The day has finally come.. and you are moving (or completing to use technical term).

What happens on completion day?

Completion is the final step in buying your home so its nice to know what to expect and how to plan for the day to help things run as smoothly as possible.

What is completion day?

This is the final step for both the buyer and seller of the house.  Completion day is the day the money is transferred, the buyer gets the keys and can start moving into their new home and the seller is no longer the legal owner! 

What happens on completion day?

On completion day, your conveyancing solicitor confirms the transaction, deals with paperwork and deeds, and (if you’re the seller) signs off completion statements.

On completion day both solicitors make final checks, and then the buyer’s solicitor will transfer the purchase money via the banking system to the seller.

Once the seller’s solicitor has received the funds they’ll confirm completion with the buyer and release the keys from the selling agent. They also ensure any charges are paid, including the estate agent fees.

We will then inform the buyer of the completion, and they can be met at the property or the owner can hand over the keys themselves. Its completely down to each clients preference! Then the new buyer can move into their new home.

How to make completion day run smoothly

Plan ahead for moving day.  Once you know your date of completion, line up your removals company and organise clearing out and packing up of your belongings.  Make sure you are all packed up ahead of moving day.  It’s a good idea to confirm expected timings however, completion can happen any time that day but usually the first property in the chain will be completed by 12:00.

Communicate regularly with your conveyancing solicitor. Your conveyancing solicitor should have their full attention on your transaction and will be working to complete as quickly as possible. But it is a good idea to be in regular contact and to be contactable so that if issues arise, you can work to resolve them.

Have your funds & paperwork in order. Ensure you have all your paperwork to hand in case you need to check anything and all the funds for the purchase in one account and ready to go.

Who decides when completion day happens?

The seller and buyer should get the chance to agree the date of completion. Completion day has to be on a working weekday, to enable the money transfers through the bank and so your solicitor is available. Traditionally this happens on a Friday, but it doesn’t have to be. 

Can I exchange and complete on the same day?

It’s standard practice for completion to happen seven days after exchanging contracts. But exchanging and completing on the same day is possible and becoming increasingly common. Completing on the same day as you exchange contracts speeds up the conveyancing process, and means you don’t have to pay a deposit on exchange of contracts. However, there are downsides. It is incredibly stressful, and you don’t definitely know that you are moving until the day that you move, which makes arranging removals and forwarding post more complex. If anything does go wrong, you don’t have any time to put things right. You will need to have your house packed up with the removals men ready, while you are waiting to hear that contracts are being exchanged.

How do I get the keys? 

Once the seller’s solicitor has received the funds they’ll confirm completion with us and we can release the keys, we cannot do this before the confirmation. Every home is different, the keys can be picked up from the previous owner directly, or I will meet you at the property. This is usually down to the seller of their preference.