What Happens on Completion Day?

Written by Ashleigh Williams Reviewed by Gareth Brooks

29th Nov 2019 (Last updated on 19th Apr 2024) 9 minute read

What is the Day of Completion?

Completion day is the final step in the conveyancing process. It means both parties involved are at the end of the property sale and ownership is now being passed onto the buyer. It occurs between 7 - 28 days after the exchange of contracts.

The buyer’s solicitor will transfer the final funds to the seller’s solicitor. Once the completion money has been received, completion has legally taken place. The buyer can then pick up the keys to their new house.

The seller must move out of the property by the completion date. The target time to move out is usually 12 pm, but this can change depending on how big the property chain is. Alternative times and arrangements can be made if both the buyer and seller agree.

Can You Complete and Move on Different Days?

Yes, if you are the buyer and are not part of a property chain, you can choose to complete and move into your new home on different days. While you have to pick up your keys on the completion day, this does not mean you have to move in too.

The house completion date is the day the seller receives payment for the property, transferring ownership. The seller must vacate the home to allow the buyer to begin moving in as a result.

How Does Completion Day Work in a Property Chain?

In a property chain, the completion process will start with someone who is only buying a property. If you’re a first-time buyer, the housing chain will start with you. The chain will end with a seller who is only selling a property.

The buyer's conveyancer will carry out any final checks and pay the final funds due by same-day bank transfer. Once the seller’s conveyancer receives the payment, completion has legally taken place.

The seller's solicitor will contact the buyer's conveyancer to confirm receipt of the funds. They will also contact the estate agent to authorise the release of the keys to the buyer. At this point, the remaining estate agent fees will need to be paid. The conveyancers for both parties will then call their respective clients to confirm completion has taken place.

What Happens on Completion Day With No Chain?

If you are buying a house with no chain, the completion day is typically more straightforward. This is because you won’t be reliant upon other transactions to take place.

Your house completion will take place around 11 am. This is assuming all payments and mortgage deposits have been received and given to the buyer’s conveyancer. This allows them to transfer the final funds to the seller’s conveyancer and relevant people on the morning of the completion day. As the seller is not buying another house, the buyer should not have to wait as long to move into the property.

Transferring Money on Completion Day

Transferring the final funds to the seller's conveyancer will be the main event on the completion day.

The buyer will first need to ensure they’ve paid all the required funds to their conveyancer. These expenses will be outlined on your completion statement. If they are purchasing the home with a mortgage, the mortgage funds must also be paid. These will include the conveyancing disbursements.

Stamp Duty Land Tax will also need to be paid. The equivalent is Land and Buildings Transactions Tax in Scotland, and Land Transaction Tax in Wales. This will ensure the Land Registry has the details of the property ownership in the new buyer's name.

Once all payments have been received, the buyer's conveyancer will transfer the final funds. This will be done via the CHAPS banking system. This allows large payments to be made safely.

Can You Exchange and Complete on the Same Day?

It is possible to exchange contracts and complete on the same day, but it’s not suitable for most buyers. Some conveyancers will charge extra for completing the same day as exchanging contracts.

You could be attempting too many tasks at once and delay the process for everyone involved. Two separate dates provide all parties involved with added security.

When to exchange and complete on the same day:

• The property you are buying, or selling, is sold with vacant possession
• The buyer of the property is a cash buyer
• The buyer does not need to physically move in on the completion day
• You are not in a chain

When not to exchange and complete on the same day:

• You are in a long property chain
• You need to move in on the completion day
• You still need to book a removal company

Read more on: What Happens After Exchange of Contracts

What Can Go Wrong on Completion Day?

Here are some of the common things that can potentially go wrong on completion day:

1. Delay of Purchase Funds

Most buyers will fund their purchase with a combination of their own funds and a mortgage. If they are selling their home, buyers typically use the equity gained from their property to put towards their new home. It’s best practice for all the purchase funds to be paid to the buyer’s conveyancer the day before the completion day.

If the buyer or mortgage lender is late in making payment, this can cause a delay in the timeframe.

2. CHAP's Deadline

If the final funds are not in the seller’s conveyancer’s bank account by 4 pm, the completion of the transaction may need to wait until the next working day. This is because it's the time most bank CHAPS systems close.

3. Delay in the Property Chain

If you’re in a chain, it only takes a delay of payment in one link to cause a delay to the whole chain.

How Can Hiring a Conveyancer Help?

It’s not recommended to complete the conveyancing process alone. The legal side involved is thorough and can be confusing. Any issues in the conveyancing process will affect the transaction of purchasing the property.

Your solicitor will coordinate payments and liaise with other contacts. This will include checking mortgage conditions and carrying out conveyancing checks. The conveyancer will engage with all parties to ensure the legal process has been completed correctly.

They will organise your paperwork and ensure everything has been filled in correctly. The conveyancer will provide you with the relevant paperwork such as:

• Title deeds
• Mortgage completion statements
• Certificate of title
• Redemption certificate

How to Avoid Completion Day Problems

Here are some of the best ways to help make your completion day as smooth and as stress-free as possible:

1. Be organised

Make sure all relevant paperwork is signed and completed quickly. This will prevent a delay in the legal work carried out by your solicitor.

2. Schedule early payments

Ensure you've paid any funds due before the completion day. It will be a stressful and busy day, so it is useful to pay outstanding bills ahead of completion day where possible.

3. Communicate with your conveyancer

Schedule a time to call your conveyancer on the morning of the day to discuss progress and specific timings for your move.

4. Be easily contactable

Your conveyancer and the estate agent will need to contact you to conclude the process.

5. Vacate the property quickly

You should aim to be out of the property by noon at the very latest. This will make the moving process easier for everyone involved. It will help to prevent delays or waiting charges with removal companies from occurring.

Can You Complete on a Saturday?

A completion date cannot be scheduled for a Saturday or Sunday as most banks and solicitors are closed. The same applies to bank holidays. The most popular day to move house and complete a house sale is a Friday. This is because buyers have the weekend to unpack and settle into their new homes.

Completion Day for New Builds

If you're buying a new build property, you won't be able to set a fixed date. Conveyancing for new builds differs from previously owned properties. The completion date can't always be certain as it will depend on when the builders have completed the building work. The timings of this can change if there are delays in the building process.

The period between exchange and completion could end up being a few months. It all depends on your circumstances and the property developer you're dealing with. Once the property has been built, the completion date can then be set.

Find A Conveyancing Solicitor

Here at Compare My Move, we can help connect you with up to 6 professional conveyancing solicitors in your local area. Simply fill out our online form to receive conveyancing quotes. We can also help you to save up to 70% on your conveyancing costs.