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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.
KEY INFORMATION
Completion day is when you become the official owner of the house or flat you’re buying. Here’s what to expect on the 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.
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.
Completion usually happens 7 to 28 days after exchange. The amount of time completion takes will usually be agreed by the buyer and seller.
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The contract sets the completion deadline, but the actual time you complete and get your keys can vary.
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 seller’s conveyancer.
In a long chain, money often needs to pass through several linked transactions, so buyers further up the chain may complete later in the day. Here is how the completion day timeline may work:
Prefer a print out? Want to save this list to your phone? Click our Completion Day Checklist to refer back to.
When you exchange contracts, the conveyancers exchange contracts already signed by the buyer and seller, making the agreement legally binding. Completion day is when property ownership transfers from the seller to the buyer. Find out more in our guides Exchange of contracts explained.
Once you’ve exchanged contracts on a property a lot of the worry and stress goes away but sometimes problems can arise between exchange and completion.
Yes, you can exchange and complete on the same day.
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.
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 seller’s solicitors. If funds arrive late, completion may be delayed 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.
Your conveyancer may be handling the legal side of completion day but you still have some jobs to do to prepare for completion day. These are:
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.
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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 you’re buying in England or Wales and cannot complete on time, you may have to pay interest and compensation for losses caused by the delay, depending on your contract and who is responsible.
If the seller is ready, able and willing to complete, they may serve a notice to complete. Under the Standard Conditions of Sale, this normally gives you a further 10 working days, excluding the day the notice is given. If you miss that deadline, the seller may be entitled to end the contract, keep your deposit and claim damages.
If your purchase is delayed because your own buyer has not completed, you may still be responsible for the consequences under your purchase contract. Your solicitor can explain whether you can recover any losses from your buyer.
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.
Once the seller’s solicitor has received the funds they’ll confirm completion with the buyer’s solicitor and authorise release of the keys. The keys can be picked up from the estate agent or directly from the seller, depending on the arrangements agreed.
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.
Yes, you can move in on completion day. When you’re buying a house, completion day is when the money for the house is transferred and you get the keys to the property so you can move in. Find out more about the legal side of buying a house in our guide Conveyancing process explained for buyers.
There is no fixed earliest or latest time. Key collection depends on when completion is confirmed and the arrangements with the estate agent or seller.
Most buyers and sellers choose a Friday as the completion date as it gives them the weekend to settle into their new property. But there are benefits to moving on a different day of the week. For example, you may be able to negotiate cheaper fees with a removals company if you complete on a different day as they’ll be less busy.
Problems can happen on completion day, such as delays in the transfer of the funds. And if you’re in a housing chain there is always the risk that a sale falling down at the last minute elsewhere in the chain could cause the process to come to a sudden stop. There is also a risk of fraud – commonly known as Friday Afternoon Fraud. For more advice on what to watch for, see our guide on Property Fraud
No, you don’t usually have to pick up keys on the completion date. There are lots of reasons why you may not be able to pick the keys up on completion day, such as if you’re on holiday. Typically, keys are handed over once funds are transferred and the sale is finalised, so it’s not advisable to hand over the keys before completion day.
Completion date means the day when property ownership transfers from the seller to the buyer. The buyer can collect their keys and move in.
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