What happens on completion day?

Completion is the point at which the purchase money is received by the seller’s conveyancer and ownership changes hands.  For a seller, it is the day the property must be vacated and the keys handed over.  For a buyer, it is the day the keys can be collected once legal completion has been confirmed.

There is no guaranteed time for completion.  Do not collect or release keys, or enter the property, until your conveyancer confirms that completion has taken place.

Tilly Davey is a Legal Support Assistant in our Residential Property department here at Wollens and has provided this useful guide.

What we arrange beforehand

Most of the preparation takes place before completion day.  We will arrange for the necessary documents to be signed, provide a completion statement and ask for any balance required from you in cleared funds.  If you are buying with a mortgage, we will request the advance in accordance with the lender’s requirements.

We will also carry out final searches, prepare the banking arrangements and check any linked sale and purchase.  Clients should verify bank details using a trusted telephone number before sending money and should not act on emailed changes to payment instructions.

How the money moves

The buyer’s conveyancer sends the completion money to the seller’s conveyancer by bank transfer.  Where there is a chain, money may need to pass from one transaction to the next.  Each conveyancer can usually send funds onwards only after receiving the money due on the related sale.

This is why completion may happen later in the day, particularly in a long chain.  The contractual completion time is set by the contract and can vary.  Even with careful preparation, no conveyancer can guarantee when banking funds will arrive.

When are the keys released?

The seller’s conveyancer confirms completion once the full amount due has been received.  The estate agent can then be authorised to release the keys, usually after the seller has vacated.  If no estate agent is involved, the parties should agree practical key arrangements in advance.

The seller should not hand over keys early and the buyer should not enter the property before completion without specific legal arrangements.

If you are selling

On completion, we will arrange repayment of any mortgage secured on the property, account for estate agent’s fees where instructed and send any balance due to you to the verified bank account agreed with you.  We also send the relevant completion documents to the buyer’s conveyancer.

If you are buying

After completion, we submit any required Stamp Duty Land Tax return and payment, deal with notices required under a lease or estate arrangements and apply to HM Land Registry to register you as owner and register any new mortgage.

Registration is a separate post-completion process and does not prevent you moving into the property once completion has been confirmed.  We will contact you when the registration work has been completed and provide the updated title information.

A practical completion-day checklist

• Keep your telephone available and let us know if your contact details change.
• Make sure removals arrangements allow for uncertainty over key-release time.
• Do not arrange deliveries or contractors too early in the day.
• Take meter readings and photographs when leaving or entering the property.
• Keep buildings insurance in place as advised.
• Wait for our confirmation before collecting or releasing keys.

We will keep you informed

Completion day can feel unsettled because several firms, banks and transactions may be involved.  We will monitor the transfer of funds, update you when there is meaningful news and confirm as soon as completion has taken place.