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.
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.
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.
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.
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:
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.
Get your free conveyancing costs estimate in less than 60 seconds.