How Long Does It Take to Exchange Contracts?

A practical guide for property sellers in England and Wales

Exchange of contracts usually happens around 12 to 16 weeks after you accept an offer on your property, although if it is a cash buyer with no chain it can be completed much faster whilst more complex property chains can take several months. 

The exchange itself is quick, often completed during a telephone call between the solicitors. Most of the time is spent getting both parties legally and financially ready to commit.

At House Buyer Bureau, we find that common causes of delay include mortgage approvals, legal enquiries, leasehold complications, missing documents and long property chains. 

Once contracts have been exchanged, both buyer and seller are legally committed to complete on the agreed terms.

Amanda sold her inherited property to House Buyer Bureau in just 24 days. The sale was made easier as she used the solicitor we recommended (which also meant we covered her legal costs). These solicitors regularly work alongside us and know how to make a fast completion possible.

Barrie had been trying (and failing) to sell his property for 15 months before contacting House Buyer Bureau. Having researched the property buying market extensively before speaking to us, he was very pleased to sell in just 25 days. 

Kevin sold his property to House Buyer Bureau and found the process very easy and simple. He asked us to extend the contract dates by a week to enable him to make arrangements for his next move, which of course we did. 

Alex first approached House Buyer Bureau a year before he eventually sold. Having made a start with the sale process, he then had to pause things while he dealt with some family and legal matters. Rather than see the sale fall through, we worked with Alex to keep things moving slowly and the sale completed in 200 days. 

What does exchanging contracts mean?

In England and Wales, exchanging contracts is the point at which the buyer and seller enter into a legally binding agreement to buy and sell the property. Before exchange, either side can usually withdraw, although they may lose money already spent on legal work, searches or surveys. After exchange, withdrawing or failing to complete can have serious financial and legal consequences.

Why is exchange important?

For sellers, exchange provides much greater certainty that the buyer is committed. For buyers, it confirms that the seller is contractually bound to sell the property to them at the agreed price, subject to the contract terms. It is often the point at which both parties can make firmer arrangements for completion and moving day.

What happens before and during exchange?

Pre-exchange preparations

Before contracts can be exchanged, the main legal, financial and practical checks normally need to be complete. Depending on the transaction, this may include:

• The buyer receiving a satisfactory mortgage offer, if needed.
• Surveys, valuations and any follow-up inspections being completed.
• Property searches being returned and reviewed.
• The buyer’s solicitor checking the title and resolving enquiries.
• The contract, fixtures and fittings, and any special conditions being agreed.
• Both parties agreeing a completion date.
• The buyer arranging cleared deposit funds and giving authority to exchange.

At House Buyer Bureau, we often see seemingly minor gaps in paperwork hold up an otherwise straightforward sale. One of the biggest impacts can be delays in getting Property Information Forms and Seller Information Forms completed – sellers often aren’t sure what information to provide and what declarations to make. This is where a good solicitor can really make their mark by guiding the seller through these forms. 

The exchange process

• The buyer and seller sign their respective copies of the contract.
• Their solicitors confirm that all outstanding requirements have been met.
• The buyer’s deposit is made available (where required).
• The solicitors formally exchange contracts, usually remotely.
• The agreed completion date and other contract terms become binding.

The precise method and requirements depend on the transaction, so buyers and sellers should follow their conveyancer’s advice.

What happens after exchange?

• The buyer’s solicitor arranges for any mortgage funds and the balance needed for completion.
• Both sides receive or approve final completion statements.
• The parties finalise removals, utilities and practical arrangements.
• On completion, the purchase funds are transferred and the buyer can normally collect the keys.
• After completion, the buyer’s solicitor deals with Stamp Duty Land Tax where applicable and registration at HM Land Registry.
  

What can delay exchange of contracts?

Mortgage approval

A lender may need to assess the buyer’s finances, review documents and value the property before issuing a mortgage offer. Delays can arise if additional evidence, specialist reports or further underwriting checks are required. Non-standard construction, significant defects or a low valuation may lead to extra questions.

From a seller’s perspective, these delays can be difficult to see because much of the work happens between the buyer, broker and lender.

House Buyer Bureau stepped in and bought a property in Morecombe after the seller’s original buyer had to pull out as mortgage lenders wouldn’t lend on the property due to concerns over flammable cladding on the property. The seller was at risk of losing their onward plans (a retirement apartment) so we stepped in and bought their property in 57 days. 

House Buyer Bureau bought another property in Darlington where the seller had moved away to live abroad. Mortgage lenders had refused to lend as the survey identified asbestos cement tiles in the roof and prospective buyers were put off by this. We conducted some additional checks and adjusted their offer to allow for safe repair work – the sale then went through in 68 days.

Surveys and inspections

The availability of surveyors can affect timing. A survey may also identify issues that lead to further inspections, repair discussions or a renegotiation of the price. Typical concerns include damp, roof defects, structural movement, invasive plants or alterations that lack supporting paperwork.

Legal searches and enquiries

The buyer’s solicitor will review searches, title information and replies supplied by the seller. Exchange may be delayed while missing information is obtained or legal issues are resolved. Common sticking points include guarantees, planning or building regulation records, estate or leasehold management packs, probate documents, boundaries and rights of way.

In our experience, this stage can be particularly frustrating for sellers because visible progress may appear to stop while solicitors wait for third-party information or satisfactory replies.

Property chains

Where a sale forms part of a chain, every linked purchase and sale may need to become ready before exchange can take place. A mortgage delay, survey problem, slow response or withdrawal elsewhere in the chain can affect several households.Sellers sometimes assume that a chain only affects the completion date. In practice, delays can begin much earlier while the linked solicitors, lenders and buyers work towards exchange at the same time.

Other common hold-ups

• Incomplete or inaccurate forms.
• Leasehold or estate management information.
• Unregistered land or title defects.
• Probate or authority-to-sell issues.
• Slow responses from buyers, sellers or third parties.
• Agreed changes to the price, completion date or fixtures and fittings.
• Holiday periods and reduced professional availability.

How can sellers help exchange happen smoothly?

Prepare documents early

Locate guarantees, certificates, permissions, leasehold information and records for work carried out before they are requested.

Complete forms carefully

Return the property information and fixtures and fittings forms promptly, but check that the answers are accurate. Ask your conveyancer if anything is unclear.

Respond quickly

Deal with requests from your solicitor and estate agent as soon as possible, even if the first response is to explain when the information will be available.

Raise known issues at the start

Tell your conveyancer about alterations, disputes, access arrangements, leasehold concerns or missing paperwork early so they can advise on the next step.

Ask what is blocking exchange

A focused question such as “What is the main outstanding item preventing exchange?” can make the next action clearer.

Do cash buyers exchange faster?

A genuine cash buyer doesn’t need a mortgage offer, which removes one potential source of delay. But a cash purchase still requires legal work, identity and source-of-funds checks, title review and any searches or enquiries the buyer considers necessary. 

House Buyer Bureau buys properties using our own funds and doesn’t depend on selling another property first. This can provide sellers with a chain-free route and a timetable agreed around their circumstances.

How long does exchange take for different property types?

The legal structure and condition of a property can influence the work needed before exchange. HBB should only publish “typical” timelines once internal figures have been checked against a clearly defined dataset.

Property or transaction type	Verified HBB timeframe	Useful context to add
Freehold house	Fastest was 9 days.Average is 30 days.	Based on the last 900 freehold properties HBB have bought. We always try and complete when the seller wants us to, so a slower transaction time usually reflects the seller’s request for a particular date to align with their onward plans.
Leasehold flat	Fastest was 6 days.Average is 32 days.	This is based on the last 100 leaseholds that HBB has bought. We buy fewer flats due to challenges with working with management companies and the extra costs and delays this can bring. We typically only buy flats where there is a short lease.
Probate property	Fastest was 14 days.Average was 35 days.	Based on the last 100 probate properties HBB have bought. HBB can buy an inherited property where the seller has probate in place, otherwise we have to wait for this to be granted.
Vacant property	Fasted was 8 daysAverage was 49 days	Based on the last 150 properties HBB have bought. Some transactions are slower due to missing paperwork, legal checks and additional investigations needed for property in very poor condition (e.g.: fire damaged or structural movement).

Why do property sales fall through before exchange?

Before exchange, a transaction may fail because there isn’t a binding contract between buyer and seller; reasons can include mortgage refusal, a low valuation, survey findings, a broken chain, failed renegotiation or a change in either party’s circumstances. House Buyer Bureau is often contacted by sellers after a buyer withdraws or a chain breaks. 

How long is it between exchange and completion?

Most house sales have 1-2 weeks between exchange and completion, but there’s no set timeframe for people to abide by. It depends on what works for the buyer and seller, and they may agree to complete on the same day as exchange, after a short gap or at a later date. The agreed completion date forms part of the contract, so it should only be changed with legal advice and the agreement of the parties.

How House Buyer Bureau can help

If an open-market sale has been delayed or has fallen through, House Buyer Bureau can offer a chain-free purchase using its own funds. The timetable can be shaped around the seller’s circumstances, subject to valuation, legal checks and agreed terms.

House Buyer Bureau has been buying property since 2010 and can complete purchases in as little as seven days. We are a member of The Property Ombudsman and the National Association of Property Buyers.

Chris Hodgkinson, Managing Director of House Buyer Bureau, says:

“Many homeowners assume exchanging contracts is just a legal formality, but most delays happen in the weeks leading up to exchange. The sellers who experience the smoothest transactions are usually those who prepare paperwork early and respond quickly to solicitor enquiries.”

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Frequently asked questions

What is the fastest possible exchange of contracts?

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In a simple, chain-free transaction with funds available, solicitors instructed and the legal work complete, exchange may happen very quickly. Some transactions exchange and complete on the same day, and we can buy your house in as little as 7 days.

Can contracts be exchanged without a completion date?

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Normally, the completion date is agreed before exchange and recorded in the contract. It may be possible to use a conditional or flexible arrangement in unusual circumstances, but this requires specific legal drafting. Buyers and sellers shouldn’t exchange without understanding exactly when and how completion will be due.

Do cash buyers exchange contracts faster?

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They can, because they don’t need to wait for mortgage approval or a lender’s valuation, but their solicitor still needs to complete legal, identity and source-of-funds checks, and investigate the title.

Can a buyer pull out after exchange?

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A buyer can refuse to complete, but doing so would normally be a breach of contract. They may lose their deposit and face a claim for the seller’s losses.

Who pays if completion is delayed?

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Responsibility depends on why completion failed and what the contract says. The defaulting party may have to pay interest and could face additional claims or contractual consequences. A solicitor may serve a notice to complete where appropriate. Anyone facing a delayed completion should obtain immediate advice from their conveyancer rather than assuming the other party will automatically pay every cost.

What documents are most likely to delay exchange?

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Common problem areas include incomplete TA6 and TA10 forms, guarantees, planning permissions, building regulation approvals, certificates for replacement windows or electrical work, probate papers and leasehold management information.

Can leasehold properties take longer to exchange?

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Yes. Leasehold sales often require information (such as the leasehold management pack, service-charge accounts, insurance details and info on any planned works) from a freeholder or managing agent. This extra information can easily translate into a longer process.

What happens if a chain collapses before exchange?

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Because the parties aren’t normally legally bound before the exchange, a buyer or seller elsewhere in the chain may withdraw. The remaining parties can wait for a replacement, renegotiate their plans or seek a chain-free buyer.

Should I keep packing before contracts are exchanged?

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You can prepare, declutter and pack non-essential belongings, but avoid irreversible or expensive arrangements until your solicitor confirms exchange. Removal bookings should be flexible where possible, because the completion date isn’t contractually fixed until exchange.