We present calculations of the invariant mass spectra of the $Lambda$p system for the exclusive $p p to K^+ Lambda p$ reaction with the aim of studying the final state interaction between the $Lambda$-hyperon and the proton. The reaction is described within a meson exchange framework and the final state $Lambda p$ interaction is incorporated through an off-shell t-matrix for the $Lambda p to Lambda p$ scattering, constructed using the available hyperon-nucleon (YN) potentials. The cross sections are found to be sensitive to the type of YN potential used especially at the $Lambda$ and $Sigma$ production thresholds. Hence, data on this exclusive reaction, which can be used to constrain the YN potentials are desirable.