Step 6 / 6

Exchange & Keys

Sign, exchange contracts, complete and collect your keys.

What is it?

The final stage: the contract becomes legally binding at exchange, and at completion the money is transferred and the home becomes yours.

Why does it matter?

After exchange, pulling out normally means losing your deposit and possibly more. Being prepared avoids last-minute surprises with money, insurance or dates.

What do I need to do?

1Read and sign the contract and mortgage deed when your solicitor asks.
2Agree the completion date with everyone in the chain.
3Transfer the deposit and balance to your solicitor in good time — confirm bank details by phone.
4Arrange buildings insurance by the date your solicitor and lender require.
5Check the completion statement.
6Book removals, then collect keys on completion day.
7Take meter readings and set up council tax and utilities.

Get ready for completion

Key terms explained

Exchange of contracts: Both solicitors exchange signed contracts and the completion date is fixed. From this point both sides are legally committed.
Deposit at exchange: Your deposit is paid to the seller's solicitor at exchange. The amount is agreed between the solicitors.
Insurance: Lenders usually require buildings insurance to be in place from exchange. Your solicitor will confirm the date.
Completion statement: Your solicitor's statement showing the price, mortgage, deposit, fees and the exact amount you must send.
Completion date: The day money is transferred and you can collect the keys — usually from the estate agent.
Payment fraud: Criminals target home buyers with fake emails about bank details. Always confirm your solicitor's bank details by phone using a number you trust.
Utilities and council tax: Take meter readings, contact energy and water suppliers, register for council tax and arrange broadband.
HM Land Registry: After completion your solicitor registers you as the new owner. This can take some time; you do not usually need to do anything.

Your checklist for this stage

Tick items as you go. Your progress is saved on this device only.

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What happens next?

Congratulations — you own your home. Your solicitor finishes the registration with HM Land Registry and deals with any property tax return.

This is general information, not legal advice. Your solicitor or licensed conveyancer is responsible for the legal work and legal advice on your purchase.