What happens at exchange of contracts?
Updated September 2026England & Wales5 min read
The short answer
At exchange, both solicitors swap signed contracts and fix the completion date. From that moment the deal is legally binding, and the buyer pays their deposit, often 10% of the price, though a lower amount is sometimes agreed.
Why?
Before exchange, either side can walk away. Exchange is the point of commitment, so everything (mortgage offer, searches, enquiries and deposit) needs to be in place first.
What can cause problems?
- Deposit funds not ready or not cleared
- Mortgage offer conditions still outstanding
- Someone in the chain not ready
- Disagreement over the completion date
What should you do?
- Sign your contract and transfer deed when asked
- Send deposit funds in good time
- Agree a completion date that works for the chain
- If buying, arrange buildings insurance from exchange
- Book removals once the date is fixed
What happens next?
- 01Confirm completion arrangements
- 02Arrange removals
- 03Organise utilities
- 04Arrange insurance
- 05Prepare for moving day
How can Properfy help?
Not sure what you need? Tell us about your move and we’ll help you work out the next step.
You might also be wondering
Can I pull out after exchange?
Only at real cost. You’d normally lose your deposit and could be liable for further losses.
How long between exchange and completion?
Commonly one to four weeks, but it’s whatever both sides agree.
Can exchange and completion happen on the same day?
Yes, sometimes, but it leaves no room for problems and makes booking removals harder.
Questions this guide answers
- What is exchange of contracts?
- What happens at exchange?
- Is exchange legally binding?
- Can I pull out after exchange?
- How much deposit is paid?
- How long between exchange and completion?
- Can exchange and completion happen on the same day?