Sam Edwards
Senior Writer & Researcher
Completion day is a significant milestone, and one you should be proud to reach!
While much of what happens on completion day is practical, it marks the final stage of the transaction. Your solicitor will be working diligently behind the scenes, transferring your mortgage funds and organising necessary paperwork.
But what ensures a successful completion day? How can you make sure the big move goes smoothly?
Completion day is the final stage of a property transaction. The buyer's solicitor confirms the mortgage and transfers the purchase funds to the seller's solicitor. The seller's solicitor then receives the funds, confirms completion, and releases the house keys to the buyer, so they can finally move into their new home.
There isn't a universal date for completion day, but it is the next and final stage of a property transaction after the exchange of contracts.
The date for completion is arranged before the exchange of contracts and then confirmed by the conveyancing solicitors of the parties involved. Most people choose a completion date that is convenient for all parties, typically scheduled about two weeks after exchanging contracts.
Apart from some small variables, your completion process should follow a timeline similar to this:
Remember: Have your phone with you throughout the day. Your solicitor and estate agent will need to contact you.
If you’re in a property chain, completion is usually the same as the process above, but with a greater emphasis on timing. The solicitors of each party need to contact one another to confirm the completion of each transaction. One after the other, parties can vacate their properties and collect their keys.
It is crucial to understand the average completion day timeline, which refers to the estimated timing of completing property transactions within a chain. The completion times for each buyer in the chain will vary based on the presence of a chain and potential delays.
In most transactions, both the buyer and seller are attached to property chains. Chains are often the primary cause for problems during property transactions. Completion is a big process after all, with a large number of interlinked parties (who cannot communicate directly) relying on one another to pull through their transactions intact.
While a big chain can be intimidating, there isn’t a lot you can do. Quite literally, you cannot manage other people’s transactions. The only thing you can actually do is be proactive in following the moving timetable. Usually, it looks a little bit like this:
If you're lucky enough to be in a chainless transaction, you'll enjoy much more flexibility with your moving schedule on completion day. Not being reliant on the completion of other transactions means you can move in (or out) on a different day to completion.
For new build purchases, the road to completion is a little different from standard properties. Let's take a closer look at the process...
Your solicitor will send the purchase monies to the developer by bank transfer. Once received, they'll release the keys. They will also provide you with any relevant paperwork for the site and any contents at this stage. This should include any guarantees and manuals.
To prevent any hiccups on your completion day, you should prepare in advance with these quick tips:
While completion day should run smoothly, there can be issues down the line.
On completion day, all money should be transferred on time, and in full, to each of the sellers involved in the chain via telegraphic transfer. On rare occasions, this might not happen on the same day. As a result, completion is moved to the next day, which can cause logistical issues with removal bookings and work.
If the seller's solicitors haven’t received completion money, the seller will be legally advised to withhold the keys to the property. If this is through no fault of your own, you may be able to claim compensation from the guilty party. Mortgage lenders, while usually on-time with their transfers, aren't immune to making mistakes from time to time.
Completion day is a day you should look forward to - it's the day that you finally reap the rewards from all the stress and hard work. But with a lot still at stake, it's also the last push from all parties to close the transaction.
Our advice is simple - as long as you've chosen a reliable solicitor, and there are no troubles down the chain, you should complete in one piece. Just make sure you keep your phone handy, and your day's itinerary fool-proof.
You can exchange and complete the sale on the same day, but it's not recommended. Moving these dates together can increase the possibility of problems further down the line:
The completion date is decided before the exchange of contracts by the parties in the property chain.
The time you receive your house keys depends on where you are in the property chain. Usually, the first time buyer receives their keys between 9 and 11am, then other buyers collect their keys in hourly increments depending where they are in the chain.
Funds from your house sale should arrive in your bank account on the day of completion. Your conveyancer will transfer them to your account once they have been received.
It can take anything from several minutes to several hours for the money to show in your bank account.
No, they aren't the same, but they usually happen on the same day to best serve the interests of everyone in the property chain. Completion refers to the completion of the sale (transfer of funds), while the moving date is the day you literally move into your new home. If there isn't a chain (first time buyers), then your moving date can be later.
If you've purchased a property, your conveyancer will register your ownership with the HM Land Registry. You will also need to pay any outstanding taxes, such as Stamp Duty.
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