What happens on completion day?

• Completion day is the final step in property transactions when ownership legally transfers between seller and buyer
• Exchange day is when contracts become legally binding and completion day is when keys and funds are transferred
• In the build-up to completion day, ensure all funds are ready to avoid delays, penalties, or potential delays
• Be aware of potential complexities in property chains and plan accordingly

Completion day is when property ownership legally transfers from seller to buyer – it’s the final step in your property journey when funds are exchanged and keys are handed over. 

On completion day, money transfers from the buyer’s solicitor to the sellers, and once received, keys are released so the buyer can move in. 

For buyers, it's an exciting milestone after months of waiting. For sellers, it can feel bittersweet but represents a fresh start. If you're buying and selling simultaneously, both transactions typically complete on the same day.

Here’s what happens on completion day:

Prior to completion day:

• Your conveyancer checks that mortgage conditions have been met and requests funds from your lender
• The seller's conveyancer requests a redemption statement showing the outstanding mortgage balance
• Completion statements are prepared - financial breakdowns for both buyer and seller that must be checked for accuracy
• Any outstanding balances must be paid by both buyer and seller to their conveyancers

On completion day:

• The buyer's conveyancer sends the funds to the seller's conveyancer
• The seller's conveyancer confirms completion with the estate agent who releases the keys to the buyer
• The seller must be out of the property by agreed time (usually midday), and the buyer can begin moving in
• The seller's conveyancer redeems the mortgage, paying off the outstanding balance and associated fees

Completion day typically occurs 1-4 weeks after exchange of contracts, though this timeframe can vary based on your circumstances. It must take place on a working weekday when banks are open to facilitate fund transfers.

Most popular day: Friday (gives you the weekend to settle in)

Most cost-effective: Monday-Wednesday (cheaper removal costs)

If you're part of a property chain, your completion date must align with all other transactions in that chain, requiring coordination between multiple conveyancers.

Who decides the date? You and your buyer (or seller) agree on the completion date, with input from everyone in the chain if applicable.

Exchange date refers to the exchange of contracts. This is when signed contracts are swapped between conveyancers, making the sale legally binding. The deposit is transferred and both parties are committed to the transaction.

Your completion date is your official moving day. It will typically be 7 to 28 days after you have exchanged contracts. Although there is no minimum or maximum time required between exchange and completion.

Can you exchange and complete on the same day?

Exchanging and completing on the same day is possible, but it takes serious coordination. More can go wrong because the turnaround time is so short.

You likely won’t know you’re going to be moving into your new home until the day. This can make planning for removals or securing temporary accommodation (if needed) tough.

Getting mortgage funds released quickly is another hurdle. Some lenders can do it on the day, but others might require 5 working days to complete the transfer.

While same-day exchange and completion are quite common, it’s risky and can become stressful.

For chain-free sales, it’s more doable but can still be a challenge. Sometimes simultaneous exchanges and completions are unavoidable, but we will always be as proactive as possible to make sure everything is aligned as it can be.

The conveyancing process has many moving parts. Allowing time between exchange and completion helps ensure they align properly.

Completions get more complicated when you’re a part of a chain, but we’ll keep this explanation as simple as possible.

The order of completions will follow the chain sequence. Starting with the person or people at the bottom (usually who are only buying). As soon as they have completed, each link will follow.

Funds trickle up the chain – each buyer’s money funds the next seller’s completion. Timing is crucial to keep the flow going.

Delays in one part of the chain can disrupt the whole sequence. Good communication between conveyancers prevents these hold-ups.

Without a chain, completion day is much more straightforward. Conveyancers can schedule completion soon after exchange - usually within 1-2 weeks, sometimes sooner.

There's no need to coordinate with other sales. Your conveyancer simply liaises with the seller's conveyancer to choose a mutually convenient day.

On the day, funds are transferred and receipt quickly confirmed. There's no waiting for other transactions. The estate agent gets immediate notification to release the keys, and they're yours!

Completion day must take place on a weekday when the banks are open. Enabling funds to be transferred and confirmed.

Fridays are a popular choice as it gives movers time to organise and settle in after the busy day of completion. You may find that removal costs are more expensive because of the popularity of Fridays.

Earlier weekdays like Monday and Tuesday are likely to be the most cost-effective as they are less popular choices for completion.

There’s no universally known best day for completion. It depends on your priorities and situation.

If having the weekend to move in is key, target the end of the week. If you have more flexibility and want to potentially save on costs, earlier in the week may be better.

The buyer’s conveyancer will liaise with the seller’s conveyancer to arrange a completion date that is acceptable to everyone involved. Estate agents can also assist in organising the date.

Once again, if you’re in a chain, it can be tricky. There are going to be a lot of conveyancers liaising with each other to get a date, and the longer the chain the more difficult this is to organise and agree.

Not having completion funds ready can delay the whole process, but issues can often be resolved with quick action.

Immediate consequences:

• Completion moves to the next working day
• You may face late completion fees
• If your buyer caused the delay, they pay the penalties instead

Formal process: Usually a "notice to complete" is served, giving a set timeframe to complete. If this deadline is also missed, your deposit is at risk and financial penalties apply.

Best approach: Contact your conveyancer immediately if funding issues arise. Many problems can be resolved quickly, and completion often gets back on track the next working day.

You did it! You moved into your new home. There are still a few things for you and your conveyancer to do.

Your conveyancer will handle registering your ownership with the Land Registry. It can take some weeks (or even months) to finalise. You needn’t worry, though. Tying up these final loose ends won’t impact you moving in.

On your end, make sure to notify important contacts about your exciting move:

• The DVLA and your insurance providers
• Your bank, employers, and pension companies
• Doctors, dentists, subscriptions, and memberships

It’s easy to forget how many people need to know that you’ve moved and you’re at a new address. Try to write down a list and get them ticked off ASAP.

Here’s the above broken down into a convenient completion day checklist:

Understand what completion day is

• The day ownership legally transfers from the seller to the buyer
• All contracts have been fulfilled
• The property 100% belongs to the buyer

Know the difference between exchange and completion

• Exchange - contracts are signed and legally binding
• Completion - ownership transfers and the buyer can move in

Prepare for the timeline

• The buyer’s conveyancer requests mortgage funds
• The seller's conveyancer requests a redemption statement
• Completion statements are prepared
• Outstanding balances paid by the buyer and the seller
• On the day – the funds are transferred and the keys released
• Seller vacates the property by a set time
• The buyer can begin moving in

Handle logistics

• Schedule removals and storage if needed
• Redirect mail and update contacts with the new address
• Change utilities, memberships etc. over to the new property

If in a chain, understand the sequence

• Completions follow the chain order from the bottom up
• Each buyer's funds trigger the next seller's completion
• Good communication prevents delays disrupting the chain

Enjoy completion day

• The milestone you've been waiting for
• Time to settle into your new home or begin your new chapter and celebrate

How does completion day work when I am buying and selling?

When you’re buying a new property and selling your existing one, completion day involves coordinating the two transactions:

1. Your conveyancer will work with the other parties’ conveyancer on both transactions to align timings.
2. On completion day, the sale of your home will be completed first, with the funds going to your conveyancer.
3. Once the sale funds clear, your conveyancer will use that money towards the purchase funds owed for your new property purchase.
4. After transferring all the purchase funds, you receive the keys to your new home and become the legal owner.

How do I get the keys on completion day?

On completion of a property purchase, you will receive the keys from the seller or the estate agent representing them once the final funds have been transferred and the transaction is complete.

What documents should I keep after completion day?

You’re going to receive quite a lot of documents after purchasing a property, here’s a list of them that you should hang on to:

• Title deeds – Although these won’t be physical copies as the Land Registry records are now all digital.
• Copy of the lease – If you’ve bought a leasehold, you’ll receive a copy.
• Management pack – Again for leasehold or if you own a share of a freehold, you’ll likely be provided with a management pack.
• Title report – Your conveyancer’s report on title should include a summary of the legal title and property search results.
• Property information form – The TA6 form completed by the seller, contains a lot of useful information regarding your new property.
• Fittings and content – The TA10 is filled out by the seller, it states how the property should have been left to you, definitely worth keeping.
• Warranty – if you bought a newly built home, this would outline your warranty should anything break or not work correctly.
• Energy performance certificate – Keep hold of the EPC as it shows how efficient your new home is and an estimate of how much it should cost to run.