If your overseas property completion is delayed, the exchange rate you budgeted for can move before the money is sent — and a few weeks of drift can add thousands to the sterling cost. A forward contract fixes the rate for up to 12 months, and a flexible (window) forward lets you draw the funds down within a date range, so a slipping completion date need not reset your budget.
Completion dates abroad move for reasons outside your control: construction running behind, a mortgage still in underwriting, searches, or a notary appointment weeks away. Currency markets do not pause while you wait. Because the pound is driven by the interest-rate differential between central banks such as the Bank of England and the European Central Bank, the rate on your original completion day and the rate three months later can be very different. You can watch live GBP/EUR levels or run the numbers on the currency converter to see how much a small move is worth on a large purchase.
Why do overseas property completion dates get delayed?
Completion dates slip because a cross-border purchase depends on several parties lining up at once, and any one of them can run late. The most common causes are construction delays on off-plan and new-build homes, where the handover date is an estimate rather than a fixed commitment, and mortgage delays, where a lender’s valuation or underwriting takes longer than expected.
Legal and administrative steps add more time: title searches, planning checks, missing or mistranslated documents, seller-side chain problems, and notary scheduling. On off-plan purchases the gap between reservation and completion can run to a year or more, and if you are relying on an international mortgage the approval timeline is rarely in your hands. Each extra week is a week your budget is exposed to the market.
What happens to a forward contract if my completion date moves?
The rate you locked does not change — but a standard (fixed) forward has a fixed maturity date, so if completion moves you either need delivery flexibility built in from the start or you ask your broker to extend the contract. Extending means rolling the forward to a later delivery date, and the rate is re-based by “forward points”, the interest-rate differential between the two currencies over the extra period. That adjustment can work slightly for or against you depending on the two central banks’ rates.
A forward used to buy property is a deliverable contract — an agreement to exchange currency for a genuine purchase, treated by the FCA’s Handbook (PERG 13) as a means of payment rather than a speculative investment. Because it commits you to exchange, a large adverse move before delivery could prompt a request for additional margin; the mechanics of that are covered in our guide to deposits and margin calls on a forward.
What is a flexible (window) forward contract?
A window forward — also called a flexible forward — is a forward contract that lets you draw down the currency at the fixed rate at any point within an agreed date range, rather than on a single fixed date. It is built for exactly the situation a delayed completion creates: you know roughly when you will need the money, but not the precise day.
With a window forward you fix the rate today, then release some or all of the funds whenever completion actually lands inside the window. That removes the pressure to guess the exact date and the risk of a fixed forward maturing before the deal is ready. The trade-off is that a window rate can be marginally less keen than a single-date forward, because the flexibility has a small cost. Our explainer on how forward contracts work sets out the full mechanism.
Can you extend or roll a forward contract if completion is delayed?
In many cases a broker can extend, or “roll”, a forward to a later delivery date if completion is pushed back — you keep the protection of a fixed rate rather than falling back to the open market. Forwards are typically available up to 12 months ahead, so there is usually room to move the date within that window.
Two things are worth knowing before you rely on it. First, rolling re-prices the rate by forward points for the extra time, so the new rate may differ slightly from the original. Second, an extension can involve a deposit or margin adjustment. The earlier you tell your broker the date has changed, the more orderly the roll — leaving it to the day before completion narrows your options.
How can you keep your exchange rate protected when the completion date is uncertain?
The right tool depends on how firm your completion date is. Where the date is genuinely unknown, a window forward or an early conversation about rolling a fixed forward tends to fit best; where you are comfortable carrying the risk, the spot market on the day remains an option. The table below compares the main approaches.
| Approach | How it handles a moving date | Rate certainty | Best suited to |
|---|---|---|---|
| Fixed forward | Locks one rate to a set date; must be rolled if the date moves (forward-points adjustment) | High until the set date | A firm, known completion date |
| Window (flexible) forward | Locks one rate, drawn down any time within an agreed date range | High across the whole window | A completion expected within a spread of possible dates |
| Spot transfer on the day | Rate is whatever the market gives on completion day | None until you deal | A buyer comfortable carrying the risk, or an imminent completion |
| Market order (target rate) | Buys automatically if the market reaches a rate you set | Partial — only if the market gets there | Buyers with time and some rate flexibility |
Choosing between locking now and waiting is its own decision; our guide on whether to lock in a rate or wait weighs the trade-offs, and if you are funding several stages you may also want to read about moving a large sum all at once or in stages.
Worked example: a delayed Spanish completion
Take an illustrative purchase in Spain requiring €468,000 at completion. At an illustrative rate of 1.17, that is £400,000 (€468,000 ÷ 1.17). Fixing that rate with a forward means the sterling cost is set, whatever happens next.
Now suppose completion slips by around three months and, over that time, the pound eases to an illustrative 1.11. The same €468,000 would then cost about £421,600 (€468,000 ÷ 1.11) — roughly £21,600 more, for a property whose price never changed. A forward holds the 1.17 across the delay, so the move costs nothing on the rate. A window forward does the same job while also removing the need to name the exact completion day, which is the part a delayed purchase cannot promise. If you are buying there, our full Spain property currency guide and the corridor guide on sending money to Spain go deeper. These figures are illustrative and rounded to show the mechanism, not a quoted rate.
What if the purchase falls through after you have fixed the rate?
A deliverable forward is a commitment to exchange currency, so if the purchase collapses you still hold a contract to buy the euros (or other currency). That is not necessarily a problem, but it does need handling rather than ignoring.
Broadly, there are two routes. You can take delivery and hold the currency for a future purchase, or you can close out the contract — which could leave you slightly better or worse off depending on where the market sits against your fixed rate. Neither is a loss in the way a missed deal feels like a loss; it is a position to be unwound. Telling your specialist early gives the most orderly outcome. This is different from a payment that has left but stalled in the banking system — if that is your situation, see why an international transfer can be delayed or put on hold.
Common mistakes when a completion date slips
- Assuming the rate will “still be there” and leaving the exchange until completion day, then being caught by a move.
- Booking a single-date fixed forward when the completion date was always uncertain, instead of a window forward.
- Forgetting that extending a forward re-bases the rate by forward points and may need additional margin.
- Rushing a last-minute transfer through a high-street bank under time pressure, at a weaker rate.
- Not telling the broker early that the date has moved — the sooner the change is known, the more options remain.
How does a specialist currency broker help with a moving completion date?
Cambridge Currencies is a UK specialist currency broker that helps overseas property buyers structure the timing of a large transfer around an uncertain completion date. That can mean fixing a rate with a forward, building in a drawdown window, or planning early for a possible roll — matching the tool to how firm the date really is.
A specialist also handles the compliance on the transfer — the customer and source-of-funds checks required under the Money Laundering Regulations 2017 — before completion, so the payment is ready to release rather than held up on the day. Client funds are safeguarded by FCA-authorised partners Currencycloud and ScioPay under the Electronic Money Regulations 2011, and every transaction is completed by phone with a dedicated specialist who knows your case. You can read more about how safeguarded funds and forward contracts fit together, and the same principles apply when funding a purchase such as a large transfer for a Portugal completion.
Frequently asked questions
Can I change the delivery date on a forward contract?
Often, yes. A window forward is designed to be drawn down across a date range, and a fixed forward can usually be rolled to a later date. Rolling re-prices the rate by forward points for the extra period, so the rate may shift a little. Speaking to your broker as soon as the date changes gives the most flexibility.
Does extending a forward contract cost money?
Extending does not carry a fixed “fee” as such, but the rate is adjusted by forward points — the interest-rate differential between the two currencies over the extra time — which can move the rate slightly for or against you. A deposit or margin adjustment may also apply. Your specialist can set out the effect before you commit.
What is the difference between a fixed forward and a window forward?
A fixed forward settles on one agreed date, while a window forward lets you draw the funds down at the fixed rate at any point within an agreed range of dates. The window suits an uncertain completion; the fixed forward suits a firm, known date and can be marginally keener on rate.
How far in advance can I fix an exchange rate for a property purchase?
Forward contracts are typically available up to 12 months ahead. That usually gives enough room to cover a delayed completion, an off-plan handover, or a staged payment schedule while keeping the rate fixed for the whole period.
What happens to my deposit on a forward contract if completion is delayed?
The deposit secures the contract and is applied toward the final exchange when you draw down. If the date moves, the deposit generally stays in place while the contract is rolled, though a large market move could prompt a request for additional margin. The mechanics are covered in our guide to deposits and margin calls on a forward.
Is a forward contract safe if my completion falls through?
The contract itself is a commitment to exchange currency, so it does not simply disappear if the purchase collapses. You can take delivery and hold the currency for later, or close the contract out, which could leave you slightly ahead or behind depending on the market. Handling it early with your specialist keeps the outcome orderly.
Speak to a specialist about timing your completion
If your overseas completion date is uncertain or has already moved, a short conversation can set out how a forward or window forward would hold your rate. Speak to a Cambridge Currencies specialist about timing your property completion — every transfer is handled by phone with a dedicated specialist who works to the dates of your purchase, not a fixed calendar.
