What happens on completion day?

Completion is the final step in buying your home. You're busy loading up the removals van, but if things don't go according to plan you still might not be home and dry. So make sure you know what happens on completion day, what to expect and how to plan for the day to help things run as smoothly as possible.

Katherine Binns Director, Research

What is completion day?

Completion day is the final step in the home buying process. It’s when property ownership transfers from the seller to the buyer. The buyer can collect their keys and move into their new home. Use our moving house checklist to start planning for moving day.

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 mortgage completion statements.

• Prior to completion the buyer’s conveyancing solicitor will check all mortgage conditions have been met, and request the money from the lender.
• The seller’s solicitors will request a Redemption Certificate (calculated to the day of completion) if there’s a mortgage on the seller’s property.
• Conveyancing solicitors on each side create completion statements of all payments made and received and set out any invoices to be paid on completion.
• 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 estate agent. They also ensure any charges are paid, including the seller’s estate agent fees.
• The buyer will be notified of the completion, and they can then move into the property.

How long does completion take?

Completion usually happens 7 to 28 days after exchange, the amount of time completion takes will usually be agreed by the buyer and seller.

Average completion day timeline

If you’re buying a house with no chain, completion will usually take place around 11 am, assuming all payments have been received by the buyer’s conveyancer.

If you’re in a chain, the time your seller releases the keys will depend on how long the chain is. Here is how the completion day timeline may work:

• 9am to 11am – First buyer in the chain collects keys.
• 11am to 12pm – Second buyer in the chain collects keys.
• 12pm to 1pm – Third buyer in the chain collects keys.
• 1pm to 2pm – Fourth buyer in the chain collects keys.

While under the contract terms, the seller usually has until 1pm to vacate the property, or 2pm in long chains, most sellers will release the keys on receipt of the funds.

Exchange vs completion: What’s the difference?

When you exchange contracts, both the buyer and the seller sign identical contracts and the deal becomes legally binding. While completion day is when property ownership transfers from the seller to the buyer. Find our more in our guides Exchange of contracts explained.

Can I exchange and complete on the same day?

Yes, you can exchange and complete on the same day.

Advantages of exchange and completion on the same day include:

• It speeds up the conveyancing process
• You don’t have to pay a deposit on exchange of contracts.

However, there are downsides: it can be 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.

If you are keen to go for exchange and completion on the same day, the things to consider are:

• It is much less risky if you and the seller are chain-free, so there is no one else to mess things up.
• It is easier if you are a cash purchaser, so you don’t have to worry about transferring money from the mortgage lender.
• Some mortgage lenders are happy with exchanging and completing on the same day, but others require a minimum period (such as five working days) between.
• You and the mortgage lender should transfer the funds to your solicitor the day before, to ensure there are no money transmission problems.
• You are making yourself more vulnerable to an unscrupulous seller demanding something extra at the last moment, as you will be all packed up and ready to go, and not really in a position to negotiate.

What can go wrong with simultaneous exchange and completion?

Sometimes problems with the transfer of funds can arise on completion day. This can occur when money is being passed from your mortgage provider (if you’re using one) to your solicitors and then on to the buyer’s solicitors. If the money transfer doesn’t go through by 3pm, you’ll have to wait until the next working day.

Being in a chain of buyers and sellers can also pose issues. If any of the chain falls through or is delayed, the whole process can come grinding to a halt.

Completion day checklist

Your conveyancer may be handling the legal side of completion day but you still have some jobs to do. These are:

• Planing 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 with the seller and the removals company so everyone arrives at the right time and no one is left waiting.
• Communicating 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.
• Having 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.

You should also be on top of admin relating to moving house. For example, when you leave your old property take meter readings and submit them to your old supplier. Likewise, when you move into your new home, take meter readings on the day you move in.

How do solicitors transfer money?

On completion day, the buyer’s solicitors transfer money for the purchase to the seller’s solicitor. This money will typically be transferred by a CHAPS payment, which allows you to make same-day, high-value electronic payments. 

If I fail to come up with the money will I be fined?

If you fail to transfer the funds on completion day, you will be fined. However, if you have failed to pay because your buyers also failed to come up with the money, they will pay a penalty to you, so hopefully you won’t lose out.

Who decides on the completion date?

The buyer and seller agree the completion date, along with other parties if there’s a chain. Although the completion process is different if you’re buying a new build home. Completion day traditionally has to be on a working weekday, to enable the money transfers through the bank and so your solicitor is available. You can plan your move once your date is set. Check out what to expect in terms of removals costs and see how to find the right removals company.

How do I get the keys? 

Once the seller’s solicitor has received the funds they’ll confirm completion with the buyer and release the keys. The keys can be picked up from the estate agent or directly from the buyer.

What documents should I keep after completion

See our checklist of documents to keep after completion that you should have from your conveyancing solicitor and that are helpful to collect from the previous owner as you move into your new home or that you can leave behind for the new owners if you are completing the sale of your property.

Video: Conveyancing process explained

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