After all the viewings, negotiations, paperwork, and waiting, you’ve finally made it to completion day. This is the point where everything becomes official and legal ownership of the property transfers from the seller to the buyer.
It’s exciting, but it can also be nerve-wracking if you’re unsure what to expect. Let’s break down exactly what happens, how to prepare, and what to look out for.
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What is completion day?
Completion day is the final step in the property buying and selling process. It’s when the funds are transferred and the keys are handed over, meaning you can move in or officially move out.
Typically, your solicitor or conveyancer handles most of the work behind the scenes. For buyers, it marks the beginning of life in their new home. For sellers, it’s the moment your sale completes and you receive the proceeds.
How much time is there between exchanging contracts and completion?
The time between exchange and completion can vary depending on the needs of both parties, but it’s usually between 1 and 4 weeks.
Once contracts are exchanged, the transaction is legally binding, and the completion date is locked in. That means everyone involved knows when they’re expected to vacate, move in, or transfer ownership.
In some cases, like a simultaneous exchange and completion, everything happens on the same day. But generally, a short gap gives both sides time to pack, organise removals, and tie up loose ends.
What happens on completion day?
Your solicitor will conduct final checks
Before any money changes hands, your solicitor will carry out one last round of checks. These include confirming the buyer’s mortgage funds, double-checking paperwork, and verifying that everything agreed during the exchange is still in place.
Money will be received from the lender
For buyers using a mortgage, the funds are usually transferred by the lender to the solicitor earlier that morning. The solicitor then sends the money to the seller’s solicitor to complete the purchase.
A redemption statement will be confirmed
If the seller still has a mortgage on the property, their solicitor will use a redemption statement to pay off the remaining balance. The rest of the money is then forwarded to the seller.
Finishing up your packing and last home checks
As a seller, you’ll need to vacate the property completely — ideally before midday. That includes removing all personal belongings, doing a final clean, and leaving behind keys, manuals and meter readings if requested.
Releasing your keys and collecting your new ones
Once the seller’s solicitor confirms that funds have been received, the estate agent is authorised to release the keys. That’s the moment buyers can finally access their new home, often around lunchtime or early afternoon.
Paying stamp duty
Buyers will need to pay Stamp Duty Land Tax (SDLT) as part of the transaction. This is usually handled by the solicitor and submitted to HMRC shortly after completion. You won’t need to do anything, but it’s worth budgeting for this when preparing to move.
What can go wrong on completion day?
Most completion days run smoothly, but it’s good to be aware of potential hiccups:
- Delays in mortgage fund transfers can hold up the chain
- Problems with removals, such as access issues or delayed movers
- Late banking cut-off times may push completion to the next day
- Miscommunications between solicitors can cause unnecessary stress
The best way to avoid problems? Stay in regular contact with your solicitor and estate agent, keep paperwork organised, and make sure your moving arrangements are flexible where possible.
Need help with your selling journey?
Whether you’re just getting started or nearly at completion, Whitegates is here to support you through every step.
Our experienced agents can guide you through the process and make sure your move goes as smoothly as possible. Start your journey today.
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Further reading from Whitegates
- Steps to buying and selling a house at the same time
- Buying a property on your own: How to make it possible
- Top tips for planning your finances before you move
