Completion is the final milestone in your selling journey. If you’re approaching it, then massive congratulations.
Usually you will exchange contracts around two weeks before your sale completes.
It is at the point of exchange that the sale becomes legally binding. And it’s very unlikely that your sale will fall through beyond this point.
When you exchange, you and your buyers can agree on a date on which to complete.
You might be feeling stressed or anxious ahead of completion. After all, you’ve worked really hard and spent a lot of time and money to get here.
But don’t worry, the hard part is nearly over. Here’s our guide to what happens on completion day:
Thinking of selling?
Get the ball rolling with an in-person valuation of your home. It’s free and there’s no obligation to sell if you change your mind.
What does completion mean?
Completion is the final stage of the buying or selling process. It is the point at which the home you’re selling becomes your buyer’s home.
If you’re in a chain, it’s also the day on which the home you’re buying becomes legally yours.
The money for both transactions will be transferred via your solicitors on the day of completion.
If you’re also buying, your solicitor can then transfer the money from the sale of your old home to the solicitor who's handling the home you're buying.
All parties must confirm they have received the money before the sales are finalised.
It’s at this point that your solicitors can transfer ownership of your home to your buyer, and ownership of your new place will be transferred to you.
Ownership transfer is done by your solicitor via the Land Registry.
Do I have to move on completion day?
Yes. You have to move out of your old home on the date agreed with your buyers for completion.
As the seller, you have until 1pm on the day of completion to leave the property.
If you’re also buying a new home, you will have arranged with your solicitor to complete on the same day.
You can then pick up the keys from the estate agent and move into your new home.
If you’re not buying a new home at the same time as selling up, you can move out sooner and leave the home empty until completion day.
But, the transfer of keys happens on completion day when all the money has reached the right destination and your solicitors have given the green light.
What if the money doesn’t come through on completion day?
Chances are you or your buyer will be all packed and sitting in the front of your removals van for a couple of hours.
Once you’ve had the call from your solicitor confirming that the money has come through, it’ll be all systems go.
It can be very stressful waiting for this call to come in.
But, rest assured your solicitor will have done this thousands of times.
So will your removal company. And, if they have to sit and wait for a few hours, they’ll be used to it. In fact, they probably expect to.
Don't worry, so long as all the work has been done up to this point and your solicitor is a professional, then the money will come through in time.
And if there are any problems, you’re likely to know about them before moving day.
What should I do on completion day?
Here’s your 10-point completion day checklist:
Load up all your possessions into a van
Take a final look around to make sure everything is clean and packed up
Contact your solicitor to make sure they’ve done their final checks
Your solicitor will confirm they’ve requested a Redemption Certificate
All the solicitors involved will create completion statements that will set out all payments made
Speak to your solicitor to confirm that the statement and money has been received
Give the go ahead to release your keys and give them to the estate agent
Vacate your home before 1pm
Move into your new home
Pay your stamp duty
Can I give my buyer the keys before completion?
No.
It wouldn’t be a good idea to hand over your keys before you’re totally sure the money has been transferred.
Handing over the keys is usually the last part of the sale to happen. Wait until your solicitor has confirmed that all the money has landed in the right place first.
You can then give the keys to your estate agent to pass onto your buyers.
What happens between exchange and completion?
The good news is that most of the hard work happens before contracts are exchanged.
But there are still a few things that need doing before you can complete on the sale.
Your solicitor will make sure the conditions for your buyer’s mortgage have been met. Their lender will then send the money for the purchase to them.
Likewise, if you’re buying another place with a new mortgage, the funds will be transferred to you.
Less excitingly, your solicitor will also create a so-called completion statement.
This document sets out any payments that have been made by them and any money they have received.
They will also let you know if there are any outstanding bills you need to pay them when you complete.
How long does it take from exchange to completion?
As most of the work has been done by the time contracts are exchanged, there isn’t any need to have a long gap.
In fact, some people exchange and complete on the same day. But this can be tricky to arrange.
One week to 28 days between exchange and completion is standard.
Who chooses the dates for exchange and completion?
You and your buyer (and the people you’re buying from if you’re in an upward chain) will agree the dates for exchange and completion in advance.
Everyone in the chain will have to complete on the same day, so you all need to agree the date.
This might sound complicated. But your solicitor will work hard to sort it out on your behalf. Completions normally happen on a weekday, rather than a weekend.
Solicitors need to be working to confirm that the money for the purchase has been sent and received.
You’ll also need your estate agent to be open so that your buyers can pick up the keys. And the same goes for your the keys of the property you're buying if you’re in a chain.
Do I have to do anything after completion?
While your main focus may now be unpacking in your new home, you aren’t quite done with the process yet.
If you’re also buying another place, you will still need to pay your stamp duty.
Your solicitor will handle this on your behalf, just make sure you have transferred the money to them.
Save money with Mojo Mortgages
Allow award-winning Mojo to show you the best rates available to you. A whole-of-market broker, Mojo work with over 70 lenders. And they won't charge you a penny for their services.
