What is completion day?
Completion day is the last step in the home buying process, it is when the property ownership is passed on from the seller to the buyer. On this day, several crucial activities will occur, it is therefore important to ensure that you know what to expect and how to prepare yourself, so everything runs as smoothly as possible.
What happens on completion day?
On completion day, your conveyancing solicitor will confirm your transaction, sort out the deeds and paperwork, and if you are a seller then they will sign off mortgage completion statements. On this day both solicitors make final checks, then your solicitor will proceed to transfer the money via the banking system to the seller. Once the seller’s solicitor has received the money, they will confirm the completion and will release the keys from the estate agent, they will also make sure that any charges are paid, this includes the seller’s estate agent fees. After this you will then be made aware of the completion, and you can then move into your home.
When is completion day?
Your solicitor will then work together with the seller’s solicitor to arrange a date. Normally, this process will take place between 7-28 days after the contracts have been exchanged, it generally takes place on a weekday, with the ideal moving time of 12pm. However, it is possible that there may be more or less time between, if all parties are happy with the confirmed date. Friday is usually the best option, this gives you as the buyer enough time to move in and sort things out over the weekend, however, occasionally there may be financial delays or holdups meaning you will have to wait until Monday to complete.
Completion day FAQs
Do you move in on completion day?
Yes, typically this is the day that you will move into your new home, the old owners will have moved out of the property, and you will receive the keys.
Are completion dates always Fridays?
Although it is traditional for a sale to complete on a Friday you can choose any day to complete it. Most buyers will choose a Friday as it gives them the weekend to settle into their new home, however there are some benefits of moving in on a different day, for example you may be able to arrange cheaper fees with a removals company.
While Fridays are popular for completion due to convenience of moving over the weekend and wrapping up the transaction by the weeks end, the completion date can be any weekday that suits the seller, the buyer and the respective solicitors or real estate agents. The specific day should be negotiated and agreed upon by all parties involved in the transaction.
What could go wrong on completion day?
Sometimes problems can occur, therefore keeping prepared and having good communication with all parties involved can help things move along smoothly. Common delays that may happen include:
- Delays along the property chain
- Removals issues
- Holdups with the bank
Do you have to pick up the keys on completion date?
No, usually you don’t necessarily have to pick up the keys on the same day, however you are able to pick up the keys any time from completion. There are lots of reasons why you may not be able to pick up the keys on completion day, for example you may be on holiday.
On completion day, the project wraps up successfully, reflecting the effort and planning invested. It’s a moment to acknowledge the achievement and prepare for new opportunities ahead. For a smooth transition, head over to our quote system to get started with the first step in this process. Simply enter your details into our conveyancing quotation calculator and receive four accurate, no obligation quotations instantly. The quotes you receive will be the total price you pay, not estimates like on other sites.
