completion?

Not everything is going to be within your control, but there are several practical steps you can take to help keep your purchase moving forward smoothly:

• Appointing experienced conveyancers and surveyors with good reviews and recommendations from previous clients
• Responding quickly to any requests for information or documents from your conveyancer, mortgage lender or estate agent
• Maintaining regular and open contact with everyone involved in your purchase, and chasing for updates if things seem to have stalled
• Having your deposit funds ready in your account and mortgage offer in place to avoid any financial delays
• Organising your ID documents, proof of address and bank statements in advance so they're ready when needed

 

Do mortgage lenders have any special requirements for same-day exchange and completion?

Most mortgage lenders need extra notice for same-day exchange and completion. They may require:

• Up to 5 working days' notice to arrange the release of mortgage funds on the day
• All paperwork and final checks to be completed before the proposed completion date
• Confirmation that building insurance is in place from the date of exchange
• Clear communication about timings through your conveyancer, as funds need to arrive early on completion day

Some lenders may have additional requirements or specific notice periods, so it's important to check this early through your conveyancer.