What Happens on Completion Day? A Simple Guide for Buyers and Sellers
After weeks, or sometimes months of waiting, completion day is finally here. It is the point where the legal side of your property transaction is completed, the money is transferred and the keys can officially change hands, but what happens on completion day?
It can feel like a big day, but for most buyers and sellers, there is actually very little you need to do yourself. Your conveyancer or solicitor will handle the legal process, while your estate agent will help coordinate the handover of the keys.
If you’re a first-time buyer, understanding what happens on completion day can help you feel prepared and know exactly what to expect when the keys to your new home are finally ready to collect.
Here’s what you can expect.
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What is "completion" in buying or selling a property?
Completion is the final stage of buying or selling a property.
On completion, the buyer’s solicitor transfers the purchase money to the seller’s solicitor. Once the seller’s solicitor confirms that the funds have arrived, the sale is legally complete.
For the seller, this means the property has officially been sold.
For the buyer, it means the property is officially theirs.
For those wondering what the difference is between exchange and completion, it’s important to remember that exchange and completion are two different stages. Exchange of contracts is when the transaction becomes legally binding. Completion is when the purchase money is transferred and ownership changes hands.
What happens on completion day?
- The buyer’s solicitor transfers the money
On the morning of completion, the buyer’s solicitor arranges for the purchase funds to be transferred to the seller’s solicitor.
The timing can vary depending on the banks, solicitors and how many transactions are taking place in the chain.
This is why you may not receive your keys first thing in the morning, even if you have been told that completion is happening that day.
- The seller’s solicitor confirms the money has arrived
Once the seller’s solicitor receives the funds, they confirm that completion has taken place.
At this point, the property has officially changed hands.
If you are selling, your solicitor will normally use the completion funds to repay any outstanding mortgage on the property and settle any other relevant costs before transferring the remaining balance to you.
- The estate agent is told that completion has taken place
Once the solicitors confirm completion, the estate agent is notified.
This is the important point for the keys.
Estate agents should not release the keys until they have received confirmation that completion has taken place.
So, if you are waiting to collect your keys and it is taking longer than expected, it does not necessarily mean there is a problem. It may simply be that the funds are still being transferred or the solicitors are waiting for confirmation.
- The buyer collects the keys
Once the estate agent has received confirmation of completion, the keys can be released to the buyer.
And that’s the moment you’ve been waiting for — you can officially move into your new home.
If you are collecting keys from the estate agent, make sure you know where and when they can be collected, particularly if you are completing late in the day.
What do sellers need to do on completion day?
If you’re selling your home, knowing what happens on completion day can help you understand what to expect, from the transfer of funds to handing over the keys to the buyer.
By completion day, most of the seller’s work should already be done.
You should have:
- Vacated the property in a timely manner unless an alternative arrangement has been agreed. We usually advise to be out by midday.
- Removed your belongings and rubbish.
- Left the property clean and tidy.
- Left any keys, fobs, remotes or other access devices required for the property.
- Taken final meter readings.
- Redirected your post.
- Cancelled or transferred your utilities and other services where appropriate.
One important point is that the property should be left in the condition agreed as part of the sale. Don’t leave unwanted furniture, appliances or other items behind unless the buyer has agreed to take them.
What do buyers need to do on completion day?
For buyers, the biggest thing to remember is that completion isn’t necessarily a fixed time.
If you’re moving house, try not to make your plans too dependent on collecting the keys at 9am. If you’re part of a chain, your completion may depend on several other transactions completing first.
Once you have your keys, you can head to your new home and start moving in.
It is also worth taking a quick meter reading when you arrive and checking that everything appears as expected.
Buying a new build? Understanding what happens on completion day will help you know what to expect, from the final checks and transfer of funds to collecting the keys to your brand-new home.
What happens if you're in a chain?
This is where completion day can sometimes become frustrating.
If there are several linked transactions, the money may need to move through the chain before everyone can complete.
For example:
Buyer A → Seller A → Seller B → Seller C
Each transaction may need to complete before the next one can move forward.
This means that even if your solicitor is ready, you may have to wait for another transaction further down the chain to complete.
Your estate agent and solicitor should keep you updated if there are delays.
What time do I get keys on completion day?
There is no guaranteed completion time.
Many completions happen during the morning or early afternoon, but this can vary considerably.
The best thing you can do is keep your phone nearby, stay in contact with your solicitor and estate agent, and avoid booking anything that relies on having the keys at a specific time unless you have been advised that this is realistic.
If you are moving with removal companies, it is worth discussing timings with them in advance and making them aware that completion times can change.
What if completion is delayed?
Completion day delayed can happen, but a delay doesn’t automatically mean that the sale is falling through.
There can be a number of reasons for a delay, including:
- Bank transfer times.
- Solicitors waiting for funds.
- Another transaction in the chain not having completed.
- Last-minute legal or administrative checks.
- Issues with mortgage funds.
Your solicitor should be your main point of contact for the legal side of the transaction, while your estate agent can help keep communication flowing between the different parties.
Moving into a property before completion
Generally, moving into a property before completion is not acceptable.
Until completion has taken place, the buyer does not legally own the property and the seller remains responsible for it.
You should not arrange to move belongings into the property or take possession of it before completion unless a specific arrangement has been legally agreed by the parties involved.
What happens after completion?
Once completion has taken place, there are still a few things happening behind the scenes.
The buyer’s solicitor will deal with the post-completion legal work, including registering the buyer’s ownership with the Land Registry and dealing with Stamp Duty Land Tax where applicable.
The seller’s solicitor will deal with paying off any mortgage and distributing the remaining sale proceeds.
For the buyer, the exciting part is much simpler: you can finally start enjoying your new home.
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Our top tips for a smoother completion day
For buyers:
- Keep your phone switched on and check messages regularly.
- Don’t assume you will have the keys first thing in the morning.
- Have your removal arrangements prepared but allow some flexibility.
- Keep important items with you rather than in the removal van.
- Take meter readings when you arrive.
- Check you have all the keys, fobs and remotes you are expecting.
For sellers:
- Make sure the property is completely vacated.
- Leave all agreed keys and access devices.
- Take final meter readings.
- Make sure the property is clean and secure.
- Keep your solicitor and estate agent updated if your circumstances change.
Finally... enjoy the moment!
Completion day can be stressful, particularly when you are part of a chain and waiting for money to move between several solicitors.
What happens on completion day can be stressful and time consuming, but once that confirmation comes through and the keys are handed over, the hard work is done.
Whether you’re handing over the keys to a property you’ve called home for years or picking up the keys to your first home, completion is a big milestone.
So take a breath, collect those keys and enjoy the next chapter.
