Exchange
On exchange, contracts are swapped and the completion date becomes legally binding. Your deposit is transferred to the seller's solicitor. From this point, pulling out costs money.
Completion
On completion day, funds move from your lender through your solicitor to the seller's solicitor. Keys are released once the money arrives — usually late morning, sometimes mid-afternoon. Book removals with that window in mind.
After completion
Your firm pays Stamp Duty (or Land Transaction Tax in Wales) and registers you at the Land Registry. Registration can take months; that is normal and does not affect your ownership.
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