What Happens on Completion Day?
Completion day is the final milestone in buying or selling a home—the day the property officially becomes yours. While it’s exciting, it’s also a day full of important steps that need to be handled carefully to ensure everything goes to plan. Whether you’re picking up the keys or handing them over, knowing what to expect can make the process much smoother.
Key Takeaways
-
You’ll need to ensure your funds are in place and ready for transfer early on the day.
-
Keys are only released once solicitors confirm that all funds have been transferred.
-
If you’re selling, you’ll need to vacate the property by the agreed time, usually 1 pm.
-
- What is Completion Day?
- What Happens on Completion Day?
- How Long Does Completion Take?
- What Happens Between Exchange and Completion?
- Can You Exchange and Complete on the Same Day?
- What Can Go Wrong on Completion Day?
- Completion Day Checklist
- What Happens If You Don’t Complete on Completion Day?
- Do I Have to Move on Completion Day?
- Frequently Asked Questions
What is Completion Day?
Completion day marks the exciting final milestone in purchasing a home - it's the moment when you officially become the property owner. On this day, all remaining funds are transferred, legal documents are finalised, and the seller hands over the keys, making your new house officially yours.
What Happens on Completion Day?
-
Solicitors handle the financial transactions
Your solicitor ensures the money for the property is transferred from the buyer’s solicitor to the seller’s solicitor. This includes paying off any remaining mortgage on the property. -
Transfer of ownership via the Land Registry
Once the funds are confirmed, ownership of the property is officially transferred through the Land Registry, making the purchase legally binding. -
Release and collection of keys
The estate agent is notified to release the keys to the buyer, marking the official end of the process. For those selling, this is the point where you'll need to vacate the property.
Read our full conveyancing guide here
In a Chain vs. No Chain: What Happens?
| No Chain | In a Chain |
|---|---|
| The process is straightforward, involving only the buyer and the seller. | The process is more complex, as multiple buyers and sellers are linked in a sequence. |
| Funds are typically transferred by the solicitor in the morning. | Each party’s solicitor must confirm funds before the next transaction in the chain can proceed. |
| The seller vacates the property early, allowing for a smooth handover. | Delays can occur if one party in the chain encounters issues, such as last-minute funding problems. |
| Keys are usually available by midday, with minimal waiting. | Keys may not be released until all transactions in the chain are completed, often later in the day. |
| Ideal for cash buyers or transactions with no dependent sales. | Common in traditional buying situations with multiple linked property sales. |
Completion day can be a stressful milestone, but with clear communication and a reliable team, it doesn’t have to be. Here’s what one of our recent clients had to say about their experience:
"The Housebuyers4u team actually did what they said they would, communicated well and helped get us over the line to completion today. Sincere and honest people in what can be quite a sharky industry!"
Click here to read the full review on Trustpilot
How Long Does Completion Take?
Completion day usually takes just a few hours, marking the final stage of your house purchase. It’s the day when the legal and financial processes align, and property ownership officially changes hands. For most transactions, completion happens between 9 am and 2 pm.
However, if you are in a property chain, the time can vary. See below for more information.
Average Property Chain Completion Timeline
-
9 am to 11 am: The first buyer in the chain gets their keys.
-
11 am to 12 pm: The second buyer in the chain collects their keys.
-
12 pm to 1 pm: The third buyer in the chain gets their keys.
-
1 pm to 2 pm: The fourth buyer in the chain picks up their keys.
Once the funds are confirmed, the solicitors update the Land Registry to transfer ownership of the property to the buyer. The estate agent is then notified to release the keys, typically allowing buyers to collect them around midday.
In a chain, completion times can vary. Each transaction in the chain must be completed in sequence, meaning delays can occur if one party experiences a holdup.
Advice from our Property Expert Paul:
Having managed hundreds of property completions at Housebuyers4u, I've seen firsthand how chains can cause unexpected delays. Recently, I worked with a seller in a four-property chain where a delayed mortgage payment caused a four-hour holdup for everyone involved.
My advice is simple: keep your moving plans flexible if you're in a chain. Or, consider selling to a cash buyer - with no chain involved, we can complete in as little as seven days, eliminating the stress of coordinating multiple parties.
Read another success story of how Housebuyers4u handled a property chain.
What Happens Between Exchange and Completion?
Once you’ve exchanged contracts, there’s no turning back – the deal is legally binding, and the countdown to completion begins. Over the next 7 to 28 days, all the crucial legal and financial details are finalised to get everything ready for the big day.
Key steps after exchanging contracts
-
Solicitors check mortgage conditions
Solicitors verify that all lender conditions are met, ensuring the mortgage funds are released on time. This includes confirming valuations and addressing any final queries from the lender. -
Preparation of completion statements
Your solicitor will put together a detailed completion statement for you, breaking down exactly what’s left to pay – from the purchase price and deposit to fees like Stamp Duty. It’s their way of making sure you know where every penny is going and that nothing is overlooked. -
Handling legal paperwork
Transfer deeds are drafted and signed, confirming the transfer of ownership. These documents are reviewed carefully to prevent delays on completion day. -
Final searches
Final checks, like bankruptcy searches and title updates, are carried out to make sure there are no new issues with the property or your status as a buyer. Ever wonder what happens if something unexpected pops up? Your solicitor will flag any problems and work quickly to resolve them. -
Arranging funds
The buyer transfers the remaining funds, including their deposit, to their solicitor, ensuring the money is available for completion. Solicitors also coordinate with lenders to release mortgage funds.
Related Read: How to verify a cash buyer has the funds for a quick sale
The time between exchange and completion is great for sorting out the practical stuff. We suggest you book your removals, notify the utility companies about your move, and organise everything for a smooth moving day.
Can You Exchange and Complete on the Same Day?
Yes, it’s possible to exchange contracts and complete on the same day, though it’s less common. This approach is often used in situations where time is tight, such as in no-chain purchases or cash transactions.
Advantages
-
Faster process: By combining both steps, the entire transaction is completed in a single day, saving time.
-
Fewer risks of delays: Eliminating the gap between exchange and completion reduces the chance of last-minute complications.
Disadvantages
-
Increased stress: With everything happening on the same day, there’s little room for errors or delays. Any issue with funds or paperwork can derail the process.
-
Limited flexibility: Buyers and sellers must be fully prepared with finances, legal documents, and logistical arrangements before the day begins.
Tips for Exchanging and Completing on the Same Day
-
Have finances ready: We recommend making sure your deposit and any other funds are ready to go, and double-checking with your mortgage lender that they’re set to release the money on time. It’s one less thing to worry about on the big day!
-
Work closely with your solicitor: Make sure all paperwork is reviewed and signed well in advance. According to experts, lack of clear communication among stakeholders ranked as one of the top five frustrations, especially for estate agents and conveyancers, contributing to delays.
-
Prepare for moving: We always advise getting your removals and utilities sorted ahead of time, so you’re all set to move the moment completion is confirmed.
What Can Go Wrong on Completion Day?
Completion day is the final step in the house-buying process, but it’s not immune to potential issues that can cause delays or complications.
Common issues that may arise
-
Delays in fund transfers
we know how frustrating it can be if there’s an issue transferring money between banks or solicitors. Imagine expecting your keys by lunchtime, only to find out the funds haven’t cleared yet—it could mean waiting until later in the day or even the next day to get them finally. -
Problems within the property chain
Property chains are susceptible to delays caused by various factors, including legal complexities, financing issues, or unexpected problems in property surveys. According to data from property experts, approximately 30% of property transactions in the UK fail because of chain issues. For example, if someone else in the chain can’t secure their mortgage on time, it can halt the entire process—even if you’re fully prepared to proceed. -
Documentation errors or misunderstandings
Errors in legal paperwork, like missing signatures or incorrect details on the transfer deeds, can cause last-minute delays. Miscommunication between solicitors, buyers, and sellers can create confusion and add unnecessary stress on completion day.
We understand how frustrating it can be when things don’t go to plan on completion day. At Housebuyers4u, we’ve helped clients recover from delayed transactions caused by chain failures or fund transfer issues. Our research shows that partnering with a cash buyer to who you can sell your house fast to can significantly reduce the risks, ensuring a smoother and quicker process.
Completion Day Checklist
Preparation is key to ensuring completion day goes smoothly. Here’s a practical to-do list for both buyers and sellers to follow:
Buyers:
-
Confirm funds are ready.
-
Take final meter readings.
-
Pack essentials separately.
-
Coordinate with removal companies.
-
Stay in touch with your solicitor and estate agent.
Sellers:
-
Take final meter readings.
-
Pack and vacate on time.
-
Inform utility providers.
-
Leave keys with the estate agent.
-
Confirm with your solicitor.
What Happens If You Don’t Complete on Completion Day?
Failing to complete on completion day can have serious consequences for both buyers and sellers, as it’s a legally binding part of the house-buying process.
Consequences for buyers
If a buyer fails to complete, they risk breaching the contract. This can result in:
-
Financial penalties: The buyer may forfeit their deposit, typically 5-10% of the property price.
-
Legal action: The seller can sue for damages, which may include additional costs such as interest, storage, or removal expenses.
-
Loss of property: The seller is not obligated to wait and may choose to put the property back on the market.
Consequences for sellers
Sellers who fail to complete can also face significant repercussions, including:
-
Legal claims: The buyer can sue for breach of contract, demanding compensation for any financial losses.
-
Additional costs: Sellers may need to cover the buyer’s expenses, such as wasted removal costs or temporary accommodation fees.
-
Delays to their own plans: If the seller is part of a chain, their failure to complete can impact multiple transactions, causing widespread complications.
The non-fault party can serve a notice to complete, giving the other party a fixed timeframe (typically 10 working days) to fulfill their obligations. Failure to comply can lead to contract termination and legal action.
What Can I do to Make my Completion Day Successful?
-
Plan ahead: Make sure that all financial and logistical arrangements are in place well before completion day.
-
Communicate regularly: We encourage you to stay in close contact with your solicitor and estate agent to address potential issues early.
-
Be prepared for delays: We suggest having contingency plans ready for unexpected problems, such as backup funds or flexible removal bookings.
Do I Have to Move on Completion Day?
Yes, moving out on completion day is usually mandatory for sellers. This is the point when ownership of the property is legally transferred to the buyer, and the buyer is entitled to immediate access. However, there are some alternatives and considerations depending on your situation.
For most sellers, moving out on the same day is non-negotiable. Once the completion funds have been transferred and the transaction is finalised, the seller must vacate the property to hand over the keys to the buyer.
Completion Day Didn’t Go As Planned? Get a Guaranteed Sale with Housebuyers4u
