What is the completion day?
Your completion date is the day when the property you are purchasing now belongs to you, as you have now completed the purchase as the funds have not been transferred from yourself to the seller.How it works is that your conveyancer will transfer the money from your mortgage lender to the seller conveyancer to cover the amount for the property. Once the payment is successful, you will then be able to pick up your keys and start moving into your new home.
Can you complete and move on different days?
The completion date is the day that the seller receives payment, therefore transferring ownership. They must then vacate the home as it no longer belongs to them. As the buyer you can move in on the completion day or at any time after that - it is entirely up to you.How is the completion day selected?
There are 3 main considerations when fixing a completion day:- It needs to be a weekday (and not a bank holiday) so the bank transfer can take place
- It has to be a mutually agreed date between you and the seller.
- The seller must be able to vacate the property prior to, or on, that day
When is the completion date likely to be?
The completion date is agreed by both parties (buyer and seller) prior to the exchange of the property. This agreement will usually take place through the estate agent as they are able to speak to everyone directly. The completion date is often 2-4 weeks after the exchange of contracts.What happens on completion day?
On completion day, your conveyancing solicitors will confirm your transaction, and deal with all the paperwork and deeds. There are different tasks to be completed depending on if you are the buyer or the seller. If you are buying a property the following sequence will take place:- Your conveyancing solicitor will check all mortgage conditions have been met, and request money from the lender.
- These funds, plus any funds you are contributing as a deposit or part payment, will be received into a holding account
- The seller's solicitors will request a redemption certificate which is calculated on the day of completion, if there is a mortgage on the seller's home.
- The conveyancing solicitors will then create completion statements of all payments made and received and will set out invoices to be paid on completion.
- Solicitors will then do final checks, sign off the purchase and transfer the purchase money to the seller’s bank account from the holding account.
- Once this is complete, confirmation will be given to you, and keys for the property will be released. You will then be notified of completion, and you will be able to move into your new property.
Can anything go wrong?
As with anything, there can always be bumps in the road. It is always best to plan for the best but prepare for anything that may cause delays in the process. Unfortunately, there are instances where something can fall through on competition day, such as problems with the transfer of funds, or missing the contracted time for completion.How to make completion day run smoothly
- Plan ahead: Once you are aware of the day of completion, organise movers/removals, and confirm expected timing with the seller, so everyone arrives at the correct time and no one is left waiting around. Due to the number of tasks that need to be completed it is likely to be later on in the day before you get the keys - so don’t expect to move in first thing in the morning.
- Communicate with your conveyancing solicitor: They should have their attention on the transaction and will be working to complete it as soon as possible - however, keeping in contact just in case issues arise is the best way to be able to resolve issues, should they happen.
- Have funds and paperwork prepared: Ensure all your paperwork is to hand in case you need to check anything along the way, along with all the correct funds are in your account ready for the transfer.
