Offers, exchange and completion
Why an accepted offer does not bind, what happens at exchange and completion, and how to protect yourself.
Applies to: United Kingdom. Reviewed 2026-09-25.
Key takeaways
- Before exchange either side can withdraw without penalty, but your lawyer and survey costs are lost.
- If you withdraw after exchange you can lose your deposit and owe more.
- The completion date is fixed at exchange.
From offer to keys
- The offer is accepted subject to contract.
- The lawyers exchange draft contracts and answer enquiries.
- The mortgage offer is formally issued.
- Exchange: signed contracts are swapped and the deposit is paid.
- Completion: the balance is paid and the keys handed over.
Questions to ask
- What is included according to the Fittings and Contents Form?
Red flags
- You are pressed to exchange before the mortgage offer is formally issued.
Sources
- Buying or selling your home (GOV.UK)