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John Grants
Buyer guide

Offers, exchange and completion.

When an offer binds you, what exchange means and what happens on the day you get the keys.

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At a glance

  • Your offer is not legally binding until contracts are exchanged: you can renegotiate or pull out until then, and so can the seller.[1]
  • Exchange is when the agreement becomes binding, and you could lose your deposit and pay other costs if you pull out afterwards.[1]
  • Buildings insurance is needed from exchange, because the buyer becomes responsible for the property then.[2]
  • After completion your solicitor pays Stamp Duty Land Tax within 14 days and registers you as the owner.[1]

Rules and figures last checked October 2026.

Making and agreeing an offer

Make your offer through us. It is “subject to contract”, which means the price can still be negotiated, and it does not bind either side until exchange.[3][4] When the seller accepts, the property is usually marked “sold subject to contract”, or SSTC, which is not legally binding either.[2]

Until exchange, either side can withdraw, and a seller can accept a higher offer from someone else. The government has said it intends to legislate for binding contracts, but that is not law yet.[5]

Exchange of contracts

  • The seller’s side draws up the contract, and both sides exchange signed copies.[6][2]
  • You pay a deposit to your legal representative, which they send on at exchange. No official page states a standard percentage; it is a percentage of the price set out in the contract, so ask your conveyancer.[2][1]
  • The completion date is usually set at exchange, often around two to four weeks later.[2]
  • From exchange you are responsible for the property, so you need buildings insurance in place.[2]

Completion

  1. 1

    Your solicitor sends the money

    They transfer the purchase price, less the deposit you have already paid.[1]

  2. 2

    The seller’s side confirms receipt

    Keys are released once the Code for Completion has been used and the seller’s solicitors have received the money, usually around late lunchtime.[1]

  3. 3

    You collect the keys from us

    We arrange the handover on the day. See the moving-home checklist.

  4. 4

    Stamp duty and registration

    Your solicitor pays Stamp Duty Land Tax to HMRC within 14 days of completion and applies to register you at HM Land Registry, which cannot happen without proof the SDLT return was made.[1]

Work out your stamp duty in advance with our stamp duty calculator. First-time buyers should also read help for first-time buyers.

Sources

Every figure and rule above comes from one of these, read in October 2026. The dates are the ones each publisher shows as when the page was last updated.

  1. [1]Buying a home (opens in a new tab)The Law Society
  2. [2]How to buy a home (opens in a new tab)GOV.UK (Ministry of Housing, Communities and Local Government) · page updated 6 September 2019
  3. [3]Buying a home: making an offer (opens in a new tab)GOV.UK · page updated 27 March 2024
  4. [4]Buying a home (opens in a new tab)GOV.UK · page updated 27 March 2024
  5. [5]Home buying and selling reform roadmap (opens in a new tab)GOV.UK (Ministry of Housing, Communities and Local Government) · page updated 19 June 2026
  6. [6]Buying a home: transferring ownership (conveyancing) (opens in a new tab)GOV.UK · page updated 27 March 2024

This is a general guide to buying in England, not legal or financial advice. A conveyancer or solicitor should advise on your own purchase, and a regulated adviser on your mortgage.

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