Definition

After the buyer and seller sign and their conveyancers exchange contracts, both sides are normally committed to complete on the agreed terms. Scotland follows a different legal process, where the contract becomes binding through conclusion of missives.

Practical example

Withdrawing after exchange can have serious financial consequences, so the mortgage offer and legal checks should be ready first.

Why it matters

Ask the conveyancer to explain deposit, insurance and completion obligations before authorising exchange or concluding missives.

First-time buyer process timeline

Source and review

Reviewed 16 July 2026. Product criteria and rules can change.

GOV.UK: buying a home

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