Completion day is one of the most important stages of buying or selling a property. It is the day when the purchase price is paid, ownership of the property changes hands and, for the buyer, the keys can finally be collected.
Although your solicitor or conveyancer will deal with much of the process, there are some things you will need to organise in advance. Planning ahead can help make completion day as smooth and stress-free as possible.
What is completion?
Completion is the final stage of the property transaction.
For a buyer, it is when the remaining money needed to buy the property is paid to the seller's solicitor. Once the seller's solicitor confirms that the money has been received, the sale is complete.
For a seller, completion means receiving the purchase money and handing over the property to the buyer.
The date for completion is normally agreed before contracts are exchanged, so you should know your completion date in advance.
How do I organise the money needed for completion?
Your solicitor or conveyancer should tell you how much money is required to complete your purchase. This will usually be the purchase price, less any mortgage funds being provided by your lender, together with other costs that need to be paid.
These costs could include your legal fees, Stamp Duty Land Tax, search fees and other expenses relating to the transaction.
It is important to make sure your solicitor has the money before completion day.
Your solicitor will usually provide you with a completion statement showing the amount you need to provide. If you are transferring money to your solicitor, do not leave this until the last minute. Bank transfers can take time, and delays in receiving funds could delay completion.
For larger payments, your bank may also have daily transfer limits or additional security checks. Check with your bank in advance if you are unsure.
Be careful when transferring money
Property transactions involve significant amounts of money, so you should always take care when making a payment.
Your solicitor should provide you with their bank details securely. If you receive an email asking you to transfer money to different bank details, do not make the payment until you have independently confirmed the details with your solicitor.
Criminals sometimes target property transactions with fraudulent emails containing false bank details.
What happens on completion day?
On completion day, your solicitor will usually be working with the seller's solicitor to arrange the transfer of the purchase money.
If you are buying with a mortgage, your solicitor will normally have arranged for the mortgage funds to be sent to them in advance.
Once your solicitor has all the money needed, they will send the purchase funds to the seller's solicitor.
When the seller's solicitor confirms that the money has arrived, completion has taken place.
Your solicitor will then normally contact you to let you know that you can collect the keys.
If you are selling a property, your solicitor will confirm when completion has taken place and the sale proceeds have been received. They will then deal with any outstanding mortgage and other payments before sending the remaining funds to you.
What time will completion happen?
Unfortunately, it is not usually possible to guarantee an exact completion time.
There can be several transactions taking place on the same day, and each transaction relies on money being transferred and received before the next step can happen.
If you are buying, it is therefore best not to arrange removals or other time-sensitive appointments on the assumption that you will have access to the property first thing in the morning.
Your solicitor will keep you updated and let you know as soon as completion has taken place.
How do I collect the keys?
The keys are usually held by the estate agent.
Once completion has taken place, your solicitor will normally tell you that you can collect them. You can then contact the estate agent to arrange collection.
Make sure you know where the keys are being held and check the estate agent's opening hours, particularly if you are completing late in the day or on a Friday.
If someone else is collecting the keys for you, you should check with the estate agent in advance whether they require any identification or written authority.
What should I do on completion day?
If you are buying a property, it is worth having a simple checklist:
Make sure your solicitor has received all the money needed for completion.
Keep your phone available so your solicitor or conveyancer can contact you.
Make sure you know where and when you can collect the keys.
Have your removals company booked, but allow some flexibility around the timing.
Arrange buildings insurance from the appropriate point in accordance with your solicitor's advice and the terms of your mortgage.
Once you have the keys, check the property and make sure everything appears as expected.
If you are selling, you should make sure you have removed your belongings, left the property in the condition agreed and handed over all keys as required.
What happens after completion?
Completion is not necessarily the end of the legal work.
If you are buying, your solicitor will usually have some further work to do, including formally registering your ownership with HM Land Registry and dealing with any Stamp Duty Land Tax requirements.
These steps are important, but they do not normally prevent you from moving into your new property once completion has taken place.
Planning ahead makes completion easier
Completion day can feel like a stressful part of the moving process, but most of the work will be handled by your solicitor or conveyancer.
The best thing you can do is prepare in advance: make sure your funds are available, check your bank transfer arrangements, keep your phone nearby and know how you will collect the keys.
With the practical details organised beforehand, you can focus on the most exciting part — getting the keys and moving into your new home.