Completion day is a big milestone, and one you should be proud to reach.

Although most of what happens on completion day is practical, it's also the last stage of the transaction. Your solicitor will be doing a lot behind the scenes, like transferring your mortgage and organising paperwork.

So what makes a successful completion day? How can you make sure the big move goes according to plan?

What is completion day?

Completion day is the final stage of a property transaction. The mortgage lender sends purchase funds to the buyer’s conveyancing solicitor, who then completes a same day bank transfer to the seller by 3pm. Once this is done, the seller's estate agent (or other appointed person) releases the house keys to the buyer, so they can finally move into their new home.

When is completion day?

There isn't a set day for completion day, but you can count on it being the next and final stage of a property transaction after the exchange of contracts. The date for completion is organised prior to exchange, and then finalised by the solicitors of the parties involved. Most choose to complete on a day that's suitable for all parties, usually two weeks after exchanging contracts.

The completion day process

Aside for some small variables, your completion process should follow a timeline similar to this:

Before completion

1. The buyer's solicitor confirms all mortgage conditions have been met before requesting purchase funds from the mortgage lender.
2. The seller's solicitor requests a Redemption Certificate if there's any mortgage left to pay on the seller's property.
3. Solicitors (on both sides of the transaction) create completion statements of all payments made and received. They also prepare invoices to be paid on completion.

Completion day timeline

Remember: Have your phone with you throughout the day. Your solicitor and estate agent will need to contact you.

1. The buyer's mortgage lender transfers purchase funds to the buyer's solicitor.
2. On the same day, the buyer’s solicitor then transfers purchase funds to the seller's solicitor's bank account by 3pm.
3. Once the seller's solicitor receives the purchase money, they confirm completion with the buyer.
4. The estate agent then releases keys to the buyer while the seller's solicitor ensures any outstanding charges (like the seller's estate agent fees) are paid.
5. The buyer is notified of completion, allowing them to move into their new property. It's typical for homesellers to vacate their properties by 1pm, but this isn't set in stone!

After completion

1. The buyer's solicitor registers their client's new ownership with the Land Registry and prepares to pay off any outstanding taxes, such as Stamp Duty Land Tax (SDLT).
2. Buyers have 14 days to pay outstanding Stamp Duty before incurring penalties.

What happens on completion day if you're in a chain?

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.

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:

1. 9am to 11am - First time buyer in the chain collects keys.
2. 11am to 12pm - Second buyer in the chain collects keys
3. 12pm to 1pm - Third buyer in the chain collects keys.
4. 12pm to 1pm - Fourth buyer in the chain collects keys.

What happens on completion day if you're not in a chain?

If you're lucky enough to not be a part of a property chain, 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.

Completion process for new builds

For new build purchases, the road to completion is a little different to standard properties. Let's take a closer look at the process...

Before completion

1. You receive your purchase report, a completion statement, and any other important documents from your solicitor. You'll need to sign any required documents, discuss the completion date that the developer expects to achieve, and provide payment details for the mortgage deposit.
2. Solicitors typically exchange contracts on a new build home with the completion date ‘on notice’. In other words, when the exchange is done, they wait for a notice that the property is ready to progress to legal completion. There's usually a timescale for this included within the contract.
3. With completion ‘on notice’, the structural provider will inspect the property when it is physically complete. Your conveyancer will be served with a notice outlining 7-10 days in which to complete the sale. You will be asked to complete your own inspections during this time period. It's important that you inspect the property thoroughly as you won't be able to prevent completion once the notice period is over.
4. You should complete a snagging list by identifying anything that you don’t think has been completed to a good standard. Check out fixtures and fittings, as well as appliances that haven't been installed correctly, or even at all. The ideal time to make this list would be before completion. These issues can then be fixed prior to completion leaving less possibility of disputes about liability for the issues.
5. Once there is a fixed completion date, your conveyancer will request the mortgage funds from your lender. Any final balance due from you will also be requested at this time. If you're using a Help to Buy Equity Loan Scheme or Help to Buy ISA, your solicitor will request funds from them.

On completion day

1. 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.

After completion

1. Your conveyancer will arrange payment of Stamp Duty (if required) and also apply to the Land Registry to register the property in your name. For new builds, this process may take slightly longer as the property will not have been registered previously.
2. With all new builds, the developer provides a warranty. Make sure you familiarise yourself with the limits of some of its guarantees.

How to make sure completion day goes smoothly

To prevent any hiccups on your completion day, you should prepare in advance with these quick tips:

• Hire a reliable conveyancing solicitor: The success of completion day hinges heavily on the conveyancing process. Hiring a good conveyancer will help ensure your completion deadline is met - that lenders are contacted on time, that mortgage completion statements are completed, and that the final money transfer is completed before 3pm. You can read more about 'how to find a good conveyancer' here.
• Make sure you plan ahead: That means booking your removal company well in advance, and making sure all your belongings are packed to prevent problems on the big day.
• Manage your funds carefully: Make sure you have the right budget for removals and any other fees you’ll need to pay on completion.
• Communicate consistently: Whether you're buying or selling, it's important to keep things open and friendly. Ensure all communication is clear and transparent.

What can go wrong?

While completion day should run smoothly, there can be issues down the line.

Money problems

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.

Keys not being released

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.

Summary: Just one last push!

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.