Completion Day.
Introduction
Completion day is a major milestone for anyone buying or selling a property. It's the day when ownership officially transfers from the seller to the buyer.
While it's an exciting time, understanding what to expect and being prepared can make the process smoother for everyone involved.
This guide outlines what happens on completion day and provides helpful tips for a hassle-free experience.
What Happens on Completion Day?
Completion day is the final stage of the property transaction process. Once funds have been transferred and confirmed, ownership of the property officially changes hands.
For Buyers
Funds Are Transferred
Your solicitor will transfer the agreed purchase price to the seller's solicitor. This money may include funds from both your mortgage lender and your deposit.
Legal Transfer of Ownership
Once the payment has been confirmed, your solicitor will complete and submit the transfer documentation to HM Land Registry. This is the formal legal step that records you as the new homeowner.
Collecting the Keys
You'll receive confirmation that the transaction has been completed, and your estate agent will contact you to arrange the release of the keys.
For Sellers
Receiving Funds
The funds from the buyer's solicitor will be transferred to your solicitor, who will send them to you once everything has been confirmed.
From this amount, any outstanding mortgage balance or other charges secured against the property will normally be deducted.
Vacating the Property
You will usually need to vacate the property by the agreed completion time, leaving it empty, clean and ready for the new owners to move in.
Handing Over the Keys
Hand over all keys, including spare sets, to the estate agent for collection by the buyer once completion has been confirmed, unless alternative arrangements have been agreed.
Completion Times
The completion process usually takes place between 10:00am and 4:00pm, with midday being the most common time.
However, completion can take longer depending on a number of factors.
Property Chains
If there is a chain of transactions, your completion time may depend on other buyers and sellers successfully completing their own transactions.
Banking Delays
It can sometimes take time for funds to clear between banks.
Solicitor Responsiveness
A proactive solicitor can help avoid unnecessary delays and keep the process moving forward efficiently.
Mortgage Funding
If the buyer is purchasing with a mortgage, the lender must release the mortgage funds in time for completion to occur.
Tips for a Smooth Completion Day
For Buyers
Keep your phone nearby on completion day for updates from your solicitor or estate agent.
Pack an essentials box containing items you'll need immediately, such as toiletries, chargers, a kettle, tea bags and important documents.
Confirm with your estate agent when and where you will collect the keys.
For Sellers
Aim to vacate the property as early as possible to avoid delays.
Leave the property in good condition for the new owners.
Leave instructions for appliances, heating systems or anything else the buyer may find useful.
Double-check with your solicitor that all paperwork, including mortgage redemption arrangements, has been dealt with.
General Tips
Be Patient
Delays can happen, particularly when properties are part of a chain.
Stay in regular communication with your solicitor and estate agent to help ease concerns and stay informed throughout the day.
Organise Utilities
If you're selling, take final meter readings and contact utility providers to close your accounts.
If you're buying, notify utility providers that you are the new owner and arrange for services to be transferred into your name.
Actions to Complete
Homeowner
Arrange key handover
Confirm receipt of funds from your solicitor
Inform Bayzos that completion has taken place
Homeowner's Solicitor
Receive funds
Transfer funds to the homeowner
Buyer
Communicate with your solicitor
Inform Bayzos when your solicitor sends funds to the seller's solicitor
Confirm completion
Arrange key collection
Buyer's Solicitor
Transfer the completion funds
Update Milestones
Once completion has taken place:
Update the conveyancing tracker in your Bayzos portal so everyone involved is notified that the milestone has been completed.
Update your property checklist.
Keeping milestones updated ensures all parties remain informed throughout the process.
Important Disclaimer
The materials in this guide are provided for general information purposes only and do not constitute legal, financial or professional advice.
Whether express or implied, no warranty is given, nor shall Bayzos Estate Agents Limited be liable for any errors, omissions or content contained on associated websites.
For personalised advice relating to your individual circumstances, you should consult a qualified solicitor, financial adviser or other relevant professional.
We look forward to assisting you every step of the way. If you have any further questions, please do not hesitate to get in touch.
Final Message From Gary
Completion day is one of the most exciting moments in the property buying and selling journey.
Being organised and proactively communicating with your solicitor, estate agent and everyone involved in the transaction will help ensure your completion day is as seamless as possible.
Once the process has been completed, you can focus on settling into your new home or celebrating the successful sale of your property.
Good luck with your completion.
Have ideas on how we can improve this guide? We'd love to hear from you.
Contact Gary at gary@bayzos.co.uk.
Gary (Founder) & The Bayzos Team
Disclaimer:
The information in this guide is provided for general information purposes only and does not constitute legal, financial, mortgage, tax, or professional advice.
While we aim to keep the information accurate and up to date, Bayzos Estate Agents Limited makes no guarantees or warranties regarding its accuracy or completeness.
You should always seek advice from a qualified solicitor, financial adviser, mortgage broker, accountant, or other relevant professional before making any decisions based on this information.
Bayzos Estate Agents Limited accepts no liability for any loss or damage arising from reliance on this guide.