Yes, It is possible to exchange and complete on the same day. But you’ll need to have your ducks in a row for these two legal steps to happen so close together.
Let's explore what actually happens when you exchange contracts and complete on the same day, looking into the pros and the cons.
What happens when you exchange contracts and complete on the same day?
Exchanging contracts is where the seller and the buyer sign a legal contract that contains the terms of the sale.
Their solicitors then ‘exchange’ the contract. The buyer is normally expected to hand over the deposit for the property at this point.
The agreed deal then becomes legally-binding, so it’s really important that both parties are happy with what they are committing to.
Once contracts have been exchanged, the buyer needs to have their money ready for completion.
If they are taking out a mortgage, their solicitor or conveyancer has to finalise this with the mortgage lender.
Normally, the buyer and the seller then have time to coordinate the logistics of moving house between the date of exchange and the date of completion.
This typically includes booking a removals company, and notifying insurance and utility providers.
But many of these tasks will need to be organised in advance for exchange and completion to happen on the same day.
Completion, as the name suggests, marks the ‘completion’ of the sale. This is when the buyer pays the remaining sale price, often with a mortgage, and the property changes hands. The buyer then collects the keys to their new home - and pops open a bottle of bubbly.
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What is the quickest time between exchange and completion?
There is no set timescale, although the average time between exchange and completion is around 2 weeks, as this gives the buyer and the seller time to organise their affairs.
It is possible to complete the two legal steps within hours but it all depends on what the buyer and the seller agree on.
What are the advantages of exchanging contracts and completing on the same day?
The main benefits to this strategy include:
reducing the timeline of buying a property
providing reassurance and commitment to completing the sale promptly
cutting the risk of issues cropping up between exchange and completion.
What are the risks of simultaneous exchange and completion?
There are also risks to this approach, including:
no contract is in place at the point completion, meaning buyers and sellers could pull out at the last minute
you may end up paying for costly removals if you try to cancel at too short notice
it provides a very short window for all parties to transact and move
the buyer’s mortgage lender may not allow simultaneous exchange and completion.
Some scenarios are better suited than others to exchange and completion on the same day, such as:
the transfer of buy-to-let properties where the tenants remain in situ
vacant property transactions
simple property transactions
and properties being sold to chain-free or cash buyers.
FAQs
Is the completion date set before exchanging contracts?
A completion date is fixed when contracts are exchanged.
The date is agreed between the buyer and the seller and can be influenced by a number of factors including the personal circumstances of people in the chain, school term dates, rental contracts ending and more.
How can I speed up exchange and completion?
Some circumstances are out of the buyers’ and sellers’ control. But there are still ways to help move things along. They can include:
appointing reputable and efficient professionals to advise, including solicitors and surveyors
being responsive and completing paperwork promptly
keeping open and regular lines of communication with all parties involved in the property transaction. And not being afraid to politely follow-up if communication goes quiet
setting realistic deadlines to help focus all parties working towards a swift completion.
Is completion always on a Friday?
Friday is a popular day to complete because it gives buyers (and sellers who are moving on) time to unpack and settle into their new home. But completion can happen on any working day of the week.
There’s a lot to consider when weighing up whether exchange and completion on the same day is the right way forward for you. It’s a good idea to talk with your solicitor before committing to this strategy.