What happens on completion day?

Buying a property is one thing that takes plenty of time and lots of patience. Buying a house in the UK takes a minimum of 18 weeks and that’s only if every aspect of the property buying process goes to plan! Knowing what to expect (and when) during the property buying process is therefore essential to staying on track and keeping things moving in exactly the right direction.

Completion day is one event that’s a major milestone in every purchaser’s property buying journey. In this guide, we share all you need to know about completion day, including the timelines to expect and a checklist of things to do.

What is completion day?

Completion day is a big day, and one that’s fraught with activity for the property buyer and all the professionals supporting them. As the name suggests, completion day is when ownership of the property officially transfers from the seller to the buyer.

When does completion day happen?

Completion can only take place after contracts have been exchanged, which is another vital milestone for those buying or selling a property. The exchange of contracts makes the entire transaction legally binding. Completion generally takes place between 7 and 28 days after the exchange of contracts.

The date of completion is typically agreed in advance, usually just before the exchange of contracts. This date should however be treated as ‘provisional’ until the move is confirmed.

What happens on completion day?

On completion day, the buyer’s solicitor will transfer the remaining funds (usually the purchase price minus any deposit already paid) to the seller’s solicitor. Thanks to this exchange, the seller releases the keys to the property. The keys can usually be collected from the estate agent before the big move can officially begin.

Now that you are in legal possession of the property, those last few property buying bits and bobs can be finalised. This includes the generation of completion statements, the payment of any outstanding fees, and the registration of the change of ownership with the Land Registry. From here your title deeds will be produced, with this important document passed on to your mortgage lender for safe keeping.

How can you prepare for completion day?

As with any part of the property buying process, planning makes perfect. Completion day can after all be extremely stressful, making organisation the key to success and your sanity!

Make communication a priority on completion day to ensure you are kept in the loop at all times. Your solicitor or conveyancer will provide you with all the updates you need as they finalise the sale. You can help them out by having all your funds in order and all the relevant paperwork to hand.

Your belongings should also be packed up and ready to go. As Barratt Homes details, you should never underestimate how long packing to move takes:

“That will depend entirely on how much you own (and plan to move or throw away), but it’s vital that you don’t try to rush or do it all in one go. Taking regular breaks makes it easier to handle any unforeseen hold-ups, for a less stressful move. If you’re using professional house packing services, you won’t need to spare as much time but you may want to take care of cherished or irreplaceable belongings yourself for peace of mind.”

Not quite got to completion yet? We can support you during the early stages of the property buying process. Let us help you find a mortgage deal that works for your circumstances by contacting The Mortgage Bureau today.