The entire process of first time buying is often a stressful but rewarding time. Usually, the completion date is the date from which your new property is finally officially yours; a relief for every first time buyer!
By now, if you’re approaching completion, you’ve probably sorted home insurance, your mortgage type and had your offer accepted. But there are a few things you should know about completing on your first home to make the process as smooth and easy as possible.
What is the difference between exchange and completion when buying a home?
Exchange and completion sometimes get confused by first time buyers. Exchange refers to the moment that the sale becomes legally binding, where a deposit is normally paid. At this point, legal investigations and surveys will have taken place, and your mortgage has been approved.
On the other hand, completion is the moment from which the keys are handed over, and the property is now legally possessed by the buyer. From this point, you can normally move into your new home, and all transactions are finalised.
In short, exchange is when the sale is legally binding, but the property isn’t legally yours yet, and completion is the point from which you fully own the property legally.
Check out our first time buyers guide for more helpful information!
Can you exchange and complete on your home on the same day?

Technically, you can exchange and complete on your new home on the same day. However, it’s definitely not the norm, and in many cases it won’t be easy or ideal. There are a few factors which will play into whether this is possible:
- No chain – if the current owner of your new home is not waiting on the completion of a new property themselves, it’s more feasible that you’ll be able to exchange and complete on the same day.
- Cash buyers – Depending on a mortgage means waiting on these funds to be released, whereas if you’re buying outright, you won’t have to wait on this.
- Other risks – There are risks which come with exchange and completion on the same day. If anything goes wrong with either process, you won’t have any time to form contingency plans. We’d only recommend going forward with this if you’re confident it will run smoothly and you’ve got a back-up place to stay in the worst case scenario!
If you need more information or support during this process, be sure to get in touch.
What happens on completion day for a first-time buyer?
Completion day can be a daunting process, and you may have questions such as: ‘how do I get the keys?’ or ‘do you move in on completion day?’ Typically, the completion day process will go as follows:
- Final checks – Both your solicitor and the seller’s solicitor will complete final checks on any relevant documents and ensure that everything is correct. It’s important to work with a solicitor as a first time buyer to avoid any confusion.
- Transfer of funds – Your solicitor will take charge of transferring funds (mortgage, remainder of deposit) to the seller’s solicitor. When funds are received and confirmed, this is normally the exact moment the completion takes place.
- Keys released – Normally, the seller’s solicitor will hand the keys to an estate agent, then you’ll be able to collect them from there.
- Moving in – Obviously, when you move in is your choice, but most people will begin to move their stuff in as soon as they can.
- Registration of ownership – Your solicitor will handle the process of legally registering you as the new owner of the property.
When does completion on a house typically happen?
Generally, completion on a house happens anywhere from a week to a month after the exchange of contracts. Timing can vary based on whether there’s a chain of buyers and sellers holding things up, and completion will normally need to happen on a weekday so that solicitors and estate agents are available.
What happens if you don’t complete on completion day?
Failure to complete on the agreed date can have some serious consequences given that it is a breach of contract.
You might:
- Lose your deposit
- Face legal action
- Lose the property
- See your contract fall through
- Owe money in claims and reparations
Breaching your contract as a buyer can cause a chain reaction for other buyers, and as a result is taken very seriously. Make sure to talk to an experienced mortgage broker to avoid running into this situation.
Completion day checklist for first time buyers
Here is our completion day checklist for first time buyers:
- Collect keys
- Inspect your new property
- Transfer mortgage
- Take meter readings
- Set up utilities
- Speak to solicitor to ensure legal ownership has changed
- Clean, tidy and move belongings in
Hopefully, following the advice from this blog post will help you to navigate your completion day smoothly. If you have any questions, or need expert legal advice from a trusted provider, get in touch with Barlow Irvin.