completion or exchange

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The Difference Between Exchange and Completion of a Property

When buying a house, there can be a lot of specialist ‘jargon’ terms used by legal teams that may mystify you somewhat.

We are going to clear up two very common phrases that you will hear and that you should look forward to hearing: exchange and completion.

What is a completion date when buying a house?

A legal completion date is the last stage in the property buying process, and marks the date when you receive the keys to your new property and you can officially move in.

There are a number of events that need to take place behind the scenes for completion to happen smoothly. Fortunately, as a buyer, you can sit back and relax while your solicitors handle this for you.

The biggest thing that needs to happen on completion day is the exchange of funds. If you are buying a property using a mortgage, your solicitor will usually have access to the money provided by the lender in advance of the completion date so it is ready to pay to the sellers on time.

The money is usually transferred as early in the morning as possible as banks have a closing time of 3pm for payment transfers.

Your solicitor will have provided you with a completion statement that shows a breakdown of your funds and where they will go. If there is a shortfall after the application of the solicitors’ fees then they will have requested a payment from you to make this up.

After all due funds have been exchanged and receipt is confirmed by the seller, the property will be yours and you can arrange to pick up the keys. This either requires a trip into the estate agent’s office to pick up the keys, or you can arrange with the sellers to receive them directly yourself.

Because completion requires the transfer of money between banks and solicitors, it is not possible for a completion date to fall on a weekend or a bank holiday.

It is common for completion to take place on a Friday , that way buyers have the full weekend to get settled into their new property. However, it is also becoming common for completion to take place earlier in the week to avoid delays that may occur on a Friday as that is the busiest day for bank transfers.

What does exchange of contracts mean and how does it work?

The exchange of contracts, on the other hand, is the step in the property buying process where the sale is legally binding for both the seller and the buyer. This event occurs before the completion date, although it can happen on the same day as completion.

After both parties’ solicitors have settled on their contracts and have no more queries that need answering, you will have to agree to and sign your contract and then following this the exchange can take place.

Exchange mostly happens over the phone these days. Both solicitors will look over the contracts and recite them over a conversation to evidence that the contracts are in order.

For you, the exchange date is important because you will have to pay the exchange deposit. This is also the critical day when the transaction is contracted in and the completion date scheduled formally. Until the date of exchange, both the seller and the buyer are usually able to walk away from the transaction without any liability to the other party but once exchange has happened, both parties would be liable should they want to pull out or if they were late in completing.

The exchange deposit is usually 10% of the total property purchase price.

For buyers with a 5% deposit, you may have to make up the rest of the funds somehow which you will get back upon completion if the purchase proceeds or you will have to agree on a lower exchange deposit with the sellers.

How do solicitors exchange contracts in a chain?

Conveyancing at the exchange in a chain can prove to be a tricky process because of the variety of property prices moving up the chain and how this affects the 10% deposit amount.

If one link in a chain is relying on the equity from their property sale to fund their deposit, then they may have to arrange funds from somewhere else to pay the exchange deposit on their property purchase.

Fortunately, conveyancers can usually use move the exchange deposit up the chain from solicitor to solicitor, so buyers only need to provide a smaller cash amount to make up their complete exchange deposit if the value of the property being purchased is increasing.

Average time between exchange and completion

The time between exchange and completion is completely up to the discretion of the buyer and the seller. Commonly these days exchange and completion takes place on the same day although often it is preferable to have some form of certainty by exchanging contracts in advance. This allows both parties to get their arrangements prepared like removals and change of address notices.

There is legally nothing stopping exchange and completion happening on the same day but it is advised to avoid this if possible as it can be incredibly stressful for exchange and completion to occur on the same day, and it may not be realistic if you are needing to commit to removals and other such matters.

In terms of the specific time of day completion takes place, you will usually find that the lower you are in a chain the earlier you will receive your keys. This is because you are not relying on any other purchases to complete before your own.

What if there is no completion date in my contract?

It is impossible to exchange contracts without a completion date in the contract. You will have to agree a date before exchange can take place.

Can I pay a reduced deposit on exchange of contracts?

The exchange of contracts deposit has to be paid to protect the seller in case the property purchase falls through or the buyer pulls out.

A lower than 10% exchange deposit can be arranged, although it is up to the seller whether or not they accept this as they will have less security if the sale does not happen. Remember, a seller in a chain will also have to pay an exchange deposit to their own sellers, even if their property sale falls through.

Still got questions? Get in touch with our conveyancing solicitors to see how we can help.

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Home / Conveyancing / Exchange & completion demystified

Simple guide: Exchange & Completion Explained

Everything you need to know....

2023 update

Page highlights

• Tips that make moving home significantly less stressful
• How to influence the speed of your sale or purchase
• How to stay on top of your conveyancer

"TheAdvisory drips in honest-to-goodness practical advice for todays house sellers"

Table of Contents

‘exchanging contracts’ explained in under 9 seconds, ‘completion’ explained in under 7 seconds, agreeing your completion date, the buyer's deposit on exchange explained, can you do building work between exchange & completion, can i exchange and complete on the same day, pros & cons of attended exchange of contracts, can you pull out after contracts exchange, how to speed up exchange & completion, what should the estate agent being doing during all this, buyers: what needs to happen before i can exchange, sellers: what needs to happen before i can exchange, how do solicitors & licensed conveyancers exchange contracts, what happens between exchange and completion, how long between exchange and completion, what happens on completion day, what happens after completion, how can i make completion day less stressful, understanding the buyer’s completion statement, completion day checklists, common questions, related guides.

Exchange of contracts is the point at which a property transaction becomes legally binding. Both parties are contractually bound to finalise the sale/purchase on the agreed completion date.

What is exchange?

At exchange:

• Both parties’ solicitors are in possession of a signed contract
• The seller’s solicitor also holds the signed transfer of title deed (TR1 form)
• The buyer’s solicitor is in possession of cleared deposit funds, a mortgage offer and buildings insurance policy, if required
• A completion date has been agreed
• At the point at which the solicitors confirm with each other they hold all the legal documents required for the transaction to complete, they ‘exchange’ contracts (usually over the telephone) the transaction becomes legally binding.

What happens at exchange of contracts?

• Years ago, solicitors used to meet and physically exchange contracts, however that practice has been replaced by a verbal agreement over the telephone.
• On the day of exchange, the legal company at the bottom of the chain has to contact the next legal company up and confirm to them that they’re in receipt of a signed contract of sale and deposit funds and also confirm the terms of the sale and completion date.
• They will give the next solicitor or conveyancer up the chain a ‘release’ time to come back to them to confirm the exchange, this may be 4pm or 5pm that same day.
• The next conveyancer has to contact their client’s seller’s solicitor or conveyancer in the same way, until the one at the top of the chain has been reached.
• The exchange then needs to be confirmed back ‘down’ the chain, to reach the first legal company within the release timeframe.
• If that doesn’t happen, the exchange process will have to be re-started the next day.

What is the significance of exchanging contracts?

• The significance of this stage of the property sale/purchase is that it marks the point at which both parties are legally bound to complete the transaction.
• It sets the completion date and confirms all the legal paperwork is either already in place for completion or is guaranteed to be in place before then.
• If either party were to pull out after exchange, there would be penalties.

Completion is when a property transaction is legally finalised and the new owners get the keys. It takes place on a date specified at exchange of contracts.

What is completion?

• Completion is the final stage of the property sale/purchase transaction
• It takes place when the seller’s solicitor confirms they are in receipt of the full purchase monies
• Ownership is transferred from the seller to the buyer by the dating and transfer of title documents
• Vacant possession is given to the buyer by 1pm, unless otherwise agreed
• Sellers should have left the property by 1pm on completion day
• The buyer is given the keys, usually by the selling agent, and is free to move in.

What happens on completion?

• When the seller’s solicitor or conveyancer receives the full purchase funds, they will confirm to their client, the buyer’s legal representative and the selling agent that the sale has completed.
• The seller is normally bound to give vacant possession by 1pm, so they will generally have moved out on the morning of completion day.
• The buyer is free to collect the keys (usually from the selling agent) and move in.
• Once the sale has completed, the buyer is liable to pay any Stamp Duty Land Tax due to HMRC (usually handled by their solicitor, on their behalf).
• Their conveyancer will also register the buyer’s ownership with the Land Registry. However, it is the buyers responsibility to make sure the money is paid and ownership registered.

What is the significance of completion?

Completion signifies that ownership of and responsibility for the property has transferred from the seller to the buyer.

Given that the transaction is not legally binding until exchange has taken place, there is generally anything from two to four weeks between exchange and completion, to allow all parties to make moving arrangements.

These include:

• Removals – a deposit is often required by the removals company before a date can be confirmed
• Arranging for transfer of services, such as broadband and satellite television
• Informing providers, friends and family of change of address and arranging for mail redirection with Royal Mail
• Booking time off work.

The more parties in the chain, the more time it is likely to take to find a completion date that suits everyone, so be prepared to compromise and accept you might not be able to agree on your first choice.

Because most people have a full-time job, completions tend to take place on a Friday to give everyone the weekend to get the initial moving in and unpacking done, without having to take more than an afternoon or a day off work.

As such, it’s often the busiest day for removals companies, so once you have an idea of when you’re likely to complete, it’s a good idea to make a tentative booking.

Most removals companies will be happy to ‘pencil in’ a date, although they are unlikely to guarantee it until you pay the deposit.

Can you avoid Friday?

If you are able to agree to complete on a day other than Friday, the transaction is likely to complete earlier in the day, because mortgage companies and solicitors aren’t as busy, and you may be able to get a better price for your removals, so it’s worth making enquiries early on.

In addition, moving on another day allows for:

• More time to settle into your new home, a weekend is unlikely to be enough
• If there is a delay, your property can be stored overnight as opposed to over a whole weekend
• Problems with bank transfers or long chains can mean just 24 hour delays rather than taking up a whole weekend

The deposit that the buyer is required to pay on exchange is different to the ‘deposit’ required by a mortgage lender.

For the purposes of the legal agreement, the deposit on exchange varies from 5-10% or more of the purchase price, which must be lodged with the buyer’s conveyancer as cleared funds, i.e. via bank transfer, a cashier’s cheque or money order, or a cheque that has been cleared by the bank.

As a buyer, if you can ensure your funds are sent over to your solicitor or conveyancer several days in advance of the proposed exchange date, it should help move things along smoothly.

Deposits in a chain

If there is a chain, it is usual that a seller may be using the funds they receive from their buyer to pay for some, if not all of their onward purchase.

As such, the deposit lodged by the buyer at the bottom of the chain may be taken into account and passed up the chain.

For example, if the person at the bottom of the chain ( Buyer A ) is buying for £150,000 and their seller ( Buyer B ) is buying for £250,000, the £15,000 deposit lodged by Buyer A can be put towards Buyer B’s deposit, so they will only need to lodge £10,000 with their conveyancer, rather than the full £25,000.

If Buyer C is downsizing and only buying at £200,000, they won’t need to lodge any deposit, as it is covered by the funds already in the chain.

Peace of mind for sellers

As a seller, the buyer’s deposit funds give you peace of mind that they fully intend to proceed to completion and, if they don’t, you will be entitled to keep the full deposit as compensation.

You cannot, however, access the deposit funds until the transaction has completed.

The only exception would be if you required the deposit to be paid to an onward purchase of a new build, where the developer requires the deposit, in which case, the funds would be paid to them and guaranteed by a New Build Guarantee Scheme (such as NHBC ).

Yes you can, via a side legal agreement called a ‘key undertaking’.

It’s most commonly used when a property is currently vacant and requires refurbishment or modernisation , in order that the buyers are able to get it up to a standard where they can move in on completion.

The other instance where a key undertaking is employed is if the buyer’s mortgage lender has placed retention on the mortgage funds (i.e. is holding an amount back) until certain remedial works are carried out on the property, and the seller is not willing or able to carry them out themselves.

In this case, granting the buyer access to undertake the required works may be the only way for the sale to proceed.

If the seller agrees to allow access (which they may not) the key undertaking document will need to detail the exact nature of the works you intend to carry out and what will happen if you don’t complete the purchase for any reason.

Key undertakings also often stipulate that the buyer is responsible for the utilities and Council Tax from the date of exchange.

• It is certainly possible to exchange and complete on the same day, although it does make the transaction more stressful as a lot has to be organised with no guarantee that the sale/purchase will go ahead.
• A same day (or simultaneous) exchange and completion is most common where there is a cash buyer , no chain and both parties are looking for a quick transaction.
• If a mortgage is required, it may not be possible, as some lenders require a minimum period between exchange and completion, typically five working days.
• The downside of planning to exchange and complete on the same day is that there are a number of things that can hold up exchange – such as signed paperwork not being received in time, searches being delayed , a title issue, last-minute mortgage issues – so you risk losing out and running into problems if you have committed to removals, arranged for mail to be redirected, etc.
• Essentially, unless there is a very good reason for pushing through a speedy purchase/sale, it is much better to leaving at least a couple of weeks between exchange and completion, so that nobody is making commitments they may not be able to fulfil.

An attended exchange of contracts is where the buyer and seller meet in person, together with their legal representatives, to come to an agreement on the terms of the sale/purchase and push through exchange as soon as possible, ideally on the same day.

It tends to mainly be developers and property traders that look to carry out the transaction in this way.

It’s used when one or both parties want to push through the transaction as quickly as possible.

The buyer may want to own and start developing what they see as an excellent acquisition before anyone else gets hold of it, or the seller might have a pressing need to release their equity as soon as possible.

When to consider it

When a property is highly desirable and of great interest to a number of parties, if a buyer is able to push through a quick purchase in this way, that may give them an advantage and allow them to secure the property.

From a seller’s perspective, a quick sale will allow them to access capital that they may have an immediate need for – either to complete another purchase or to satisfy some other financial commitment.

It is typically only possible to reach exchange in this way if you’re a cash buyer, as most mortgage lenders will require more time to have searches, a mortgage valuation and possibly a home buyer’s survey carried out and paid for by the buyer, not to mention the time they take to prepare and issue a mortgage offer.

How it’s done

• All parties meet face to face, usually at the seller’s solicitor’s offices.
• If either the buyer or seller is unavailable in person, they will be contactable on the phone.
• Exchange is usually achieved the same day.

Pros & cons

The main thing to be aware of is that all the risk is placed on the buyer, so it is not for someone who’s inexperienced.

Generally, it is only well-capitalised, professional property investors who attempt attended exchanges.

• The seller has a buyer who is clearly committed
• The buyer eliminates the risk of being gazumped
• Negotiation is more straightforward because everyone is in the same room
• Given that both parties are keen to move quickly, they are likely to resolve any issues more quickly and less likely to worry about smaller, superficial problems
• The seller may be looking to push through a quick sale because they know of some big structural, title or planning issue, and the buyer has no time to check these things out as thoroughly as they should
• Because there is no time to carry out searches or have a proper survey, the buyer is reliant on the seller ad their solicitor giving fair and reliable information about the property
• It is much more expensive than standard conveyancing, because you have to pay for an experienced conveyancing solicitor’s undivided attention
• The buyer’s legal representative has the disadvantage of being away from their office and normal resources

The first thing to say is that either party pulling out after exchange is extremely rare.

At the point of exchange, both the buyer and seller are contractually committed to completing, so pulling out is a breach of contract and attracts financial penalties.

Advice for buyers

• As a buyer, you have the most to lose by pulling out, because you will forfeit your entire deposit and may be liable to pay interest on the balance of completion funds.
• As such, you should never proceed to exchange if you have any doubt about completing the purchase.

Advice for sellers

• As a seller, if you pull out, you are liable for the costs incurred by the buyer in the transaction to date, which is usually their conveyancing solicitor’s fees and the survey fee.
• It is not as financially punitive as it is for the buyer, but you should be aware that estate agents will be wary about dealing with you in the future because they don’t get paid for failed transactions.
• However, it may be that due to unforeseen circumstances you have no choice, such as an unexpected divorce, death or discovery of a required job move.
• In these cases it is worth seeing if it is possible to negotiate and that the seller/buyer will be sympathetic to your circumstances.

The key to moving the transaction along as quickly as possible is for all parties to respond to requests for information or action right away.

If buyers or sellers are unclear about the process or slow to respond, or solicitors and conveyancers don’t process things as quickly as they could, transactions can drag on for really no good reason.

There should be good communication between the buyer, their legal representative and their mortgage broker; similarly, the seller should be in touch with their conveyancer and estate agent to make sure things are moving along and there are no problems.

The estate agent should be in touch with all parties, checking in to progress the sale on a regular basis.

It also helps if you can agree an exchange and completion date to aim for right from the start, to give everyone a timescale to work towards.

This can help to uncover issues such as holidays which can delay progress.

Tips for buyers

• Have your conveyancer’s details ready to give the agent when making an offer.
• Make sure you understand the process – your solicitor or conveyancer should have a simple document outlining what happens when – then you know what you might need to chase up.
• Provide your conveyancer with everything they need as soon as they ask for it and make sure your initial cheque to cover searches. is lodged with them early – and that they apply for the searches as soon as they have your funds.
• Choose a recommended mortgage broker who is experienced at expediting mortgage offers
• Instruct an independent survey to be carried out as soon as possible.
• Ensure your deposit funds are easily accessible and with your solicitor or conveyancer as soon as exchange is on the horizon.
• Organise buildings insurance for the date of exchange so you can give the policy details to your legal company.
• Don’t go on holiday.
• Choose your conveyancer based on quality of services (not just price).

Tips for sellers

• Prior to your property coming to market, start putting together all receipts and warranties for work you’ve carried out and any formal documentation relating to home improvements, such as building regulations and gas and electrical certification.
• Instruct a solicitor or conveyancer before you’ve even had an offer, so they can contact your mortgage lender for the title deeds and start preparing the sale contract, ready to send out as soon as you secure a buyer.
• Understanding the conveyancing process will reduce stress and enable you to be more proactive.
• Complete property information and fixtures & fitting forms as soon as you receive them.
• Respond to additional enquiries by return.
• Sign and return the contract and deed of transfer in good time.
• See: Step by step guide to selling your home
• The estate agent should be progressing the sale, i.e. liaising with all parties to make sure each stage of the transaction is happening, as it should be.
• Because the buyer and seller can’t speak to each other’s conveyancer, it’s important for the estate agent to be able to keep them updated and reassured.
• Many estate agents now have dedicated sales progression teams, who spend all their time helping move transactions along and keeping clients informed.
• Some use software that allows buyers and sellers to log on and see exactly where they are in the process and what might be causing delays.
• Estate agents are often well placed to negotiate if any problems arise, such as adverse surveys that require a renegotiation of the price.
• Estate agents play an important role in reassuring both parties if things seem to be taking longer than expected.
• See: Using estate agents – everything you need to know

A good ‘no sale, no fee’ estate agent – one who’s experienced, knowledgeable and proactive – can really help achieve a smooth sale and purchase and it’s in their own interest, as they don’t get paid unless the transaction completes!

Getting ready to exchange contracts is a matter of getting the right legal and financial documentation signed and funds being in the right hands.

As a buyer, you must make sure:

• Your deposit funds (usually 5-10%; your solicitor or conveyancer will advise you of the amount required) must be cleared with your legal company.
• You have signed the contract of sale.
• You have signed the deed of transfer of title (although this is not strictly legally necessary, as long as the seller has signed it).
• You have arranged Buildings Insurance for the property.
• You have agreed a completion date.

Your conveyancer must:

• Be in possession of a signed contract and deed of transfer (if applicable).
• Have search results and any irregularities/concerns should have been addressed/resolved.
• Be in possession of your cleared deposit funds.
• Have a copy of your survey to check if there are any other queries which need to be addressed.
• Be in possession of your mortgage lender’s offer and have confirmed with the lender that they are able to provide the funds in time for completion.
• Have a copy of your Buildings Insurance policy, effective from exchange.
• Prepare a completion statement, detailing all the monies you have to pay.
• Have all paperwork relating to the lease and management of the building (if buying Leasehold).

As the onus is more on the buyer than the seller in the transaction, there is not as much for you to do.

As a seller you must:

• Ensure you have responded to all enquiries and provided all required documentation (warranties, guarantees, certification of works etc.).
• Ensure you have signed the contract and transfer of title document.
• Agree the completion date.
• Be in possession of your signed contract and signed transfer of title document.
• Be sure the deposit has at least been lodged with the buyers legal company ready for transfer.
• Have an estimate of any mortgage redemption costs, especially any early redemption charges you may have to pay.

In the past, solicitors would meet up in person to physically exchange contracts, however, these days it is done over the telephone.

They verbally confirm and agree the terms of the contract, the completion date and that they hold the required documentation and funds.

Once each solicitor in the chain has, in turn, agreed all this with the corresponding buyer’s/seller’s solicitor, contracts are said to have been exchanged.

What is the process?

• On the day of exchange, the solicitor or conveyancer at the bottom of the chain has to contact the next one up and confirm to them that they’re in receipt of a signed contract of sale and deposit funds and also confirm the terms of the sale and completion date.
• They will give the next legal representative up the chain a ‘release’ time to come back to them to confirm the exchange, for example this may be 4pm or 5pm that same day.
• The next solicitor or conveyancer has to contact their client’s seller’s legal company in the same way, until the solicitor at the top of the chain has been reached.
• The exchange then needs to be confirmed back ‘down’ the chain, to reach the first legal company within the release timeframe. If that doesn’t happen, the exchange process will have to be re-started the next day.
• See: Buying and selling a home at the same time and coping with being in a chain

How long does it take to exchange contracts on the day?

• It depends on how many people are in the chain and therefore how many solicitors need to be contacted in turn.
• If there is only one buyer and seller, exchange can happen as quickly as they can make and receive a call.
• If, however, there are several people in the chain and three or four legal companies and mortgage lenders involved, it can take all day, because one solicitor or conveyancer might not be available when another calls.
• What is important to think through in advance is how long you need between exchange and completion.
• For example, if you have lived in a home for the average 21 or more years you may need a month or more to be able to downsize your contents or put them into storage prior to moving.
• If you don’t have too much to move, you may not need the ‘standard’ two weeks legal companies tend to suggest.

Why might exchange not happen on the day it’s supposed to?

Often this is down to a conveyancer being unavailable to take or make the required phone calls, either because they’re out of the office or in a meeting.

Regardless of the reason, it does suggest the solicitor or client may not be acting in the best interest of their client and it’s very frustrating for all parties.

Other reasons maybe required paperwork which was promised and not received, such as offers from lenders or it could be deposits being promised but not being transferred by buyers in time.

Other key reasons include buyers and/or sellers going on holiday or being away with work and not leaving the appropriate instructions with their legal company.

Bear in mind that most legal companies work on cases which they have to complete legally that week first, then, if time, look at property transactions which are expected to exchange and then progress other cases.

As a result they may intend to exchange on a certain date but when they look at the file, perhaps on the one day or morning they have spare, they realise they are missing key information required.

This is particularly the case if they are not a proactive legal company or overload the legal department with too many cases.

Make sure you pick a conveyancing firm that is proactive, has the most up to date technology and is keen to achieve exchange and completion dates you set rather than ones that suit them.

Once exchange has taken place and all parties are legally obliged to complete, everyone can make their arrangements for the agreed completion day.

Who does what?

• Confirms removals and starts packing.
• Plans move (change of address, mail redirection, etc.).
• Contacts utilities and services to inform them of impending transfer or end of service.

Buyer’s conveyancer:

• Ensures mortgage company is on track to transfer monies on completion.
• Draws up final completion statement.
• Ensures everything they agreed to include in the purchase is left in place.
• Set up mail redirection to take effect from completion date.
• Leaves a set of keys with the estate agent, to be handed to the buyer on completion.

Seller’s conveyancer:

• Confirms redemption amount with mortgage lender.
• Draws up completion statement.

The length of time between exchange and completion is whatever all the parties involved agree to, but it’s usually one or two weeks.

That gives everyone time to organise themselves for completion:

• Buyers and sellers can confirm removals and start packing.
• All parties can arrange for the transfer of services and utilities and redirection of mail.
• There is time to draw down any mortgages required.

It’s not always 14 days

• Sometimes exchange and completion take place on the same day and sometimes there can be a gap of one or two months (or even longer).
• A longer gap is most often seen in cases where someone is currently in rented accommodation and needs to give two months’ notice, which they wouldn’t be advised to do until exchange has taken place.
• If you’re buying a new build, there may be a much longer delay, as the property may not have been built at the point you exchange.
• A delayed completion date may also be agreed if the sellers of a property you’re buying have not yet secured an onward purchase.
• The one thing to be aware of is the expiration of mortgage offers, which are usually valid for three to six months.
• So if you received your mortgage offer early in the process and it took several months to get to exchange, your completion deadline might be dictated by your mortgage lender, otherwise you will have to reapply, which is likely to delay the process for everyone.
• On completion day, the purchase monies (comprising the buyer’s own funds and any required mortgage) are transferred to the seller’s solicitor, at which point the transaction is completed.
• The seller is usually obliged to vacate the property by 1pm on the day and ownership transfers to the buyer.

What can cause delays on completion day?

The main cause of delay is usually the transfer of monies. If a mortgage is involved, the funds have to be sent by the lender to the buyer’s solicitor or conveyancer, who must then pass them straight on to the seller’s legal company.

Provided the lender makes the transfer first thing in the morning and the buyer’s solicitor or conveyancer attends to the onward transfer right away, completion can usually take place by 12 noon.

However, if the seller’s legal representative has not received the funds by 3pm, completion may not happen until the following day – although this is very rare.

The other thing that can hamper the process is if a party in the chain has miscalculated the monies required to complete, which includes stamp duty and any agents’ fees plus VAT .

Last-minute transfers can mean the transaction doesn’t complete until later in the day.

From a logistical perspective, people not starting the removals process in good time can cause delays.

Sometimes the transaction has completed but a buyer is unable to move into their new home because the seller has not yet vacated it.

In this case, if costs are incurred, such as additional removals charges or there is the need for overnight accommodation, the seller can be pursued for costs.

These are good reasons why it is worth aiming for completion earlier in the week so there is still time to complete prior to the weekend, rather than relying on everything going well on a Friday.

What happens if completion doesn’t take place?

If either party fails to complete on the contractually agreed date, they are in breach of contract and there are penalties.

Buyer fails to complete:

• They will be served with a notice to complete within ten working days (2 weeks) before contracts are rescinded.
• They are liable to pay interest to the seller on the amount of the purchase monies not sent through – normally calculated at 4% above the Bank of England Base Rate .
• If they do not complete within two weeks, the seller rescinds their contract and the buyer forfeits their deposit.
• The seller can resell their property to someone else and may pursue the buyer for losses incurred if they cannot achieve the same sale price.

Seller fails to complete:

• The buyer can rescind their contract, if it has not already been withdrawn by the seller.
• The seller must return the buyer’s deposit.
• The seller is liable for the buyer’s costs, such as legal, mortgage and survey fees.

For the seller and buyer, completion is mainly about physically moving house.

However, for their legal representatives, there are some key transactions that still need to be processed.

• Collects the keys from the selling agent and begins to move in.
• Checks that all fixtures and fittings are present as agreed in the contract of sale and informs agent and/or solicitor if anything is out of order.
• Changes the locks.
• Notifies utility companies of new ownership & takes meter readings.
• Informs contacts of change of address.

Buyer’s solicitor

• Transfers deposit to seller’s solicitor.
• Registers title deed of ownership with the Land Registry.
• Submit Stamp Duty Land Tax Return.
• Pays Stamp Duty Land Tax due to HMRC.
• Sends buyer the Title Information Document, a summary of information the Land Registry holds and an SDLT5 certificate as evidence that the Stamp Duty has been paid.
• Takes final meter readings.
• Vacates property (although they usually move out first thing in the morning, ready for completion).
• Hands a set of keys to estate agent, if not done so already.

Seller’s solicitor

• Redeems any mortgage on the property.
• Pays estate agent’s bill.
• Settles their own bill.
• Pays remaining balance over to seller.

The key to your completion day running smoothly is effective planning.

• Put together a list of everything you need to do early in the process and start making arrangements as soon as you know exchange is on the horizon.
• As Friday is the most popular day for completions, consider doing it on another day when legal companies, mortgage lenders and removals companies aren’t so busy.
• Give yourself and your removals company plenty of time to pack and consider paying for a night of storage so you’re not rushing to get everything out of the property on the morning of completion.
• Set aside all your most valuable possessions – anything you want to keep with you on moving day, rather than leave to the removals company. Get these together early, so you don’t overlook anything and panic on the day.
• Keep a folder of all your important legal, financial and personal paperwork and make sure you’ve always got access to it, in case your solicitor or conveyancer, mortgage broker or insurance company need any information from you.
• Check your belongings are properly insured for removals, via your own contents insurance and/or by the removals company’s insurance.
• Speak to the estate agent a few days before to make arrangements for collecting the keys. Some agents will offer to meet you at your new property, which can be a big help if going to their office would mean a big detour for you.
• If you have pets and/or young children, it might be a good idea to have them stay with friends or family on the day.
• Have a ‘Plan B’ with alternative accommodation in reserve, just in case anything goes wrong and you can’t move in that day.

The buyer will get a completion statement from their solicitor on exchange, detailing exactly what monies have been paid, are due to be paid and what is required to complete. It includes:

(A) The total amount you will pay the seller on completion

• The purchase price
• Any additional payment that might have been agreed for fittings

(B) Fees, taxes and charges

• Stamp Duty Land Tax – paid on your behalf by your solicitor within 30 days of completion. You must pay this amount to your solicitor before you can complete if they don’t have enough funds.
• Land registration fee, paid to the Land Registry to update ownership records for the property. Again, this must be paid to your solicitor prior to completion.
• Property search fee – this includes local authority, drainage and environmental searches, the title plan and the chancel indemnity insurance. You will have paid for these up front after you instructed your solicitor.
• Fees for Identity and pre-completion checks.
• Legal company’s fee, including VAT.

(C) Monies already paid/received by the legal company

• Deposit paid when you instructed your solicitor or conveyancer.
• Property searches, paid shortly after instructing your legal company.
• 5-10% deposit, paid on exchange of contracts, or the deposit amount agreed.
• Mortgage advance (to be drawn down prior to completion).

Before completion can take place you have to pay the balance to your conveyancer ->  (A + B) – C = Balance Payable

Buyer checklist

• Await phone call from either your legal company or the selling agent confirming completion
• Collect keys.
• Arrange to be at your new home at 1pm, by which time the seller should have vacated.
• Make sure everything agreed in the fixtures and fittings list has been left in the property
• Read utilities meters.
• Connect services.
• Inform contacts, suppliers, providers and membership associations of new address.

Seller checklist

• Make sure you’re leaving everything as agreed in the fixtures and fittings form.
• Leave light bulbs and make sure there are no bare wires.
• Take meter readings.
• Vacate by 1pm.
• Ensure keys are with estate agent.
• Contact local authority to inform them you no longer own the property.
• Cancel direct debits for mortgage and buildings insurance on the property.

What is the difference between exchange of contracts and completion?

Exchange of contracts is the point at which the buyer pays a deposit and the sale/purchase contract becomes legally binding.

Completion is when the balance of the payment for the property is passed over to the seller’s solicitor and ownership transfers to the buyer.

What is the date of completion?

The date of completion is one that is agreed by both parties prior to exchange, commonly one or two weeks later. It is the date on which full payment is made to the seller, ownership transfers to the buyer and moving day takes place.

How much time is REALLY needed between exchange and completion?

Legally, exchange and completion can take place on the same day.

However, if a mortgage is required for the purchase, the lender might require five working days between the two and it is much less stressful for all parties if there is a period of time after the transaction becomes legally binding, to give everyone time to make moving arrangements.

If you are trading down, think about how long it will take you to downsize your contents.

It may take weeks or even months, so if you need more time between exchange and completion, do make sure you secure this early on in the process.

What does completion mean when you are buying a house?

When you’re buying a house, completion means you have paid the seller (commonly with a combination of your own money and mortgage funds from a lender) and ownership of the property has passed to you.

It is the day you can move in.

What does it mean when you exchange contracts on a house?

Exchanging contracts is the point at which the buyer and seller are both legally bound to complete the transaction.

The buyer lodges a deposit with their solicitor and if either party pulls out of the agreement, which is very rare, there are financial penalties.

Can you exchange contracts without a completion date?

No, both parties must agree a date, which is inserted into the contract before exchange can take place.

• What is conveyancing?
• Conveyancing process explained: For Sellers  
• Conveyancing process explained: For Buyers
• How much should conveyancing fees cost
• Should you do conveyancing yourself
• How to choose your conveyancing solicitor
• How to deal with conveyancing complaints & problems
• Conveyancing searches explained
• Step by step guide to extending your lease
• Stamp duty land tax (SDLT) explained

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Sources, citations & credits

• The Importance of a Properly Drafted Key Undertaking – Dominique Oliviero for Clough & Willis Solicitors
• Conveyancing Fees & Quotes
• How To Extend A Lease
• Conveyancing Process Explained (When Selling)
• Conveyancing Searches
• How To Make Complaints & Resolve Conveyancing Problems
• Conveyancing Process Explained (When Buying)
• Choosing Your Conveyancer
• DIY Conveyancing
• Stamp Duty Land Tax (SDLT)
• Want to avoid solicitors that rip you off, baffle you with jargon and make a mess of your move?

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Exchange and Completion: What’s the difference?

The aim of all parties to conveyancing transactions is to complete matters so that you can move into your new property and out of your old property.

At Askews Legal we appreciate that you want this to happen as quickly as possible and without delay. However, before completion can take place, we need to exchange contracts. The aim of this article is to explain to you the difference between Exchange of Contracts and Completion. Many clients don’t always understand what the difference is, so hopefully this article will demystify that for you.

Exchange of Contracts

This, as the name suggests, is where contracts are literally exchanged between the solicitors for each party. Traditionally this involved the solicitors physically meeting and handing over the contract to the other party and at the point of the handover contracts were “exchanged”. Nowadays it is much more common that solicitors exchange contracts over the phone by telephone exchange.

Telephone Exchange involves both solicitors going through the contract simultaneously and agreeing upon the contents of the contract each solicitor holds. Once we are satisfied that we hold identical counterpart contracts we will agree that contracts can be exchanged. We will then date the contract with the exchange date and complete the section for the completion date. We will also agree upon the amount of deposit held by the seller’s solicitor and this will usually be held to order pending completion. We will also specify the time of exchange so that there can be no dispute as to when exchange took place.

Once contracts have been exchanged, they become legally binding. This effectively means that all parties are now “locked in” to the transaction and if either party pulls out or fails to fulfil their obligations under the contract then that party will be in breach of contract which can have severe consequences and involve financial penalties!

If you are purchasing a property you will become liable for any risk to the property between exchange and completion from the point of exchange. Before we exchange, we will ask that you put appropriate buildings insurance in place prior to contracts being exchanged to protect you in the unlikely event that anything happens to the property before completion takes place. If something were to happen to the property after we have exchanged contracts and you don’t have buildings insurance in place you will have no protection for the damage caused and you as the purchaser will be personally responsible for any necessary repairs, not the seller.

We try to exchange contracts a few days or a sometimes a week before the agreed completion date, this allows parties time to arrange removals in readiness for completion (moving day) but it is not at all uncommon to exchange contracts on the day before completion or even on the day of completion itself. The latter is called a simultaneous exchange and completion.

Completion, or moving day is when the whole transaction is finalised. The purchasers of a property will become the legal owners of that property and the sellers will no longer have any legal rights over that property. At Askews Legal we understand that you want to move as early as possible in the day to allow yourself plenty of time to move all of your belongings. However, we cannot guarantee a set time for completion. We aim to be able to complete by midday but this is not always the case.

Completion day is when all of the monies involved in a transaction are moved around. If you are purchasing with the aid of a mortgage, we will need to have received mortgage funds from your lender, we will then need to transfer the whole of the purchase monies to the seller’s solicitor and wait for their confirmation that they have received funds.

If you are selling and have a mortgage to redeem, we will need to wait until we receive your sale monies in from the purchaser’s solicitor before we can send funds to your lender to redeem the mortgage. Once we have redeemed the mortgage, we will be able to transfer any balance of funds back to you and confirm completion, or if you are also purchasing, we will then transfer your purchase monies to the solicitors for the seller of your new property. Once we receive confirmation that monies have been received by the relevant parties, we will notify the other party that completion has taken place. The seller’s solicitor will contact the Estate Agent and allow them to release the keys to the buyer. You, as the buyer will then be able to collect the keys to your new property and move in.

At Askews Legal we aim to proceed to exchange and completion as quickly and smoothly as possible for you to make the process as stress-free as possible. We will keep you fully updated throughout your transaction and indeed on the dates of exchange and completion.

Askews Legal LLP are a firm of Solicitors based in Coventry who deal with various residential conveyancing transactions. If you are thinking of selling or buying a property, please contact our experienced Residential Conveyancing Team at Askews Legal LLP.

Find out more about our residential conveyancing services or obtain your instant no obligation conveyancing quote here .

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Exchange vs Completion: What the difference?

• By: Ashley Saunders | Buying property
• PUBLISHED: 2nd February 2020 | LAST UPDATE: 12th January 2022

Quite often we misuse the terms exchange vs completion. Each term covers a different part of the property purchase purpose, so it’s worth being able to understand the difference.

The term exchange refers to the exchange of contracts, which is when the transaction becomes legally binding.

Completion is the date when the parties physically move and transfer legal ownership of the property.

So with the basics of exchange vs completion explained, let’s explore each in more detail and how they relate to buying or selling a property.

Exchange of Contracts

In any property transaction, until contracts have been exchanged, the parties aren’t not legally bound to follow through with the purchase. It’s simply an agreement in principle or a handshake.

Before contracts can be exchanged, each parties’ lawyer has to complete reams of paperwork. This includes completing local authority searches , verifying property ownership and ensuring the necessary funding is arranged.

As any part can withdraw at any point up to exchange, it’s important to build positive relationships with the buyer/seller, estate agent and your conveyancer or solicitor. By forming good working relationships, you can ensure the process continues to move forward without meaningful delays.

Another benefit to building good relationships is reducing the risk of Gazumping or Gazundering or the deal failing at the last moment.

Exchanging when selling

Agreeing to sell your property to a buyer is the first step. Next, you need to instruct a solicitor who will complete the paperwork.

With a conveyancer selected, you’ll need to supply proof of your identity, property ownership as well as the price you agreed to sell for and the estate agent’s details.

If you have a mortgage, your solicitor will want to know who your lender is and your mortgage account number. Using this information, they’ll request an up to date Redemption Statement.

Should there be a shortfall between the price your selling for and the remaining mortgage, your conveyancer will ask you for details of how you intend to plug this gap.

As your solicitor needs to verify the ownership, using the property’s full address they will search Land Registry to determine if the property is Registered or Unregistered. You’ll need to supply the Title Deeds if your property is not registered. Should your property be registered then your solicitor will be able to obtain a copy on your behalf.

With the title documentation and other paperwork collected, you solicitor will draft the contracts and issue these to the buyer’s Lawyer. Next, your buyer’s solicitor will inform yours that they are in a position to proceed to exchange of contracts.

Exchanging when buying

After falling in love with a property and with your offered accepted, you’ll need to ensure you have the funds to complete (either in cash or a mortgage), and then instruct a surveyor and hire a conveyancing solicitor.

Your conveyancer should supply you with a breakdown of fees and disbursements including when payments should be made. They’ll also ask for the basic details such as who the estate agent is, the property’s address and proof of funds.

Next, your solicitor will contact the seller’s conveyancer to get the process underway. At the same time, they will start to complete the paperwork involved the legal transfer including local authority searches.

The next step for the seller’s lawyer to draw up the contracts and send them over to your solicitor. With the contracts passed to your solicitor, some dialogue will take place between both parties’ solicitors to answer any questions.

When your solicitor is happy with the contracts and the search results, they’ll provide a comprehensive report on the extent of the property you are buying. You’ll also be notified you that you’re able to proceed to sign the contracts.

Once you’ve received your mortgage offer, your conveyancer will request the deposit funds from you. They’ll also confirm that you are in a position to exchange contracts.

Before you exchange, you and the seller are required to agree on a completion date, when you actually own property. With this date agreed, both sets of solicitors will carry out their final checks and exchange contracts.

Straight after contracts are exchanged, your lawyer will transfer your deposit to the seller’s solicitor. At this point, the contract becomes legally binding on both the seller and the buyer.

Completion date

Having signed contracts and agreed on a completion day, there is still paperwork to complete. If the seller has a mortgage, then their solicitor will request a Redemption Statement calculated to the day of completion.

Also, they’ll ensure all invoices that are due at completion, such as the estate agent’s fees are accounted for.

A few days before the completion date, the seller’s conveyancer will send a Completion Statement. This details the financials of the transaction including funds received, monies paid. It will also state if there is a shortfall or if the seller is due any money after completion.

If you’re buying, in the lead up to completion, your solicitor will ensure that you’ve satisfied all mortgage conditions and will request funds from the lender. Typically, mortgage funds are paid at least a working day before completion. This avoids any unnecessary delays on moving day.

Much like the seller’s lawyer, the buyer’s solicitor will draw up a Completion Statement which details all payments made and monies received. Should you owe any monies, they will request them to ensure funds are cleared before the completion date.

On Completion Day

With both solicitors having completed their final checks, the buyer’s solicitor will transfer the balance of the purchase to the seller’s conveyancer.

When the seller’s solicitor receives funds they will confirm completion with the buyer’s lawyer. Next, the estate agent (or whoever is acting as the key holder), will release the keys. The seller’s solicitor will pay any secured charges and the estate agent’s fee.

The buyer will be notified that completion has taken place and they can then take possession and move into the property.

Exchange vs Completion

You should have a clearer idea between exchange vs completion and how each term relates to buying or selling a property .

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How Long Between Exchange and Completion

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Written by Nicola Ryan

23rd May 2023 (Last updated on 23rd May 2023) 8 minute read

The length of time between exchange and completion is typically 2 weeks . This gives both the buyer and seller ample time to make their final arrangements before moving day. Be aware that the time between exchanging contracts and completion can differ.

Chain-free buyers or cash buyers are more likely to undergo a quicker transaction. Those requiring a mortgage may experience delays and slower completion.

This guide takes you through the time between exchange and completion and what to expect.

Table of contents

Exchange of Contracts Explained

Completion day explained, average time between exchange and completion, is there a maximum time limit, can i exchange and complete on the same day, why would completion day be delayed, what if a party pulls out after exchanging, how will my conveyancer help, finding a conveyancer.

The exchange of contracts is one of the most important steps in property transactions. This is when the parties are legally bound to complete the sale. Both parties' solicitors will exchange identical signed contracts. From this point onward, the transfer of property ownership has changed.

Despite being called the exchange of contracts, it tends to happen over the phone as a verbal agreement. Both conveyancing solicitors agree to send their contracts across. They will then arrange an agreed date that marks the conveyancing process's end.

The buyer’s conveyancer must transfer the cleared deposit funds to the seller’s representative. They must also send proof of mortgage funds, so the seller can be assured that the remaining funds will be paid upon completion.

The buyer will also pay their exchange deposit at this stage to secure the sale. Before completion can take place, both the buyer and seller will need to pay any outstanding fees. These include solicitor costs, disbursement fees, and mortgage fees.

In Scotland , the exchange of contracts is replaced by missives. These determine the terms and conditions of the contract. The exchange is complete when the conclusion of missives has taken place. Once this happens, completion can take place and the buyer can receive the keys to the property.

Read more about Buying a House in Scotland

Completion day marks the final stage of the conveyancing process. Ownership has been fully verified and transferred to the buyer and all funds will have been paid. Completion typically occurs between 7 and 28 days after exchanging contracts.

The seller will receive all remaining funds and the buyer can collect the keys from the seller's agent. Typically, there will be an agreed time when the seller must vacate the property by. All parties will be informed of this beforehand.

Traditionally, completion day takes place on a Friday, giving buyers the whole weekend to move into their new property. However, it is possible to complete earlier in the week. Completing earlier in the week means a smaller chance of delayed completion as the bank transfers can be done the next working day. However, buyers facing delays on a Friday completion would have to wait until the following Monday.

The buyer can move into the property on the same day. They will also have access to the title deeds on their new house. Using a removal company is best as they can remove the stress of the move and ensure all belongings are moved with peace of mind.

Following completion, the buyer's representative can contact the Land Registry on your behalf. They will then confirm the signed transfer.

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The average time between exchange and completion is around 2 weeks . This gives both parties plenty of time to finalise moving arrangements. This includes the following:

• Hire a removal company via Compare My Move to assist with your packing
• Arranging mail redirection with Royal Mail
• Take out buildings insurance and home insurance
• Inform broadband and utility providers
• Take final meter readings

There are instances when exchange and completion can happen on the same day, although this is rare.

Those who are chain-free such as first-time buyers are more likely to complete shortly after exchanging contracts. If they require a mortgage, it is unlikely that they will be able to complete on the same day.

However, in some cases, completion can happen several months after exchanging contracts. This tends to happen when there are significant delays with mortgage lenders or failure to transfer funds on time.

There is no legal time limit for completion to take place. However, it is recommended that completion should occur between 7 and 28 days after the exchange of contracts. This allows both parties to ensure everything is to finalise the transaction.

If completion hasn’t occurred after a month, this could cause significant problems for both parties. If the delay is because of the seller, the buyer may wish to renegotiate their offer, which would restart the conveyancing process.

However, if the buyer is the cause for the delay, the seller may withdraw from the transaction altogether and seek out another buyer.

It is possible to exchange and complete on the same day . However, this is dependent on the circumstance. Most mortgage lenders require a minimum period between exchange and completion.

A general rule of thumb is that mortgage transactions will not exchange and complete on the same day.

Here are some cases where a simultaneous exchange and completion can occur:

Cash Buyers

Cash buyers can make quick purchases as they will not require a mortgage. They are also chain-free, meaning they are not reliant on selling another property. Cash buyers are often favoured by sellers because of the minimum timeframe. The seller will also be able to receive the funds directly rather than having to wait for a mortgage provider.

Investors looking to purchase a property will not have to worry about arranging any removals. Investors include landlords seeking rented accommodation.

If the investor is buying a property with tenants in situ , the exchange of contracts and completion can happen on the same day. This is because no moving is required as the existing tenants will remain, making it a quick transfer of ownership.

Vacant Property

If the seller has vacated the property, exchanging contracts and completion can happen on the same day. The buyer may be eager to move in and the seller will want to receive property funds as quickly as possible.

Completion day can be delayed due to various unforeseen circumstances. For those looking for a quick exchange completion turnaround, knowing the leading causes of delay is crucial.

Here are the most common reasons that delay completion day:

1. Delay in Chain

If a payment further up the chain fails to go through, it can cause massive delays. This is the case even if it is a payment not directly associated with your property transaction.

2. Change in Financial Circumstances

This can include delays on the mortgage lender’s part of the buyer's as the transaction cannot complete without the necessary funds.

Most buyers require a mortgage when purchasing a property. The mortgage lender may not release the funds if personal circumstances have changed.

The banking CHAPs systems close at 4 pm and are only open on weekdays. If the bank has not sent the funds by then, the completion may be delayed until the next working day.

3. Change of Heart

The buyer or seller may have changed their mind about the sale and wish to withdraw. If this occurs before the exchange of contracts, they can pull out without facing legal implications. However, if they pull out between the exchange and completion, they will be liable to cover the fees the other party has paid so far. They may also be taken to court for extra damages.

After exchanging contracts, the transaction becomes legally binding. This means no party can pull out of the transaction without facing legal ramifications. It is viewed as a legal breach of contract, meaning that there may be severe financial penalties for the party that has withdrawn.

Here is what you need to bear in mind when pulling out of a property sale :

If the Buyer Pulls Out

Buyers have a lot more to lose if they pull out after exchanging contracts. They will lose any deposit they have paid so far. The seller may also claim extra damages. This may be the case if the market has depreciated since accepting the buyer’s offer.

The buyer may be expected to pay the difference if the home's value has decreased since the offer was accepted.

Any additional fees the buyer has spent thus far will also be lost. This includes mortgage-related fees, legal fees, and disbursements. Some conveyancers run a ‘ no sale no fee ’ policy, meaning that

If the Seller Pulls Out

Sellers will have to return the buyer’s deposit if they withdraw from the sale. They may also be liable to pay for the buyer’s fees that have been spent up to that point.

The buyer will have to send back any crucial documents. However, this is done at the seller’s expense. In certain circumstances, the buyer may also take the seller to court.

Read more on Solicitor Fees When a Buyer or Seller Pulls Out

Conveyancers are responsible for guiding you through the property transaction. It is not a legal requirement to instruct a conveyancer or conveyancing solicitor. However, unless you are a trained professional, it is highly recommended.

Your conveyancer will arrange conveyancing searches and make payments to third parties on your behalf. They are there to provide expertise and ensure you make the best decision regarding the property sale.

If you are a buyer, you should hire a conveyancer once your offer has been accepted. Sellers should instruct their conveyancer when they have accepted an offer. This marks the beginning of the home-buying process.

The conveyancing process ends once the sale has reached completion.

Read more about What is a Conveyancer and What Do They Do?

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Nicola focusses on all things moving house at Compare My Move where she writes articles for the advice centre, guiding users through everything they need to know about moving house.

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A Concise Guide to Exchange and Completion for Buyers and Sellers of Property

Exchange and completion are two things you’ll need to know about if you are buying a house or selling a house. In fact, exchange and completion dates are two of the most important steps in the whole process. Here’s exactly what exchange and completion mean and what you need to know about them.

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What is Exchange?

• What is Completion

A Guide to Exchange and Completion

What happens between exchange and completion, how long does it take.

In property transactions, 'exchange' is short for exchange of contracts.

Exchange is the point in the buying and selling process at which the buyer’s and seller’s solicitors or conveyancers physically exchange the legal contract of sale for the property.

The most important thing to know about the exchange of contracts it that this is the point at which the property sale becomes final. Neither buyer nor seller can back out of the sale after this point without penalty. Exchange is very much the point of no return.

It’s also important to know that until exchange the sale is not final – it is only subject to contract. Either buyer or seller or both can decide not to proceed and the sale can fall through.

At the point of exchange, it is normal for the buyer to pay a non-refundable exchange deposit. This is traditionally 10% of the purchase price, although it can be less. The exchange deposit can be paid in cash or using expected funds from the sale of a property the buyer is selling at the same time.

The buyer becomes responsible for the property at the time of exchange. One implication of this is that they should arrange buildings insurance for it from exchange day.

In times past, it was usual for the buyer and seller and their solicitors to meet in person to physically sign and exchange the contracts. Today solicitors will usually ask each party to sign their individual copy of the contract of sale well before exchange day. On 'exchange day' they will then exchange contracts virtually by phone with the other party’s solicitors and then exchange the physical copies afterwards. It is usual practice to aim to exchange contracts around noon on exchange day.

The buyer does not actually take possession of the property at the exchange of contracts. This happens later.

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What is Completion?

Completion is one of the final stages in the property buying and selling process. Completion or completion day usually occurs sometime after the exchange of contracts.

The legal definition of completion is that it is the point when all the terms of the contract of sale have been fulfilled satisfactorily and therefore the transaction is completed. In practice, completion day is usually also when the seller gives up the property and the buyer takes occupation of it.

Completion is when the buyer must pay the final balance for the property, less the deposit they have already paid. This can either be paid in cash or using mortgage funds. However, the buyer and/or the buyer’s mortgage lender will need to send this money to their solicitor in advance of completion day to allow this to happen.

On completion day the usual procedure is for the buyer’s solicitor or conveyancer to send the balance of the purchase price to the seller’s solicitor. Once the seller’s solicitor has confirmed receipt they will send the legal transfer of title deed and the title deeds for the property to the buyer’s solicitor and the transaction is then completed.

On completion day it is usual to aim to complete the sale between 1 pm and 2 pm although it can vary. This is usually specified in the contract and is known as the contractual completion time. It is usual for the seller to hand over the keys to the property, perhaps through the estate agent, once their solicitor confirms that the sale has completed.

Completion day is frequently, though does not have to be, also moving day. The seller must move out of the property (assuming they have been living there) and the buyer is able to move in (assuming they plan on living there) if they wish.

Here’s how 'exchange and completion' fit into the house selling and buying process:

• The buyer makes an offer, the seller accepts and the property is sold subject to contract.
• A memorandum of sale is drawn up which confirms all the details. The conveyancing process can then begin.
• The seller’s solicitor or conveyancer draws up a draft contract of sale and sends it to the buyer’s solicitor or conveyancer for them to check.
• The buyer obtains a formal mortgage offer (if buying with a mortgage) and processing of the mortgage begins.
• The buyer or their mortgage lender arranges a survey and a valuation.
• The seller provides further information about the property and the sale. This is usually done by completing forms TA6 (Property Information Form) and TA10 (Fittings & Contents Form).
• A number of essential checks are made by the solicitors or conveyancers. The official Land Registry registers will be checked to confirm the extent of the property and land, who owns the property, what legal restrictions or rights apply to it, and any existing mortgages or legal charges.

Extra checks will be needed if the property is a leasehold property .

Local authority searches will be made to find out about issues including access and rights of way, water and drainage, environmental and flooding risks, relevant planning applications and building regulations compliance.

• Any problems or queries which arise as a result of the above are dealt with and (hopefully) resolved by the parties.
• The buyer’s and seller’s solicitors confirm that everything is in order and that the sale and purchase can proceed.
• Contracts are exchanged on exchange day – as above.
• The sale is completed on completion day – as above.
• The sale is registered at HM Land Registry.

Important: The above procedure only applies in England and Wales under English law. Scotland has a different system due to the differences in Scottish law. The procedure will also be slightly different where a property is sold and bought at auction rather than by what is sometimes known as 'private treaty'.

Once contracts have been exchanged a number of things happen whilst waiting for completion to take place:

• Where a chain is involved – as is often the case with house purchases and sales – the various buyers’ and sellers’ solicitors or conveyancers should work together and coordinate everything to get the chain in place so that the completion date can be met.
• The seller should ensure the property is ready to hand over to the buyer. If, for example, they have agreed to do any repair or maintenance work as part of the sale.
• The buyer is able to check the property if they wish. That is, to ensure that it is in the condition that has been agreed.
• The necessary financial arrangements should be made. The buyer needs to ensure that the money is with their solicitor before the completion date. If the buyer is buying with a mortgage, arrangements should be made for the money to be with the buyer’s solicitor before the completion date. If the seller has a mortgage on the property a redemption statement should be obtained and arrangements made to redeem or repay the mortgage.

Each party’s solicitors will set up bank transfer details in preparation for completion day.

• The buyer’s solicitor will prepare a completion statement showing the purchase price, the deposit paid, balance to be paid and relevant costs, fees and Stamp Duty.
• The seller’s solicitor will prepare a completion statement showing the sale price, deposit received, balance to be paid, the mortgage to be repaid if appropriate, relevant costs and fees and the amount payable to the seller.
• The buyer and seller can book a removal date and start to do their packing where appropriate.

There is no fixed period for how long it should take between exchange of contracts and completion of the sale. The buyer’s and seller’s solicitors will usually agree a date for completion either prior to or when exchanging contracts.

Between exchange and completion can be anything from a few days to a few months. It is usual to agree that completion will occur anything between 7-28 days from exchange of contracts however.

According to a study, by The Advisory the average time from exchange to completion in the UK is 13-14 days.

Whether you are a buyer or a seller you should discuss exchange and completion dates with your solicitor or conveyancer to try and find dates which suit all parties. If, for example, you want to exchange and complete on your sale as quickly as possible tell your solicitor this.

The period between exchange of contracts and completion can be affected by a number of factors. One key factor is if the buyer and/or seller are involved in a chain where, for example, each sale must be ready to go ahead before that seller can buy and vice versa.

Can you exchange contracts and complete on the same day? It is possible for exchange of contracts and completion to happen on the same day, although not that usual. If you are a seller looking for a fast sale you should ask your solicitor about this. Exchanging contracts and completing on the same day is more likely to be possible where there is no chain and/or where the buyer is a cash buyer.

How to exchange contracts and complete faster. There are a number of ways by which you can try to reduce the period between exchange and completion. Firstly, aim to use solicitors or conveyancers who are efficient and pro-active. Secondly, provide any information you are asked for and answer any queries as quickly as possible. Lastly, if you are a seller, selling your property to a cash buyer or fast house buying company can help make the period between agreeing on a sale, exchanging contracts and completion shorter.

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What is the Difference Between Exchange and Completion?

When buying or selling your home there are several critical stages that need to be understood if you are to better control the process, manage expectations and reduce stress.

Many ‘newbies’ assume that once an offer has been accepted buy a seller, or has been made by the purchaser, the deal is ‘done’. This couldn't be further from the truth. In fact, this is just the start of the transaction process. Of course, it is reasonable to stick to the deal that has been agreed. The trouble is that (i) all the terms of the deal haven’t been agreed at this stage and (ii) circumstances can change.

It is, therefore, sensible to plan making some assumptions, such as when are formal mortgage offers likely to be confirmed? When will searches be returned to the purchaser’s solicitor? When does the seller expect to move out? Once a desirable timeframe has been agreed between the parties, try to identify any factors that might change it, such as a long upward chain (where one sale falling through might delay the seller being able to move out).

Exchange of Contacts

Having set a desirable timeframe this should leave you with a preferred date for ‘ exchange ’. This refers to the exchange of legally binding written contracts. In Scotland the law varies to the Laws of England and Wales.

The contracts are usually fairly standard and quite short. They record the terms of the sale, such as price, date of completion, refer to the title registered with the Land Registry and set out remedies for breach of contract, etc.

In England and Wales once signed contracts have been ‘exchanged’ both parties are legally obliged to undertake what has been agreed. Failure to do so (e.g. fail to pay the purchase price to the seller on the specified date / or failure to sell and yield up the property to the buyer on that date) will result in exposure for various legal remedies which might involve substantial ‘damages’ being payable or even ‘specific performance’, meaning the courts might make you do what you said you would. It is usual for a deposit of 5 - 10% be paid over to the seller’s solicitor by your solicitor upon exchange of contracts. Therefore, if your solicitor isn’t ‘in funds’ (i.e. you haven’t paid him the necessary monies) he won’t exchange contracts.

It is usual to insure your new property from exchange, so check with your solicitor on this too.

‘ Completion Day ’ is a date set for the sale to actually take place. It’s usual for this to be a Friday, but not necessarily. On this day both parties actually do what they are required to do under the terms of the contract they have agreed and exchanged between their lawyers.

The day of Completion is usually the day you get the keys and you move in, although you might choose to delay the move itself if you are undertaking decoration or improvement works. If you are selling you will, unless the contract states otherwise, be required to move out and hand over the keys. This is called ‘giving up possession’ and as most contracts offer vacant possession upon completion, you’ll need to move out on or before the date of completion.

If you do not abide by the terms of your contract, and this will likely include completing on time, you may be responsible for costs incurred by the other party. You may even lose your deposit!

Some solicitors will try to arrange for exchange and completion to take place on the same day. The inherent problem with this is that the deal is at risk right up until completion day. This is likely to increase the chance of you incurring costs on a failed sale (such as mortgage arrangement fees, solicitor’s costs, etc). It’s also difficult to arrange a reliable completion date, making booking removals firms very difficult.

It’s therefore probably best to have a 2 - 4 week gap between exchange and completion to allow you time to plan. Speak to your solicitor about this.

Related articles:

• How is a Completion Date Chosen?
• What happens to my Title Deeds on Completion?

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Exchange of contracts and completion: a step-by-step guide

Once you have had an offer on a property accepted, there are a series of steps the buyer and the seller must complete before the new home is yours.

There are no guarantees until the contracts have been exchanged and even then you may have to wait a few weeks before the seller will be able to hand the keys over. Exactly how long the process takes from beginning to end can vary but if the standard two weeks between exchange of contracts and completion is not long enough to arrange the move you can always ask for more time. Here is our step-by-step guide to what happens next after your offer is accepted.

1. Pay your deposit

The buyer pays a deposit to their solicitor or conveyancer. It is usually about 5% of the total agreed price of the house but it can be up to 10%. If the buyer pulls out after this stage they will lose this deposit and may face legal action from the seller. This is also the point where the buyer will also pay any other costs due to their solicitor, such as  Stamp Duty . Make sure you check the details of your solicitor’s bank carefully before making any payments.

2. Sign and then exchange contracts

The buyer’s solicitor will provide a series of legal documents to sign, including identical contracts which will be signed by both the buyer and the solicitor. These will then be sent by recorded delivery to each other’s solicitor or conveyancer. At this point, the deal is legally binding and no one can back out.

3. Make sure you are covered

At this stage, protect yourself with  buildings insurance cover  and consider  life insurance  too. There are big sums of money involved in buying a house and it is essential to prepare for any unexpected events.

4. A date for completion is set

Completion is when the money changes hands and you are able to finally get hold of the keys to your new place. A time of two weeks is usually allocated between exchanging contracts and completion, although it can be even quicker than this. The buyer’s solicitor can be sued if they fail to meet the deadline. Use this time to plan your move, pack your belongings and book a removals company if necessary. Make a list of all the people who need to know about your change of address, including utilities companies. If you think you need longer to prepare you can ask your solicitor to arrange this.

5. The lender releases the money

When the lender has received a Certificate of Title from the buyer’s solicitor, they will release the money to them. The  Certificate of Title  contains detailed information of the history of ownership of the property, and a complete legal description of it.

6. Final checks are made

Right before the lender releases the money, they’ll do a final check to make sure your circumstances haven’t changed. It’s a good idea not to do anything which might affect your credit rating around this time, such as maxing out any credit cards or making any large purchases.

7. The seller receives the money

Once the buyer’s solicitor receives money from the lender, they will forward it on to the seller’s solicitor. The sale is complete once the seller has received the money.

8. Time to pick up the keys

With the sale complete, there is now only one thing left to do – pick up the keys to your new home and move in.

Content provided by OnTheMarket.com is for information purposes only. Independent and professional advice should be taken before buying, selling, letting or renting property, or buying financial products.

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What happens between exchange and completion?

• Mortgage Conveyancing

Steve Roberts

Home » Mortgage Guides » Mortgage Conveyancing » What happens between exchange and completion?

When you are almost at the end of your house-buying journey, you will become familiar with two terms that are used by your estate agent and conveyancer: exchange and completion.

If you’re a first-time buyer , it might be that you don’t know what these terms mean. It might also be the case that you have moved house before but have forgotten what happens between the exchange and completion stages.

In this guide, we will tell you everything you need to know so keep reading if you’re interested in learning more.

A quick summary of ‘Exchange’

Exchange refers to the ‘exchange of contracts.’ At this point in the house-buying process, the property transaction becomes legally binding so you are contractually obliged to finalise the purchase or sale of the home on the scheduled completion date.

What is the exchange of contracts process?

Below we take a look at what happens both before and during the exchange of contracts.

Before exchange:

• A survey of the property is completed – Learn about property valuation surveys
• The buyer receives a mortgage offer from the mortgage lender
• The seller gathers up the paperwork for their home
• The buyer and seller sign the contracts needed for the transaction and send them back to their solicitors

At the exchange of contracts

• Each solicitor possesses a signed contract
• The buyer’s solicitor is in possession of the deposit, the mortgage offer, and the building insurance policy (if this has been required)
• The seller’s solicitor is in possession of the signed title deeds
• The buyer and seller agree on a completion date
• The timeframe of the house sale is confirmed across the property chain
• The buyer’s solicitor will call the seller’s solicitor and agree to the exchange of contracts
• In the case of a leasehold property, the freeholder will be given the new owner’s details

What is the significance of exchanging contracts?

The day when contracts have been exchanged is very significant because:

• The buyer and seller are legally bound to go ahead with the transaction
• The completion date is set
• The buyer pays monies owed to the seller
• Any party that backs out of the transaction after exchanging contracts will face financial penalties
• After the solicitors have exchanged contracts, the buyer and seller can organise their get respective house moves

A quick summary of ‘Completion’

Completion refers to the ‘completion date,’ the day when the property legally changes hands.

What is completion?

• Completion is the final phase of the property sale
• Property ownership transfers from the seller to the buyer

What happens on completion day?

• The purchase price of the property is paid, minus the deposit
• On receipt of funds, the seller’s solicitor will confirm to their client, buyer’s conveyancer, and estate agent that the sale has been confirmed
• The property is vacated by the seller at the agreed time
• The buyer collects the keys from the selling agent and moves into their new home
• The buyer becomes liable to pay Stamp Duty Land Tax to the HMRC
• The buyer’s conveyancer registers ownership of the property with the Land Registry

What is the significance of completion?

Completion day is very significant because this is the day when both the buyer and the seller begin the next chapter of their lives. The seller moves on to their next property and the buyer takes ownership of the property that has now been vacated.

Exchange to completion in 10 bite-sized steps

Discover the crucial steps that take place between exchange and completion of a property sale with our helpful infographic.

Agreeing on your completion date during the exchange of contracts

The completion date is usually four weeks after the exchange of contracts but this can be negotiated to suit the parties involved.

Before agreeing to a date, you need to:

• Check the prices and availability of local removal companies
• Talk to your employer about booking time off work
• Figure out which day of the week suits the members of your family

When you have agreed on a date with either the buyer or seller, you then need to:

• Book a removal company
• Contact your broadband suppliers and utility companies to let them know your moving date
• Organise buildings insurance
• Inform friends and family of your change of address
• Arrange to have your mail forwarded by Royal Mail
• Book time off work

Why do people complete on a Friday and can you choose another day?

Most buyers complete on a Friday as they have the weekend to unpack and organise their new home, so have little need to book an extra day off work.

But because Friday is so popular, you will need to make a tentative booking with a removal company when you have an inkling of when the completion date might be. Most companies are happy to pencil in a date although this will only be finalised when you have paid them a deposit.

Of course, you don’t have to choose a Friday. If you’re able to book a few days off work, you might want to move into your new property earlier in the week. This will give you more time to unpack your boxes and organise your new home. As mortgage lenders and removal companies are less busy on other weekdays, this is another reason to choose a different day.

Unfortunately, weekends are out of the question so don’t expect to move on a Saturday or Sunday. This is because both the buyer’s and seller’s solicitors need to be available on the completion date and they are unlikely to work at the weekend.

Another reason to avoid a weekend is bank transfers. They don’t go through on a weekend so a weekday is better if you want to avoid delays during the exchange and completion stages.

What happens to the buyer’s deposit on exchange of contracts?

When the buyer exchanges contracts with the seller, they need to pay an exchange deposit.

This deposit is usually between 5-10% of the property’s purchase price. –

Along with the legally binding contract, the deposit is a confirmation that the buyer is committed to the purchase of the property. Should they pull out of the deal after exchanging contracts, they could be sued by the seller and forced to award them compensation (which will include the deposit).

To ensure the transaction process goes smoothly, you should send deposit funds over to your solicitor several days before the exchange date. This can be done via a bank transfer, money order, cashier’s cheque, or cheque that has been cleared by your bank.

Deposits in a chain

The deposit sent by the buyer will usually be used by the seller to pay the costs associated with their next home. They might put the buyer’s deposit towards their own deposit, for example.

So, if Buyer A, at the bottom end of the property chain, was buying a house for £150,000, and they owed the seller (Buyer B) 10% deposit of the purchase price, they would send £15,000 to Buyer B via their solicitor.

On receipt of the deposit, Buyer B could put this money towards the deposit for their next property. If the property cost £250,000 and they needed a deposit of 10% , they would only need to pay £10,000 as the money sent to them by Buyer A could be used to pay the remainder.

Peace of mind for sellers

If you’re a seller, the deposit paid by the buyer can give you peace of mind that they are committed to buying your property. If they back out before the agreed completion date, you will be entitled to compensation, which will include the exchange of contract deposit they have already paid you.

Unfortunately, you aren’t able to access the deposit funds, until after the transaction has been completed. The only exception is if you are buying a new build property as the developer may require the contract deposit at an early stage. In this situation, the funds would be sent over to them and guaranteed by a New Build Guarantee Scheme.

What happens if my deposit is in an individual savings account (ISA)?

There are many ISA’s but the two main ISAs for buying a property are the help to buy ISA and the Lifetime ISA (LISA) .

Help-to-buy ISA

A Help-To-Buy ISA can be used to buy a home worth up to £250,000 (or up to £450,000 if buying a property in London). Although many people have an active Help To Buy ISA (Help To Buy Equity Loan Scheme), the government have now closed to any new applicants.

If you already opened a Help to Buy ISA before the cut-off on 30th November 2019, then congratulations – you have until 2029 to continue saving and receive your 25% government bonus by 2030! Don’t miss out on this opportunity to get more bang for your buck.

The money can be used towards the exchange deposit but you will need to request a closing statement from your ISA provider before you can withdraw your saved funds.

You then pass the closing statement to your solicitor, who will claim your 25% bonus from the government. This bonus can be put towards the deposit.

Lifetime ISA (LISA)

The next best ISA for saving to buy a property in the UK is the Lifetime ISA (LISA). This type of individual savings account became available in April 2017 and is engineered to help people save up for the long-term goals of home ownership or retirement. LISAs have proved invaluable resources for many savers since their emergence; don’t miss out on this opportunity!

With a LISA, the government will happily provide an astonishing 25% bonus to your savings every year – this is up to a maximum of £1,000 and completely tax-free! And it doesn’t stop there; you get all these rewards until you reach age 50.

Am I eligible?

If you’re between the ages of 18 and 39, you are eligible for a LISA. Contributions can only be made until age 50; however, after that point, your money can be used to buy your first home (up to £450,000) or taken out at 60 with no penalties imposed. If withdrawal occurs before reaching 60 years old though, 25% will be deducted from the total amount removed.

The lifetime ISA is an excellent choice for those hoping to save up for a first home or retirement and are willing to commit their funds long-term. This option has been proven advantageous time and again due to its attractive savings rate.

What your solicitor must send the ISA manager

If you are looking to access funds from your Lifetime ISA for a purchase, make sure that you supply the necessary information to the associated manager:

• a declaration that they’re an eligible conveyancer
• a declaration that they have received the information from the LISA holder and that they have no basis to doubt its accuracy and integrity.
• the purchase price of the property
• a declaration to only disburse the amount withdrawn towards fulfilling the cost of purchasing the property.
• details of your LISA account which will be receiving the withdrawn funds
• the solicitor’s unique professional body registration number
• a declaration that having carefully examined the facts and figures, they hereby attest that all of the information provided is accurate and complete to their best knowledge.

Each LISA manager or bank will have their own declination example. Below is a declaration example with text that must be used.

What the bank or ISA manager should do

The ISA Manager is required to transfer funds of the specified amount within 30 days of receiving your declaration.

The charge-free withdrawal will not be approved if:

• The ISA manager has sufficient grounds to assume that the information you provided is inaccurate or incomplete.
• If the first payment to that account is within 12 months of the withdrawal

When the purchase is complete

Within 10 business days of purchasing, your solicitor must inform the ISA Manager via email or post about:

• the completion date of the purchase
• The account number associated with the Lifetime ISA from whence the withdrawal transpired.
• their personalised conveyancer reference number should be registered with the relevant professional organisation.

Read more information on what to do if the purchase failed or isn’t completed within 90 days.

Can you do building work between exchange and completion?

If you need to carry out building work on your new property between the exchange and completion stages, your conveyancing solicitor can request access via a legal document known as a ‘Key Undertaking.’

You should specify what type of work you need to be carried out in a draft. Once this has been agreed upon, you sign the document and make it legally binding. If you breach the terms of the agreement, i.e. by carrying out unauthorised work on the property, you may be sued by the seller.

Can I exchange and complete on the same day?

Yes, it’s certainly possible to exchange and complete on the same day, although most mortgage lenders won’t allow this.

Exchange and completion on the same day usually occur in situations where there is a cash buyer, no chain involved, and the buyer and seller want to make a quick transaction.

In all other instances, it’s quite rare that exchange and completion happen on the same day. This is because:

• Most mortgage lenders require a minimum period (usually five working days) before exchange and completion as it can take a minimum of 48 hrs for the mortgage funds to be drawn down.
• The transaction can become stressful as a lot of work is required for everything to happen on a single day
• A lot can go wrong, such as a delayed transfer of mortgage funds or the risk of signed paperwork not being received on time

As such, it’s better to leave a few days’ gap between exchange and completion to alleviate the stress of everybody involved and to minimise the risk of anything going wrong.

Pros & cons of attending the exchange of contracts

An ‘attended exchange of contracts’ is the term used when a buyer and seller meet in person, along with their respective solicitors, to quickly complete the property deal.

There are a number of reasons why the buyer and seller might want to quicken the property transfer, as we describe below.

• You’re a buyer wanting to purchase a highly desirable property before another buyer gets their foot in the door
• You’re a developer that has a strong interest in the available property
• You’re a cash buyer who is in a position to buy the property immediately without the help of a mortgage company
• You’re a seller with an urgent need to release cash from the sale of your property

How it’s done

• All the parties involved meet face-to-face on the same day (usually at the offices of the seller’s solicitor)
• Both sides work through the sales papers
• An agreement is made and the exchange occurs

If one of the parties can’t attend in person, they make themselves contactable by phone.

Pros & cons

These include:

Pros of attending the exchange of contracts

• The seller can benefit from the proceeds of the sale
• The seller doesn’t have to wait for another buyer
• The buyer can purchase the property before they are gazumped
• Negotiations are straightforward as both the buyer and the seller are in the same room (in person or on the phone)
• Superficial issues can be resolved quickly

Cons of attending exchange of contracts

• As there is no time for a property survey, the buyer might regret the decision to purchase the property if they later discover issues in the house
• Less time to arrange buildings insurance, removals, etc.
• Conveyancing costs are more expensive

Can you pull out after the contracts exchange?

After exchanging contracts, the buyers and seller are legally bound to complete the sale. It’s still possible to pull out of the deal after this point but as this would be a breach of contract, the buyer or seller would face losing your deposit money.

Advice for buyers

If you pull out of the transaction after you exchange contracts, you will lose your deposit and you may have to pay interest on the unpaid purchase price and conveyancing fees.

As such, it’s wise not to exchange contracts unless you are sure you want to go ahead with the property purchase. If you have any doubts at all, hold off until you are satisfied that the property meets your financial and personal needs.

Advice for sellers

If you pull out of the sale after the exchange date, you are liable to cover the costs incurred by the buyer. These include the survey fee and the solicitor’s fee.

As well as the financial costs you will incur, there is also the chance that estate agents will be wary about working with you. They don’t get paid when transactions fail so they might be reluctant to represent you again.

Therefore, be absolutely certain that you want to sell your property before exchanging contracts so as to avoid any penalties.

How to speed up exchange and completion

One way to speed up exchanging contracts and completion is to carry out the processes for both on the same day. But as this isn’t always advisable, there are other ways to speed up the process.

Firstly, make sure you respond to requests for information quickly. If you are slow to respond to your conveyancer’s request, then the house-moving process will naturally slow down as a consequence.

Secondly, be sure to stay in regular touch with your conveyancer and estate agents. You may need to hurry them along if they are dragging their feet, or you may need to check for any issues that you can help resolve.

It will also help if you can agree on a completion day at an early stage as this will give everybody a target to work towards.

Tips to speed up the process for buyers

• Provide your conveyancer with everything they need from you, including the paperwork related to your mortgage offer and the monies required for property searches
• Make sure your deposit funds are accessible to your solicitor when you are getting close to the exchange date
• Choose a mortgage broker that can expedite mortgage offers
• Choose a trusted and experienced conveyancer
• Don’t go on holiday during the final stages of exchange and completion
• Sign the contract on the same day you receive it

Tips to speed up the process for sellers

• Gather the paperwork for your property early, such as receipts for any work that has been carried out and documentation relating to electrical and gas certification
• Hire the services of a solicitor before you are made a formal offer, as they will be able to get the title deed from your mortgage lender and prepare the sale contract at an early stage
• Choose somebody you can trust to carry out the conveyancing process
• Respond to requests for information in a timely manner
• Complete the fixtures and fittings/property forms as soon as you receive them
• Be accessible, even if this means postponing your holiday plans

What should the estate agent be doing during all this?

The estate agent will:

• Liaise with each party to make sure the transaction is going along smoothly
• Update the buyer and seller with information pertaining to the transaction
• Use software that gives the buyer and seller a login page to check for updates about the transaction (not all estate agents have this)
• Help to manage any problems that may arise during these final stages

Buyers: What needs to happen before I can exchange?

As a buyer, you must make sure:

• You receive a mortgage valuation from your lender and get approved for an official mortgage offer
• You have the money needed for your mortgage deposit
• Your deposit funds are cleared with your legal company
• You sign the sale contract
• You sign the deed of transfer (this isn’t always necessary if the seller has already signed it)
• You arrange buildings insurance for the property
• You agree to a completion date

Your conveyancer must:

• Have possession of the deed of transfer and the signed contract
• Be in possession of your deposit
• Check for any issues on the property survey
• Confirm (and have possession) of your mortgage offer
• Be in possession of your buildings insurance policy
• Prepare a completion statement (the document that itemises the financial transactions related to the house sale)

Sellers: What needs to happen before I can exchange?

As a seller you must:

• Respond to all enquiries by your conveyancer
• Provide all documentation required (such as warranties and gas certifications)
• Sign the contract and transfer of title
• Agree on a completion date
• Be in possession of all necessary paperwork, including the signed contract and transfer of title document
• Check to see that the buyer’s deposit has been lodged with their legal company
• Have an estimate of the mortgage redemption costs (outstanding balance and fees)

How do solicitors & licensed conveyancers exchange contracts?

In the past, solicitors and conveyancers would meet up in person to exchange contracts but these days, they are more likely to use the telephone.

During their conversation, they will agree to and confirm the terms of the contract. They will also make sure the required funds and documentations are in place.

Once they have confirmed and agreed to all this, the exchange of contracts will take place.

What is the process?

• The solicitor at the bottom of the property chain will contact the next one up and confirm that they have the signed contract and deposit in their possession
• The same solicitor will confirm a time for the exchange with the other legal representative
• The previous steps will take place between the other solicitors in the property chain
• The exchange will be confirmed down the chain to each legal representative
• If everybody is in agreement, the exchange will take place (if there are any issues, the exchange process will begin again the following day)

How long does it take to exchange contracts on the day?

It depends on how many people are in the property chain. If there is only one buyer and seller, then it will take no time at all. But if there are several people in the chain, it could take all day due to the number of mortgage companies and legal firms involved.

Why might the exchange not happen on the day it’s supposed to?

A delay might happen if there is a holdup with any paperwork or mortgage deposit funds, or if a solicitor or their clients aren’t contactable for any reason. A delay might also occur if the solicitor isn’t a very good one so it’s wise to do your research before picking a legal representative to minimise the possibility of something going wrong on exchange day.

Once the buyer and seller are legally bound to the transaction, the following will occur.

Who does what?

Below we look at what the buyer, buyers conveyancing, seller, and the sellers conveyance must do between the exchange of contracts and completion day.

• Arranges removal service
• Starts packing
• Contacts their utility companies and broadband suppliers about their impending move

Buyer’s conveyancer:

• Confirms the transfer of mortgage funds with the mortgage lender
• Checks terms on the lease (in the case of leasehold property )
• Draws up the completion statement
• Arranges removals
• Leaves a set of keys with their estate agent

Seller’s conveyancer:

• Confirms the mortgage redemption amount with the lender

How long is it between exchange and completion?

Completion dates are typically within 14 days after the exchange of contracts but there can be a longer gap if:

• The buyer is in rented accommodation and they need to give notice to their landlord
• The property is a new build and building work isn’t finished
• The seller hasn’t secured their next property purchase
• A mortgage offer has expired

The buyer’s funds are transferred to the seller’s conveyancer. At this point, the transaction is complete and ownership transfers and the seller must vacate the property.

What can cause delays on completion day?

Delays can be caused if:

• There is a holdup with the transfer of monies
• The seller hasn’t been able to vacate the property
• There are problems with the removal process

What happens if completion doesn’t take place?

As both the seller and buyer are legally bound to a contractually agreed date, they will be in breach of contract if they cause a delay to happen.

If the buyer fails to complete, they will be served with a notice that tells them they have 10 working days to complete before the contract is revoked. After this time, the seller has the right to a) pursue the buyer for financial compensation, and b) resell their property to somebody else.

If the seller fails to complete, they are liable for the buyer’s costs. They must also return the deposit paid to them. The buyer has the right to rescind the contract if it hasn’t been revoked already.

What happens after completion?

Below we look at what happens on the day off and after completion day and who does what.

Below we look at what the buyer, buyer conveyancing, seller, and sellers conveyancer must do on and after the day of completion.

• Receives the keys to the property
• Checks that everything in the property is in order (as agreed in the contract of sale)
• Changes the locks
• Sends meter reading to their utility companies
• Lets their contacts know their new address details
• Updates their driving licence and council tax details

Buyer’s solicitor

• Transfers the deposit to the seller’s solicitor
• Registers the title deed with the Land Registry
• Submits the Stamp Duty Land Tax return and arranges for Stamp Duty to be paid to the HMRC
• Sends the buyer the Title Information document and SDLT5 certificate as evidence of Stamp Duty paid
• Takes the final meter readings
• Vacates the property
• Hands keys over to the estate agent
• Updates their driving licence and council tax with new address information

Seller’s solicitor

• Pays the estate agent’s bill
• Receives monies owed to them
• Redeems seller’s mortgage
• Pays monies owed to the seller

What is the buyer’s completion statement

The buyer’s solicitor will give them a statement that itemises all the financial transactions that have taken place (and that are still required) during the exchange and completion process.

It will include:

The total amount the buyer will pay the seller on completion

• Purchase price
• Additional payments that have been agreed upon

Fees, taxes, and charges

• Stamp Duty Land Tax
• Property search fee
• Land Registry fee
• Fees for pre-completion and identity checks
• Solicitor fees

Monies already paid/received by the legal company

• Exchange of contract deposit
• Mortgage advance

This isn’t a definitive list of what to expect on the statement as other fees may also be required.

Frequently Asked Questions

How much time is needed between exchange and completion.

Exchange and completion can sometimes take place on the same day - known as a simultaneous exchange (or attended exchange) - but as delays could take place, as might be the case if mortgage funds are held up, it's better to leave a gap. A typical timeframe between the exchange of contracts and completion is 1-2 weeks.

What is the maximum time between exchange and completion?

The timeframe can exceed 2 weeks (even up to several months) so if you aren't able to complete earlier and you need an extended amount of time between exchange and completion. make sure you're upfront about the time you need at the beginning of the process.

Can you exchange contracts without a completion date?

No, as the completion date needs to be written into the contract before the exchange takes place.

How far in advance can you exchange contracts before completion?

In most instances, you can exchange contracts 1-4 weeks prior to the completion date, but a longer timeframe may be possible if both the seller and buyer agree.

Can anything go wrong between exchange and completion?

Unfortunately, yes.

A number of things can go wrong between exchange and completion. For example:

• If you lose your job or if your income is impacted in another way, your lender might rescind your mortgage offer and refuse to release mortgage funds.
• If the buyer or seller falls ill, this could stop them from completing.
• The purchase money required by the seller's conveyancer might not arrive on time.

These are just a few worst-case scenarios but don't let this put you off a house move, as most completion dates are met when the buyer and seller are able to overcome the obstacles in their way.

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Stephen Roberts MAQ is the founder of YesCanDo Money, one of the UK's largest no-fee mortgage brokers. With over 30 years of mortgage experience, he has advised and helped thousands of first-time buyers buy their first home and home movers buy their dream home. Speak to a mortgage expert today by completing our contact form:

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Exchange And Completion Same Day – Is It Advisable?

Once you have had an offer accepted on a property, you will be eagerly anticipating your moving date. But before you can move into your new home, you will need to exchange contracts with the vendor. There’s no set timeframe for doing so. In some cases, exchange will happen several weeks before completion, whilst in others exchange and completion may happen on the same day. So, what is the optimum length of time between the exchange of contracts and completion?

In this article, we’ll explore whether exchange and completion same day is really advisable, including investigating the potential issues that you could run into by taking this path.

Looking to buy your next property? Click here to discover your dream home

Exchange Vs Completion: What’s The Difference?

Before we discuss whether or not exchange and completion should happen on the same day, we should first explore exactly what is meant by the terms “exchange” and “completion”.

The exchange of contracts is the point at which the signed contracts for the purchase and sale of the property are exchanged between the vendor and the buyer. From the point at which this exchange of contracts takes place, both the vendor and buyer are legally bound to complete the transaction on the completion date set out in the contract. If either party pulls out of the transaction after exchange has taken place, they could face hefty financial penalties.

Completion refers to the day on which the sale is finalised, and the transaction is completed. This is the day that the vendor will vacate the property and hand the keys over to the new owners. Completion is the day that all parties will be looking forward to, when the sale and purchase are finally complete.

When Does Exchange Happen?

There is a lot of paperwork involved with buying and selling a property, and many different legal checks than need to take place before contracts can be exchanged. For this reason, it can take anything from a couple of weeks to several months for solicitors to be ready to exchange contracts after an offer has been accepted on a property.

If you are in a chain, the solicitors will need to wait until every member of the chain is ready to exchange contracts before this can take place. For this reason, transactions that are part of a chain can often take longer to exchange than chain-free transactions.

For exchange to take place, both the buyer and the vendor will need to sign identical contracts. The solicitors will then read the contracts out over the phone to each other, followed by immediately sending the documents to each other. At this point, the exchange of contracts has taken place, making the sale of the property legally binding.

How Long Between Exchange And Completion?

There is no set period of time between exchange and completion, but in the majority of cases, exchange will happen 1-2 weeks before completion. There are some cases in which a longer period of time is required between exchange and completion, for example if one party in the chain needs to give notice to terminate a rental contract or in the case of new builds which may not be ready to move into.

A minimum of one week is usually preferable between exchange and completion. This allows time for all parties to pack their belongings and book removals, as well as arranging the transfer of services such as electricity, WiFi and a TV license.

If the transaction is part of a chain, the completion date will need to be agreed between all parties. This means that you may need to compromise on the completion date, especially if you are part of a longer chain.

Thinking about selling your property? Book your free valuation here

Should You Exchange Contracts And Complete On The Same Day?

Many people ask whether it is possible to exchange contracts and complete the purchase on the same day. This can be a tempting option if you are eager to move into your new home, and it is possible to do so. However, there are some risks involved with exchanging and completing on the same day.

The biggest problem with exchanging and completing on the same day is that it increases the chances of something going wrong. For example, if a piece of paperwork hasn’t arrived in time or last minute mortgage issues crop up within the chain, the transaction may need to be delayed.

The chance of problems arising during a same day exchange and completion is far higher if you are in a chain. This is because there are more chances for things to go wrong when more transactions are involved. Every transaction is dependent on one another, so if one issue arises, the whole chain could collapse.

If there is two weeks between exchange and completion, there is time for the issues to be resolved and the moving date to still go ahead. However, if something goes wrong when you have already loaded your belongings into a removal van, the delay could be costly.

It’s also important to note that certain lenders have a minimum time requirement between the exchange date and the completion date. If you have already got a mortgage in place, you will need to check that they will accept same day exchange and completion before deciding to go ahead with the option.

When Is A Completion Date Set?

You can put forward a completion date at any point during the conveyancing process. However, this does not mean that the date is set in stone, as unforeseen delays are common during this time. For this reason, it’s recommended that you don’t book removals or begin transferring your services until exchange occurs.

The completion date does not become legally binding until the exchange of contracts has taken place. This means that the completion date may change up until the point at which contracts are exchanged.

How much choice you have when it comes to the completion date will largely depend on the length of the chain. In longer chains, you are less likely to be able to choose the date for completion as it will need to suit everyone in the chain. With shorter chains, you will be able to put forward a date that can be agreed between all parties.

Related Questions

Who is responsible for repairs after exchange of contracts.

After the exchange of contracts has taken place, the buyer becomes legally responsible for the property. This means that they are then responsible for any repairs that the property required. For this reason, you will be required to have buildings insurance in place before exchange takes place, covering the property in the case of significant damage occurring between exchange and completion.

What Happens If You Back Out After Exchange Of Contracts?

When contracts are exchanged, the property transaction becomes legally binding. This means that if a vendor or buyer decides to pull out after the exchange of contracts has taken place, legal action can be taken and damages can be claimed. In the case of the buyer pulling out of the transaction, the seller would also be able to keep the exchange deposit.

The Bottom Line

It can be tempting to exchange and complete your transaction on the same day, especially if you have been waiting for a long time for the transaction to go through and you are eager to get the keys to your new home. However, there is a high level of risk involved with making this decision, so it’s important to consider carefully your options and weigh up the risks before opting for exchange and completion on the same day.

The safest option is to allow 1–2 weeks between exchange and completion, giving time for any problems to be rectified before moving day. This will help to reduce the chances of any delays, ensuring that the transaction goes smoothly.

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Can You Exchange and Complete On the Same Day?

Everything you need to know about exchanging & completing on the same day.

Simultaneous Exchange and Completion

Both exchange and completion are huge milestones in the process of buying or selling a property – but can you exchange and complete on the same day? 

It’s common knowledge that buying or selling a house can be a long, drawn-out process and it can be very tempting to speed it up in any way you can. To that end, you might be wondering if you can exchange and complete on the same day instead of waiting the usual 1-2 weeks between them. But, can it be done? 

In this guide, we’ll take you through the pros and cons of simultaneous exchange and completion. We’ll discuss whether it is a good idea to exchange and complete on the same day or whether you should be patient and wait. 

So, seeing as we’re trying to save time, let’s get started…

This article covers

What’s the difference between exchange and completion.

Before we discuss whether you should exchange and complete on the same day, let’s make sure we know the difference between the two. 

Exchange is when both parties involved in the transaction are in possession of a signed contract. From this stage, both the seller and the buyer are legally bound to complete the transaction on an agreed day. 

Completion is the day the buyers get the keys to their new home, and the transaction is completed. Find out more about what happens on completion day

How Long Between Exchange and Completion?

Normally, exchange and completion don’t take place on the same day. So, how long is usually between exchange and completion? 

Completion tends to take place around 1-2 weeks after the exchange of contracts, but it can sometimes take up to a few months. 

What can delay completion? The time between exchange and completion can be longer if:

• Someone in the chain is renting and needs to give notice to terminate their tenancy
• A property in the chain is a new build and they might not be finished on time 
• The sellers of the house being purchased are yet to secure a new home for themselves 

The time between exchange and completion allows both buyers and sellers to complete a number of important moving-home tasks , such as: 

• Pack their belongings 
• Organise removals  
• Transfer services e.g. energy , water , broadband etc. 
• Inform people of your change of address and organise mail redirection
• Book time off work
• Arrange childcare or pet care

It’s also important to remember that if you’re in a housing chain, then the time between exchange and completion might not be entirely your choice. This is because everyone involved in the transaction must agree on the date of completion. 

Should You Exchange and Complete on the Same Day?

So, now to the big question – should you exchange and complete on the same day? 

It is possible to exchange and complete on the same day, and for some movers, such as cash buyers who aren’t in a chain, it might be the best option. 

However, there are a range of downfalls when it comes to simultaneous exchange and completion. What are the risks of exchanging and completing on the same day?

• More stressful – exchanging and completing on the same day will give you a lot to organise in a short space of time. There is a lot that can go wrong, such as paperwork being lost, searches being delayed, and last-minute mortgage issues, and not much time to rectify them. 
• Mortgage lenders – some lenders state a minimum time between exchange and completion, so trying to complete and exchange on the same day will likely limit your mortgage options . 
• Property chain – if you’re in a housing chain, you’ll need the informal agreement of all other parties in the chain to exchange and complete simultaneously. Otherwise, you could run the risk of selling your home first then failing to complete on the purchase in time, effectively leaving you homeless. 
• Moving your belongings – if you exchange and complete on the same day, you’ll have to arrange removals without being in a legally binding contract, meaning you could end up not actually moving that day. 
• Giving notice – if you’re in rented accommodation, you’ll likely need to give notice to the landlord of your intention to leave. If you can’t align the dates, you could end up paying for rent and a mortgage at the same time. 
• Parking restrictions – you should also consider whether there are any parking restrictions on the street. Some councils will need to provide permits for you to park up and unload. Therefore, you will need to notify them in advance. 
• House insurance – the buyer is responsible for insuring the property from exchange of contracts. You will need to have your insurance organised on the day of completion, so exchanging and completing on the same day could cause complications. 

What are the Benefits of Exchanging and Completing on the Same Day?

While there are a number of risks when it comes to exchanging and completing on the same day, there can be some benefits for certain circumstances. 

The most common reason for exchanging and completing on the same day is lack of time. This can sometimes occur when one or both parties are on a tight deadline, such as for financial reasons. 

Or, it can occur when the property being bought is already empty, such as if it’s a new build or was previously rented. In this circumstance, the seller doesn’t need time to complete all the other house-moving tasks, like removals. 

Simultaneous exchange and completion is actually becoming increasingly popular with the emergence of the global Covid-19 pandemic. Rising uncertainties and potential lockdowns have worked to restrict many house moves and encourage people to want to move as quickly as possible. 

Whatever your reason for wanting to exchange and complete on the same day, it must be agreed by all parties involved. That’s why simultaneous exchange and completion is quite unlikely if you’re in a chain. 

However, if conditions suit, and everyone is in agreement that completing and exchanging on the same day would be best, there is no reason why you can’t do so. 

How Can I Speed Up Exchange and Completion?

If you’re adamant that exchange and completion must take place on the same day, there are a few things you can do to minimise the chances of something going wrong.

Buyers can: 

• Be ready to provide the estate agent with your conveyancer’s details when making an offer 
• Use your solicitor’s expertise to make sure you fully understand the process 
• Make sure you’re easy to contact by your conveyancer , estate agent or anyone else involved 
• Choose an experience mortgage broker and conveyancing solicitor
• Have a survey carried out on the property as soon as possible 
• Organise your funds and make sure your deposit is transferred to your solicitor in good time 
• Organise your buildings insurance by the time you exchange, so you can give the details to your legal firm 

Seller can: 

• Have any necessary paperwork on the property easily to hand 
• Hire a solicitor before you get an offer so you can immediately move to the next step 
• Choose an experienced conveyancer and be sure you understand the conveyancing process 
• Respond to queries from the buyer as soon as possible 
• Make sure the contract and deed of transfer are signed and returned in plenty of time 

Exchanging and Completing on the Same Day

So, we wouldn’t advise exchanging and completing on the same day given all the risks involved. House-moving can be stressful at the best of times, nevermind when you only have single day to organise so many things. 

Once you’ve reached this stage of the buying a house process , it’s not worth risking everything going wrong to save a few weeks. 

However, if you’re really short on time or your circumstance permits it, then exchanging and completing on the same day might be a good option for you. 

Speak to your conveyancing solicitor to determine if simultaneous exchange and completion is for you. 

Find out more first time buyers guides here .

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"After completion" vs "after the completion"

Should I use definite article in the following sentence?

After (the) completion of this task, we should go to sleep.

• 1 Both are fine. As this NGram chart shows, until 40-50 years ago it was far more common to include the article, but increasingly today (especially in AmE as opposed to BrE) we don't include it. But the new kid on the block today is after completing this [task] , which has become more common than both the others put together. –  FumbleFingers Nov 6, 2020 at 18:36

I'm gonna look at this from an eighth-grade perspective (my current pov), I have to note though, this is just how my teacher would do it and I'm from California so things may be different where other people live and it varies per school.

After completion of the task, we should go to sleep.

My teacher would tell me that I should put the word "the" in-between or that I forgot to do so, I would not be marked down, but I would have gotten the heads up for the future. Meaning that it is ok, just not something that is considered the most common in speech.

After the completion of the task, we should go to sleep.

This would be considered more acceptable and I would be okay grade-wise and no additional comments adressing it. it is kind of proper which is not bad at all, but a lot of people (the fellow Californians that I have met at least) would not say it like that in a normal conversation, I do not know about work situations. However, I would say this in conversation but that is just how I talk.

Thw way below is more common and less-proper.

After completeing the/this task, we should go to sleep.

You will probably hear this more than the other two. You could put the or this in that spot hence why I put both but I feel like you would hear "this" more than "the" in this case.

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Yahoo Finance

ByoPlanet Announces Completion of Share Exchange Agreement with Plandai Biotechnology

ATHENS, GA / ACCESSWIRE / May 17, 2023 / Plandai Biotechnology, Inc. (OTC PINK:PLPL), a Nevada corporation ("PLPL" or "Plandai"), GOOD SALT, LLC, a Florida limited liability company doing business as ByoPlanet ("ByoPlanet"), and the beneficial interest owners of ByoPlanet (together, the "Parties") announce today the completion of a share exchange agreement (the "Agreement") whereby PLPL shall acquire one hundred percent (100%) of the issued and outstanding ByoPlanet Interests and ByoPlanet's fixed tangible and intangible assets in exchange for all authorized, issued, and outstanding PLPL Preferred Common Shares and Common Stock.

The Parties agree that, at closing, through the transactions contemplated by this Agreement, ByoPlanet-which owns all intellectual property and trademarks of Good Salt and BP International-will become a wholly-owned subsidiary of PLPL and conduct operations under the PLPL corporate entity.

ByoPlanet's CEO, Rick O'Shea, will step into the role as CEO of Plandai moving forward.

O'Shea began his career as a professional golfer spending ten years on the PGA, Mexican, Canadian and Asian tours. After leaving the tour in 1999, he founded Elite Golf Cruises, the only comprehensive onboard golf academy in the world. It was during this time that Rick began witnessing demand and ultimately researching the complexities of the sanitization industry and identifying the gap in solution providers servicing the roughly $30 Billion dollar a year industry.

In 2010, O'Shea began working with Steve Cooper, the founder of Electrostatic Spraying Systems Inc. ("ESSI") which was based on a technology he co-developed as part of a master's degree project at the University of Georgia. ESSI developed the first commercially successful electrostatic sprayers for agricultural and ornamental crops which are still used today in over 20 countries around the world. Together, Rick and Steve adapted the ESSI technology for the infection control industry and ByoPlanet was born.

"It's great to have this Agreement fully in place so we can start to aggressively scale up our operations and market footprint in the months ahead," commented O'Shea. "Our tech represents a truly disruptive solution ready to slam into the disinfectant marketplace and make waves. We are in the final stages of negotiations related to multiple deals, and we have already identified additional strategic targets for both partnerships and acquisitions. In other words, a number of important catalysts have been piling up behind the finalization of this Agreement. Now that we have it in place, it's time to get moving."

The combined entity emerging from this transaction will also benefit from controlling interest held by John Barrett, who currently serves as the executive director of ISSA, the Worldwide Cleaning Industry Association.

Barrett leads ISSA in its mission to help members change the way the world views cleaning by promoting cleaning as an investment in human health, the environment, and an improved bottom line. His experience in the facility services field includes founding, owning, managing, and growing small- to mid-size companies into larger, multi-level service companies while serving in top-level management positions to help drive growth in operations and profitability.

About Plandai Biotechnology Plandai's wholly-owned subsidiary, ByoPlanet, is a leading provider of advanced disinfection solutions, committed to creating healthier and safer environments. With a focus on innovation, ByoPlanet offers a range of products and services that effectively address the challenges posed by pathogens and harmful microorganisms. ByoPlanet's state-of-the-art technology and industry expertise have positioned the company as a trusted partner in various sectors, including healthcare, hospitality, and now animal health and biosecurity.

Please visit https://byoplanet.com/ for more information about ByoPlanet and its innovative disinfection solutions.

Safe Harbor Statement This release contains forward-looking statements that are based upon current expectations or beliefs, as well as a number of assumptions about future events. Although we believe that the expectations reflected in the forward-looking statements and the assumptions upon which they are based are reasonable, we can give no assurance or guarantee that such expectations and assumptions will prove to have been correct. Forward-looking statements are generally identifiable by the use of words like "may," "will," "should," "could," "expect," "anticipate," "estimate," "believe," "intend," or "project" or the negative of these words or other variations on these words or comparable terminology. The reader is cautioned not to put undue reliance on these forward-looking statements, as these statements are subject to numerous factors and uncertainties, including but not limited to: adverse economic conditions, competition, adverse federal, state and local government regulation, international governmental regulation, inadequate capital, inability to carry out research, development and commercialization plans, loss or retirement of key executives and other specific risks. To the extent that statements in this press release are not strictly historical, including statements as to revenue projections, business strategy, outlook, objectives, future milestones, plans, intentions, goals, future financial conditions, events conditioned on stockholder or other approval, or otherwise as to future events, such statements are forward-looking and are made pursuant to the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. The forward-looking statements contained in this release are subject to certain risks and uncertainties that could cause actual results to differ materially from the statements made.

Media Contact Adrian Fulle Global Chief Marketing Officer ByoPlanet [email protected]

Public Relations: EDM Media, LLC https://edm.media

SOURCE: ByoPlanet International, LLC

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Permissions in Exchange Online

• 16 contributors

Exchange Online in Microsoft 365 and Office 365 includes a large set of predefined permissions, based on the Role Based Access Control (RBAC) permissions model, which you can use right away to easily grant permissions to your administrators and users. You can use the permissions features in Exchange Online so that you can get your new organization up and running quickly.

RBAC is also the permissions model that's used in Microsoft Exchange Server. Most of the links in this topic refer to topics that reference Exchange Server. The concepts in those topics also apply to Exchange Online.

For information about permissions across Microsoft 365 or Office 365, see About admin roles

Several RBAC features and concepts aren't discussed in this topic because they're advanced features. If the functionality discussed in this topic doesn't meet your needs, and you want to further customize your permissions model, see Understanding Role Based Access Control .

Role-based permissions

In Exchange Online, the permissions that you grant to administrators and users are based on management roles. A management role defines the set of tasks that an administrator or user can perform. For example, a management role called Mail Recipients defines the tasks that someone can perform on a set of mailboxes, contacts, and distribution groups. When a management role is assigned to an administrator or user, that person is granted the permissions provided by the management role.

Administrative roles and end-user roles are the two types of management roles. Following is a brief description of each type:

Administrative roles : These roles contain permissions that can be assigned to administrators or specialist users using role groups that manage a part of the Exchange Online organization, such as recipients or compliance management.

End-user roles : These roles, which are assigned using role assignment policies, enable users to manage aspects of their own mailbox and distribution groups that they own. End-user roles begin with the prefix My .

Management roles give permissions to perform tasks to administrators and users by making cmdlets available to those who are assigned the roles. Because the Exchange admin center (EAC) and Exchange Online PowerShell use cmdlets to manage Exchange Online, granting access to a cmdlet gives the administrator or user permission to perform the task in each of the Exchange Online management interfaces.

Exchange Online includes role groups that you can use to grant permissions. For more information, see the next section.

Some management roles many be available only to on-premises Exchange Server installations and won't be available in Exchange Online.

Role groups and role assignment policies

Management roles grant permissions to perform tasks in Exchange Online, but you need an easy way to assign them to administrators and users. Exchange Online provides you with the following to help you make assignments:

Role groups : Role groups enable you to grant permissions to administrators and specialist users.

Role assignment policies : Role assignment policies enable you to grant permissions to end users to change settings on their own mailbox or distribution groups that they own.

The following sections provide more information about role groups and role assignment policies.

Role groups

Every administrator who manages Exchange Online must be assigned at least one or more roles. Administrators might have more than one role because they may perform job functions that span multiple areas in Exchange Online.

To make it easier to assign multiple roles to an administrator, Exchange Online includes role groups. When a role is assigned to a role group, the permissions granted by the role are granted to all the members of the role group. This enables you to assign many roles to many role group members at once. Role groups typically encompass broader management areas, such as recipient management. They're used only with administrative roles, and not end-user roles. Role group members can be Exchange Online users and other role groups.

It's possible to assign a role directly to a user without using a role group. However, that method of role assignment is an advanced procedure and isn't covered in this topic. We recommend that you use role groups to manage permissions.

The following figure shows the relationship between users, role groups, and roles.

Exchange Online includes several built-in role groups, each one providing permissions to manage specific areas in Exchange Online. Some role groups may overlap with other role groups. The following table lists each role group with a description of its use.

If you work in a small organization that has only a few administrators, you might need to add those administrators to the Organization Management role group only, and you may never need to use the other role groups. If you work in a larger organization, you might have administrators who perform specific tasks administering Exchange Online, such as recipient configuration. In those cases, you might add one administrator to the Recipient Management role group, and another administrator to the Organization Management role group. Those administrators can then manage their specific areas of Exchange Online, but they won't have permissions to manage areas they're not responsible for.

If the built-in role groups in Exchange Online don't match the job function of your administrators, you can create role groups and add roles to them. For more information, see the Work with role groups section later in this topic.

Role assignment policies

Exchange Online provides role assignment policies so that you can control what settings your users can configure on their own mailboxes and on distribution groups they own. These settings include their display name, contact information, voice mail settings, and distribution group membership.

Your Exchange Online organization can have multiple role assignment policies that provide different levels of permissions for the different types of users in your organizations. Some users can be allowed to change their address or create distribution groups, while others can't, depending on the role assignment policy associated with their mailbox. Role assignment policies are added directly to mailboxes, and each mailbox can only be associated with one role assignment policy at a time.

Of the role assignment policies in your organization, one is marked as default. The default role assignment policy is associated with new mailboxes that aren't explicitly assigned a specific role assignment policy when they're created. The default role assignment policy should contain the permissions that should be applied to the majority of your mailboxes.

Permissions are added to role assignment policies using end-user roles. End-user roles begin with My and grant permissions for users to manage only their mailbox or distribution groups they own. They can't be used to manage any other mailbox. Only end-user roles can be assigned to role assignment policies.

When an end-user role is assigned to a role assignment policy, all of the mailboxes associated with that role assignment policy receive the permissions granted by the role. This enables you to add or remove permissions to sets of users without having to configure individual mailboxes. The following figure shows:

End-user roles are assigned to role assignment policies. Role assignment policies can share the same end-user roles. For details about the end-user roles that are available in Exchange Online, see Role assignment policies in Exchange Online .

Role assignment policies are associated with mailboxes. Each mailbox can only be associated with one role assignment policy.

After a mailbox is associated with a role assignment policy, the end-user roles are applied to that mailbox. The permissions granted by the roles are granted to the user of the mailbox.

The Default Role Assignment Policy role assignment policy is included with Exchange Online. As the name implies, it's the default role assignment policy. If you want to change the permissions provided by this role assignment policy, or if you want to create role assignment policies, see Work with role assignment policies later in this topic.

Microsoft 365 or Office 365 permissions in Exchange Online

When you create a user in Microsoft 365 or Office 365, you can choose whether to assign various administrative roles, such as Global administrator, Service administrator, Password administrator, and so on, to the user. Some, but not all, Microsoft 365 and Office 365 roles grant the user administrative permissions in Exchange Online.

The user that was used to create your Microsoft 365 or Office 365 organization is automatically assigned to the Global administrator Microsoft 365 or Office 365 role.

The following table lists the Microsoft 365 or Office 365 roles and the Exchange Online role group they correspond to.

For a description of the Exchange Online role groups, see the table "Built-in role groups" in Role groups .

In Microsoft 365 or Office 365, when you add a user to either the Global administrator or Password administrator roles, the user is granted the rights provided by the respective Exchange Online role group. Other Microsoft 365 or Office 365 roles don't have a corresponding Exchange Online role group and won't grant administrative permissions in Exchange Online. For more information about assigning a Microsoft 365 or Office 365 role to a user, see Assign admin roles .

Users can be granted administrative rights in Exchange Online without adding them to Microsoft 365 or Office 365 roles. This is done by adding the user as a member of an Exchange Online role group. When a user is added directly to an Exchange Online role group, they'll receive the permissions granted by that role group in Exchange Online. However, they won't be granted any permissions to other Microsoft 365 or Office 365 components. They'll have administrative permissions only in Exchange Online. Users can be added to any of the role groups listed in the "Built-in role groups table" in Role groups with the exception of the Company Administrator and Help Desk Administrators role groups. For more information about adding a user directly to an Exchange Online role group, see Work with role groups .

Work with role groups

To manage your permissions using role groups in Exchange Online, we recommend that you use the EAC. When you use the EAC to manage role groups, you can add and remove roles and members, create role groups, and copy role groups with a few clicks of your mouse. The EAC provides simple dialog boxes, such as the Add role group dialog box, shown in the following figure, to perform these tasks.

Exchange Online includes several role groups that separate permissions into specific administrative areas. If these existing role groups provide the permissions your administrators need to manage your Exchange Online organization, you need only add your administrators as members of the appropriate role groups. After you add administrators to a role group, they can administer the features that relate to that role group. To add or remove members to or from a role group, open the role group in the EAC, and then add or remove members from the membership list. For a list of built-in role groups, see the table "Built-in role groups" in Role groups .

If an administrator is a member of more than one role group, Exchange Online grants the administrator all of the permissions provided by the role groups he or she is a member of.

If none of the role groups included with Exchange Online have the permissions you need, you can use the EAC to create a role group and add the roles that have the permissions you need. For your new role group, you will:

Choose a name for your role group.

Select the roles you want to add to the role group.

Add members to the role group.

Save the role group.

After you create the role group, you manage it like any other role group.

If there's an existing role group that has some, but not all, of the permissions you need, you can copy it and then make changes to create a role group. You can copy an existing role group and make changes to it, without affecting the original role group. As part of copying the role group, you can add a new name and description, add and remove roles to and from the new role group, and add new members. When you create or copy a role group, you use the same dialog box that's shown in the preceding figure.

Existing role groups can also be modified. You can add and remove roles from existing role groups, and add and remove members from it at the same time, using an EAC dialog box similar to the one in the preceding figure. By adding and removing roles to and from role groups, you turn on and off administrative features for members of that role group.

Although you can change which roles are assigned to built-in role groups, we recommend that you copy built-in role groups, modify the role group copy, and then add members to the role group copy. > The Company Administrator and Help Desk administrator role groups can't be copied or changed.

Work with role assignment policies

To manage the permissions that you grant end users to manage their own mailbox in Exchange Online, we recommend that you use the EAC. When you use the EAC to manage end-user permissions, you can add roles, remove roles, and create role assignment policies with a few clicks of your mouse. The EAC provides simple dialog boxes, such as the role assignment policy dialog box, shown in the following figure, to perform these tasks.

Exchange Online includes a role assignment policy named Default Role Assignment Policy. This role assignment policy enables users whose mailboxes are associated with it to do the following:

• Join or leave distribution groups that allow members to manage their own membership.
• View and modify basic mailbox settings on their own mailbox, such as Inbox rules, spelling behavior, junk mail settings, and Microsoft ActiveSync devices.
• Modify their contact information, such as work address and phone number, mobile phone number, and pager number.
• Create, modify, or view text message settings.
• View or modify voice mail settings.
• View and modify their marketplace apps.
• Create team mailboxes and connect them to Microsoft SharePoint lists.
• Create, modify, or view email subscription settings, such as message format and protocol defaults.

If you want to add or remove permissions from the Default Role Assignment Policy or any other role assignment policy, you can use the EAC. The dialog box you use is similar to the one in the preceding figure. When you open the role assignment policy in the EAC, select the check box next to the roles you want to assign to it or clear the check box next to the roles you want to remove. The change you make to the role assignment policy is applied to every mailbox associated with it.

If you want to assign different end-user permissions to the various types of users in your organization, you can create role assignment policies. When you create a role assignment policy, you see a dialog box similar to the one in the preceding figure. You can specify a new name for the role assignment policy, and then select the roles you want to assign to the role assignment policy. After you create a role assignment policy, you can associate it with mailboxes using the EAC.

If you want to change which role assignment policy is the default, you must use Exchange Online PowerShell. When you change the default role assignment policy, any mailboxes that are created will be associated with the new default role assignment policy if one wasn't explicitly specified. The role assignment policy associated with existing mailboxes doesn't change when you select a new default role assignment policy.

If you select a check box for a role that has child roles, the check boxes for the child roles are also selected. If you clear the check box for a role with child roles, the check boxes for the child roles are also cleared.

For detailed role assignment policy procedures, see Role assignment policies in Exchange Online .

Permissions documentation

The following table contains links to topics that will help you learn about and manage permissions in Exchange Online.

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OpenAI API continuing conversation in a dialogue

I am playing around with the openAI API and I am trying to continue a conversation. For example:

This produces a Haiku in the following format:

Which is great. However, what if I now want to ask to "write me another"? If I use the the openAI playground chat or chatGPT, I am able to continue the conversation. I would like to do this via my python script. I notice I receive an id in response. Can I use this somehow to continue my conversation?

• 2 Great post, sidenote: It's quite dumb for paid API not to have a feature you can get for free using an OpenAI account, and rely on self-made hacks that can potentially cost even more. Unethical approach to supporting your own dev community. –  InfiniteStack Apr 6 at 18:51

6 Answers 6

In fact you can do what you want, it's simple. Just provide to openai inputs part of previous conversation.

And don't forget to set up "stop" variable in "openai.Completion.create".

Here "\n" will be used as delimiter between messages.

• 6 at the cost of a lot more tokens/money re-sending substantial backlog of the chat... I can see how this is more convenient to OpenAI than adding proper support for a session id field... –  Asiel Diaz Benitez Mar 29 at 4:45
• Maintaining a session id is much more complicated since the server side has to keep all the session data, it will be an enormous task for OpenAI level of api callings. It's engineering simpler to do it now, though of course it charges more. But indeed the price of API is completely dictated by OpenAI, they could just charge more if they wanted more. –  Edward Luo Apr 11 at 1:13

OpenAI Now officially released the "gpt-3.5-turbo" model. Here's some sample code: https://github.com/stancsz/chatgpt

and here's the official docs .

• 1 stop=["\n"] the stop sequence is a bit more complicated. I'd suggest not using it altogether for now. community.openai.com/t/… –  Stan Chen Jan 23 at 19:20
• 2 Thanks for the great code. I just don't know if adding previous messages to new requests adds to the cost that's calculated based on (input + output tokens) each time! This can also affect the number of generated tokens, right? Since we have a limit of 2048 when using "gpt-3.5-turbo" –  mitra mirshafiee Mar 14 at 17:31
• 1 I have updated and modified it to fulfil issues like an endless dialogue that can be expensive, using deque and list, caching same input and updating information at time of chat stackoverflow.com/a/75743981/6858244 –  Prayson W. Daniel Mar 15 at 11:20
• 2 This is the same as @Special1st's answer - ie. still managing the context yourself and sending it anew on each message. –  Turkey Apr 4 at 1:44
• Congrats. Your coding skills just passed the turning test... –  InfiniteStack Apr 6 at 19:00

I tried a VERY EXPENSIVE IDEA and it seemed to work. The idea is to provide the context of previous discussions by enriching your current prompt with the previous promts and responses .

See my sample code below.

See a sample chat I had from api below.

• Yeah, this is what I am doing right now and that (the expense) is the reason I am coming to this question haha. I do believe as they have it set up right now this is the "correct" way to do this. –  Cfomodz May 3 at 0:31

The ID in the response is used to identify the particular query that the response is for. The user field as per your identity suggestion in the request body is specifically used by OpenAI to monitor and detect abuse, as outlined in their documentation.

If you want to generate a different result, you can increase the temperature field in the request and simply run it again. Some of the work needs to go to how you engineered your prompts. For more information, please refer to the OpenAI documentation. OpenAI Documentation

• 1 Ah ok, thanks. Hopefully there is a chatGPT API soon that can maintain a conversation. –  Charmalade Dec 8, 2022 at 0:52
• concatenating the past questions and answers on the new request will allow to maintain a conversation. Check this answer: stackoverflow.com/a/75066541/2302861 –  user2302861 Jan 12 at 18:58

Modifying Stan Chan 's code to handle a maximum number of dialogues that could be sent, repeat the same answer with the same input, catch rate limit error and also update new information, e.g. the current time and date.

Here is a bit more elaborate version of the above Code...

• Keeps History in file, so it can be resumed.
• uses audio input (and TODO audio ouput)
• Triggers the bot into a specific different persona than standartmodel by using a trigger-prompt

• What is the initial disclaimer? Are you saying there are any legal implications for not using it for scientific purposes? Specifically, business purposes. –  Syed M. Sannan May 1 at 12:23

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GN Store Nord A/S announces successful completion of directed issue and private placing of new shares and existing treasury shares, raising gross proceeds of approximately DKK 2.75 bn

Ballerup, DENMARK

NOT FOR PUBLICATION, DISTRIBUTION OR RELEASE IN WHOLE OR IN PART, DIRECTLY OR INDIRECTLY, IN OR INTO THE UNITED STATES OF AMERICA, CANADA, AUSTRALIA, JAPAN OR ANY OTHER JURISDICTION WHERE THE DISTRIBUTION OR RELEASE WOULD BE UNLAWFUL OR REQUIRE REGISTRATION OR ANY OTHER MEASURES

THIS ANNOUNCEMENT DOES NOT CONSTITUTE AN OFFERING MEMORANDUM OR A PROSPECTUS AS DEFINED BY REGULATION (EU) NO. 2017/1129 OF 14 JUNE 2017.

GN Store Nord A/S (" GN ") hereby announces the completion of an accelerated bookbuild process of a total of 17,319,337 shares (nominally DKK 69,277,348) of each DKK 4.00 comprising 13,719,337 new shares (the “ New Shares ”) and 3,600,000 existing treasury shares (the “ Treasury Shares ” and together with the New Shares, the “ Shares ”) at an offer price of DKK 160 per share, raising gross proceeds to GN of approximately DKK 2.75 bn (the " Placing ").

On 24 May 2023, GN launched the Placing of New Shares and Treasury Shares at market price in connection with a private placement.

The Placing has now been successfully completed as a private placement in the form of a utilization of the Board of Directors’ authorization to increase the share capital and issue New Shares without pre-emptive rights for GN’s existing shareholders and a sale of Treasury Shares.

As the Placing was oversubscribed, an individual allocation of the Shares was made. The Placing was made pursuant to applicable exemptions under Regulation (EU) no. 2017/1129 of 14 June 2017 on the prospectus to be published when securities are offered to the public or admitted to trading on a regulated market, as amended from the obligation to publish a prospectus.

The proceeds of the Placing are intended to be used for repayment of debt facilities.

GN, the Board of Directors and the Executive Management have agreed to a 180-day lock-up period following settlement of the Placing in relation to shares in GN. The lock-up undertakings are subject to certain customary exemptions. The Placing is not underwritten.

Admission to trading and official listing

The New Shares and the Treasury Shares will be delivered in the temporary ISIN code DK0062495669. No application for admission to trading and official listing has been, or will be, filed for the New Shares and the Treasury Shares in the temporary ISIN code, and the temporary ISIN code will only be registered with Euronext Securities Copenhagen (VP Securities A/S) for subscription of the New Shares and for the Placing of the Treasury Shares. The temporary ISIN code in Euronext Securities Copenhagen (VP Securities A/S) will be merged with the permanent ISIN code for the existing shares (the " Existing Shares ”), DK0010272632, as soon as possible following registration of the share capital increase with the Danish Business Authority. The New Shares are expected to be admitted to trading and official listing on Nasdaq Copenhagen A/S on or around 31 May 2023 under the permanent ISIN code.

The closing of the Placing is subject to the Placing not being withdrawn prior to the registration of the capital increase and GN making an announcement to that effect.

The New Shares and the Treasury Shares

Following completion of the share capital increase for the New Shares, the registered share capital of GN will amount to nominally DKK 603,650,860 divided into 150,912,715 shares of nominally DKK 4.00 each.

The New Shares represent 10% of GN’s total registered share capital before the capital increase and will account for approximately 9.1 % of GN’s total registered share capital upon completion of the capital increase. Subject to settlement, a share capital increase will be registered with the Danish Business Authority and the share capital of GN will hereafter consist of 150,912,715 shares of nominally DKK 4.00 each, equivalent to a total share capital of nominally DKK 603,650,860. The number of voting rights in GN will after registration of the share capital increase amount to a total of 603,650,860 voting rights.

The New Shares will rank pari passu in all respects with existing shares in GN. The New Shares will be negotiable instruments, and no restrictions will apply to their transferability. No shares, including the New Shares, carry or will carry any special rights. Rights conferred by the New Shares, including voting rights and dividend rights, will apply from the time when the capital increase is registered with the Danish Business Authority. The New Shares must be registered in the name of the holder in GN’s register of shareholders.

The Treasury Shares have the same rights as GN’s other existing shares. New owners of any Treasury Share will be recorded in GN’s share register.

Joint Global Coordinators

BNP PARIBAS, Danske Bank A/S, DNB Markets, a part of DNB Bank ASA, J.P. Morgan SE, Nordea Danmark, filial af Nordea Bank Abp, Finland, and Skandinaviska Enskilda Banken, Danmark, filial af Skandinaviska Enskilda Banken AB (publ), Sverige, act as Joint Global Coordinators and Joint Bookrunners in connection with the Placing.

For further information, please contact:

Investors and analysts Anne Sofie Staunsbæk Veyhe +45 45 75 85 06 Rune Sandager +45 45 75 92 57 Press and the media Steen Frentz Laursen +45 20 65 34 20

About GN GN facilitates communication between people through intelligent hearing, audio, video, and gaming technology. Inspired by people and driven by our passion for innovation, we leverage technologies to deliver unique user experiences that bring people closer through the power of sound and vision.

GN was founded more than 150 years ago with a vision to connect the world. Today, we proudly honor that legacy with our world-leading expertise in the human ear, audio, video and speech, wireless technologies, software, miniaturization, and collaboration with leading technology partners. GN's solutions are marketed by the brands ReSound, SteelSeries, Jabra, Beltone, Interton, BlueParrott, Danavox and FalCom in 100 countries. Founded in 1869, the GN Group employs 8,000 people and is listed on Nasdaq Copenhagen (GN.CO).

Visit our homepage GN.com - and connect with us on LinkedIn, Facebook and Twitter

Important notice

This announcement does not constitute an offering memorandum or a prospectus as defined by Regulation (EU) No. 2017/1129 of 14 June 2017 and nothing herein contains an offering of securities.

This announcement is not an offer to sell or a solicitation of any offer to buy any securities issued by GN Store Nord A/S (the “ Company ”) in any jurisdiction where such offer or sale would be unlawful and the announcement and the information contained herein are not for distribution or release, directly or indirectly, in or into such jurisdictions.

This announcement and the information contained herein are not for distribution in or into the United States of America (including its territories and possessions, any state of the United States of America and the District of Columbia) (the “ United States ”). This document does not constitute, or form part of, an offer to sell, or a solicitation of an offer to purchase, any securities in the United States. Any securities referred to herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the “ Securities Act ”) and may not be offered or sold within the United States absent registration or an applicable exemption from, or in a transaction not subject to, the registration requirements of the Securities Act. There is no intention to register any securities referred to herein in the United States or to make a public offering of the securities in the United States.

In any member state of the European Economic Area (“ EEA Member State ”), other than Denmark, this announcement is only addressed to, and is only directed at, investors in that EEA Member State who fulfil the criteria for exemption from the obligation to publish a prospectus, including qualified investors, within the meaning of Regulation (EU) No. 2017/1129 of 14 June 2017.

In the United Kingdom, this announcement is only being distributed to and is only directed at: (A) qualified investors, as such term is defined in Article 2 of Regulation (EU) 2017/1129 as it forms part of domestic law by virtue of the European Union (Withdrawal) Act 2018; and who are also (B)(i) persons outside the United Kingdom or (ii) investment professionals falling within Article 19(5) of the U.K. Financial Services and Markets Act 2000 (Financial Promotion) Order 2005 (the “ Order ”) or (iii) high net worth entities falling within Article 49(2)(a) – (d) of the Order (the persons described in (A) and (B)(i) through (iii) above together being referred to as “relevant persons”). The securities are only available to, and any invitation, offer or agreement to subscribe, purchase or otherwise acquire such securities will be engaged in only with, relevant persons. Any person who is not a relevant person should not act or rely on this document or any of its contents.

No prospectus will be made available in connection with the matters contained in this announcement and no such prospectus is required to be published.

This announcement does not identify or suggest, or purport to identify or suggest, the risks (direct or indirect) that may be associated with an investment in GN’s securities. Any investment decision to purchase or offer to purchase GN’s securities in connection with the Placing must be made solely on the basis of publicly available information, which has not been independently verified by BNP PARIBAS, Danske Bank A/S, DNB Markets, a part of DNB Bank ASA, J.P. Morgan SE, Nordea Danmark, filial af Nordea Bank Abp, Finland , and Skandinaviska Enskilda Banken, Danmark, filial af Skandinaviska Enskilda Banken AB (publ), Sverige , (the “ Joint Global Coordinators ”).

The Joint Global Coordinators and their affiliates are acting exclusively for GN and no-one else in connection with the Placing. They will not regard any other person as their respective clients in relation to the Placing and will not be responsible to anyone other than GN for providing the protections afforded to their respective clients, nor for providing advice in relation to the Placing, the contents of this announcement or any transaction, arrangement or other matter referred to herein.

In connection with the Placing, the Joint Global Coordinators and any of their affiliates, acting as investors for their own accounts, may subscribe for or purchase shares in GN and in that capacity may retain, purchase, sell, offer to sell or otherwise deal for their own accounts in such shares and other securities of GN or related investments in connection with the Placing or otherwise. The Joint Global Coordinators do not intend to disclose the extent of any such investment or transactions otherwise than in accordance with any legal or regulatory obligations to do so. 

Matters discussed in this announcement may constitute forward-looking statements. Forward-looking statements are statements that are not historical facts and that can be identified by words such as “believe”, “expect”, “anticipate”, “intends”, “estimate”, “will”, “may”, “continue”, “should”, and similar expressions. The forward-looking statements in this announcement are based upon various assumptions, many of which are based, in turn, upon further assumptions. Although GN believes that these assumptions were reasonable when made, these assumptions are inherently subject to significant known and unknown risks, uncertainties, contingencies and other important factors which are difficult or impossible to predict and are beyond its control. Such risks, uncertainties, contingencies and other important factors could cause actual events to differ materially from the expectations expressed or implied in this release by such forward-looking statements. GN expressly disclaims any obligation or undertaking to release any updates or revisions to the forward-looking statements set forth herein. Accordingly, GN urges readers not to place undue reliance on any of the forward-looking statements set forth herein. The information, opinions and forward-looking statements contained in this announcement speak only as at its date, and are subject to change without notice.

The information in this announcement may not be forwarded or distributed to any other person and may not be reproduced in any manner whatsoever. Any forwarding, distribution, reproduction or disclosure of this information in whole or in part is unauthorised. Failure to comply with this directive may result in a violation of the Securities Act or the applicable laws of other jurisdictions.

This announcement does not constitute an invitation to underwrite, subscribe for or otherwise acquire or dispose of any securities in any jurisdiction. This announcement does not constitute a recommendation concerning any investor’s option with respect to the Placing. Each investor or prospective investor should conduct his, her or its own investigation, analysis and evaluation of the business and data described in this announcement and publicly available information. The price and value of GN’s securities can go down as well as up. Past performance is not a guide to future performance.  

Neither the content of GN's website nor any website accessible by hyperlinks on GN's website is incorporated in, or forms part of, this announcement.