or many buyers and sellers, completion day is the most exciting stage of the conveyancing process. It is the day legal ownership of the property transfers from seller to buyer and, once completion has taken place, the keys can be released and the move can begin.
Although completion day is often straightforward, it can also be stressful if you are unsure what is happening behind the scenes. Funds need to move between banks, solicitors must complete final legal steps and, where there is a property chain, several linked transactions may depend on each other.
In this guide, we explain what happens on completion day, when you are likely to complete, what your solicitor is doing, and some of the common causes of delays.
BHW Commentary
“At BHW Conveyancing, we find that one of the biggest concerns for clients approaching completion is not knowing exactly when they will receive the keys. While every transaction is different, understanding how completion works can help reduce uncertainty and make moving day considerably less stressful.“
What Happens Behind the Scenes Before Completion?
Although completion officially takes place on one day, much of the work is completed beforehand.
Prior to completion, solicitors will:
- Carry out final searches where required.
- Request mortgage funds from the lender.
- Prepare completion statements.
- Obtain signed transfer documentation.
- Agree completion arrangements with all parties in the chain.
- Ensure cleared funds are available.
By the time completion day arrives, most of the legal work has already been completed. The focus is on transferring funds and finalising ownership.
What Time Am I Likely to Complete?
Completion can take place at any time on completion day, but is most commonly around midday. It can be as early as 10:00 am but this is usually where a property is already vacant and there’s no property chain.
The latest that a completion will usually take place is 3:30 pm, however, in certain circumstances it can be as late as 5:00 pm.
The exact time of completion is often dictated by the banking system. Your solicitor will notify you once monies have been received and once completion has formally taken place.
BHW Commentary
“The timing of completion is rarely determined by your solicitor’s efficiency. In most cases, it depends on banking processes and whether other linked transactions need to complete first. We encourage clients not to make firm arrangements for deliveries, internet installation or other services until completion has been confirmed.“
What Will Your Solicitor Do On Completion Day?
The date of completion will have been previously agreed on between the buyer, seller, and their respective solicitors.
For the buyer to become the new registered owner of the property, the transfer deed and documents must be signed by the seller. This is usually done prior to completion day, in readiness.
The buyer’s solicitor will settle any outstanding bills or invoices from their client’s funds. The buyer will have been issued a completion statement prior to completion day explaining any additional funds that may have been needed to ensure enough money is available.
If the buyer is using a mortgage to fund the property purchase, their solicitor will not be able to complete until the funds are received from the lender. The lender can sometimes send the money before the day of completion but more often, it will happen on the morning of completion.
The buyer’s solicitor will then transfer the agreed purchase price to the seller’s solicitor. They will also complete and submit a transfer form to the Land Registry which will change the ownership information.
The seller’s solicitor, upon receiving the funds from the buyer’s solicitor, will also settle any outstanding bills and invoices such as estate agent fees and their own legal fees. They will then either transfer the remaining balance to the seller or if the seller is purchasing on, they will repeat the process in the capacity of their client now being the buyer. This is known as a chain.
How Long Can a Property Chain Delay Completion?
Every transaction within a chain relies on money being received and released in sequence. If there is a delay anywhere in the chain, completion for other buyers and sellers may also be delayed.
Chains involving first-time buyers, vacant properties or cash purchasers can often move more quickly than chains involving multiple mortgage lenders and onward purchases.
A proactive conveyancing team can help minimise delays, but some factors remain outside any solicitor’s control.
What Does Your Lender Do to Enable Completion?
If you are borrowing money from a mortgage lender to fund your property purchase, they will complete some final checks before releasing the money to your solicitor. Your solicitor will need to send them a Certificate of Title.
A Certificate of Title is a document that gives a detailed history of the homes’ ownership, including a complete legal description of the property.
Your lender will also do one last credit check against the borrowers in order to ensure that their circumstances have not changed since the initial mortgage offer. If they find anything that may have an impact on the borrower’s ability to afford the mortgage, they can withdraw the offer.
Once the final checks are complete, the lender will transfer the mortgage money to the buyer’s solicitor.
Vacating the Property on Completion Day
The seller of the property will need to have cleared out and vacated the property by the time of completion. As a seller, you should aim to have moved all of your belongings out of the property by 12pm on the day of completion.
Once the property is clear, the seller will usually drop off the keys to their estate agent from where the buyer will be able to collect them once notified by their solicitor. It can be useful to have already dropped off a spare set of keys to the estate agent to ensure you are not having to rush. The second set of keys can then be pushed through the letterbox when leaving the property.
Remember to take readings from any electricity or gas meters before leaving.
What Can Go Wrong on Completion Day?
There are a number of things that could delay or cause an issue on completion day. Completion could be delayed as money is transferred from lender to solicitor and from one solicitor to another along the chain. Money can take anything between 20 minutes and several hours to show in the recipient solicitors’ bank account.
Another issue can be having insufficient funds to settle all outstanding bills and fees owed, including the stamp duty if applicable. Your solicitor will issue a completion statement prior to completion day and it is important any additional money or deposit is transferred to your solicitor ahead of completion day.
Delays can also often occur while a seller is busy trying to vacate the property. Confirm with your removal company what time they will arrive and don’t underestimate how long it will take to move your belongings out. Do as much of the packing as possible prior to completion day.
BHW Commentary
“While solicitors manage the legal aspects of completion, there are practical steps that buyers and sellers can take to help the day run more smoothly.
Ensuring funds have been transferred to your solicitor in good time, arranging removals well in advance and having contingency plans in place for later completion can all make moving day significantly less stressful. In our experience, clients who begin preparing for completion several weeks beforehand often have a more straightforward moving experience.”
Summary of Completion Day
Completion day can be understandably stressful trying to stay organised and on top of everything. Your solicitor will take care of the formalities on the day but don’t worry if you don’t hear from them first thing in the morning, this is perfectly normal as completions will take place throughout the day.
Ensure you are on top of the moving process by getting as much done as possible ahead of completion day. Remember to pack your kettle last, enjoy a cup of tea and you’ll be in your new home before you know it!
BHW Commentary
“No two property transactions are exactly alike. Factors such as lender requirements, leasehold management information, property chains and banking processing times can all affect the timing of completion.
Although delays occasionally occur, most transactions complete successfully on the agreed day. Understanding the process and working with an experienced conveyancing team can help ensure that any issues are identified and addressed as early as possible.”
How Can BHW Conveyancing Help?
Moving home is one of the biggest financial transactions most people will ever undertake, and completion day is the culmination of weeks or months of preparation.
At BHW Conveyancing, our experienced residential property team supports buyers, sellers, first-time buyers, investors and homeowners throughout Leicester, Leicestershire and across England and Wales. We focus on proactive communication, practical advice and keeping clients informed at every stage of the transaction, including completion day itself.
Whether you are buying your first home, selling a property, moving house or navigating a complex property chain, our conveyancing specialists can help you progress your transaction as smoothly as possible. To request a personal conveyancing quotation, please call us on +44 (0)116 402 9000 or email info@bhwconveyancing.com.
The content of our site is provided for general information purposes only and does not constitute legal or other professional advice.
Frequently Asked Questions About Completion Day
Can I Collect The Keys Before Completion?
No. Keys can only be released once the seller’s solicitor has confirmed receipt of the completion monies and legal completion has taken place.
Do I Need To Be Present On Completion Day?
Not usually. Most completions take place electronically between solicitors and lenders. Buyers and sellers can typically continue with their normal activities while awaiting confirmation.
What Happens If Completion Is Delayed?
If funds do not arrive when expected, completion may take place later in the day. In rare circumstances, completion may need to be deferred until the following working day.
Your solicitor will keep you informed and advise on the next steps.
Can Completion Take Place On A Friday?
Yes, and Fridays remain a popular completion day. However, because of the higher volume of transactions taking place nationwide, banking systems and removal companies are often busiest on Fridays.
When Does The Land Registry Update Ownership?
The buyer becomes the legal owner on completion. However, the Land Registry update takes place after completion when the buyer’s solicitor submits the application to register the change of ownership.
