What Actually Happens on Completion Day
Completion day is the day you have been working towards since you first made an offer. It is also one of the least well-explained parts of the whole process, which means a lot of buyers and sellers arrive at it without quite knowing what to expect. Here is how it actually works.
What completion is
Completion is the point at which legal ownership of the property transfers from the seller to the buyer. It is separate from exchange, which is when contracts are signed and the sale becomes legally binding. Exchange usually happens a few weeks before completion. On exchange day, a completion date is agreed. That date is what you work towards from that point on.
What happens on the day
The process is largely driven by solicitors and banks rather than by the people moving. Here is how it typically unfolds.
Your solicitor requests the mortgage funds from your lender in advance, usually a day or two before completion. On the morning of completion, those funds sit ready with your solicitor.
Your solicitor then transfers the purchase funds to the seller's solicitor via a bank transfer. This is called a CHAPS transfer and is how large sums are moved between solicitors. It is not instantaneous. The transfer needs to be sent, received and confirmed, and that process takes time.
Once the seller's solicitor confirms that the funds have arrived and cleared, they authorise the release of keys. They contact the estate agent, who then contacts you to say you can collect the keys.
That call from the estate agent is the moment completion has happened. Until you receive that call, the sale is not complete.
When can you expect the keys
Legally, sellers are usually required to vacate by midday on completion day. In practice, funds rarely clear and keys are released before early to mid afternoon. If you are in a chain, you are waiting for every transaction in the chain to complete before yours can, which means completion at the end of a chain often happens later in the afternoon than people expect.
If you are booking removal vans, it is worth having this conversation with your solicitor in advance. Agreeing an early completion time in the contract is possible in some cases and can make the day run more smoothly.
What can go wrong
The most common reason for delays on completion day is funds not clearing on time. Banks occasionally take longer than expected, particularly if there is a large sum involved or if the transfer is made later in the morning. If funds have not arrived by mid afternoon, your solicitor should be chasing. It is worth having a direct number for your solicitor on the day rather than relying on email.
If you are in a chain and one part of it runs into a problem, it can delay everyone above it. This is frustrating but usually resolves within the same day. Full completion failures on the day are rare but do happen, and if yours looks like it might be at risk your solicitor should be keeping you updated throughout the day.
What to do when you get the keys
Take meter readings as soon as you arrive. Gas, electricity and water. This protects you from being billed for any usage before you moved in and makes it straightforward to set up your accounts with the right suppliers.
Check the property condition matches what was agreed at exchange. If anything has changed, or if items that were included in the sale are missing, contact your solicitor on the same day while the sale is still fresh.
Finally, change the locks. You do not know how many copies of the old keys exist, and it is a straightforward precaution that is worth doing on day one.
If you are selling
As a seller, you need to be out of the property by the time agreed in your contract, which is typically midday. In practice most people aim to be out earlier to give themselves time to do a final check. Leave all keys, fobs, alarm codes and any manuals for appliances somewhere obvious for the new owners. Your solicitor will contact you once funds have been received to confirm completion.
If you have questions about what to expect from completion, or anything else in the process, we are happy to talk it through. Call us on 01925 767000 or visit courtyardhomes.co.uk.
