What Happens on
Completion Day?

Completion Day Arriving Soon?

Congratulations!  You’ll be pleased to know that most of the hard work has been done and there’s not long to go…

As the final stage in the property buying and selling process, things can seem a little tense for all involved.

But fear not!  As long as you’re working with a good conveyancer / conveyancing solicitor, there should be no problems.  They understand the intricacies of house sales and can usually handle all kinds of last-minute problems.

Nonetheless, there are a number of checks and preventative measures you and your solicitor can have in place. These will ensure that things move in the right direction.

Remember also to check our buyer and seller completion day checklists.

What Happens on Completion Day?

A house sale can complete after a series of conditions have been met:

• The transfer deed or TR1 and the buyer’s mortgage deed have been signed by both the buyer and seller;
• The buyer’s conveyancer confirms satisfaction of all mortgage conditions;
• Assuming the buyer’s mortgage has been fully approved, the funds are requested from the lender. Most conveyancers will request this a few days before completion to account for potential delays;
• If the seller has a mortgage, the solicitor requests a confirmatory (final) redemption statement that contains everything owed back to the lender. This is known as “discharging the mortgage”;
• The buyer’s solicitor will forward a Certificate of Title to the mortgage company. This confirms that the property is “good and marketable”.  It will also contain the name of the new owner and completion date;
• The mortgage lender will forward funds to the buyer’s solicitor’s Client Account;
• If it’s a sell house fast for cash company or cash buyer, there should be no issues as the funds can be transferred immediately via BACS;
• The buyer’s and seller’s solicitors prepare completion statements that break down all the payments / transfers involved (including conveyancing fees and disbursements).  These are usually sent a few days before to make sure everything is ready to go;
• Often together with the statements, the solicitors send invoices to the buyer and seller which must be settled on completion day itself;
• Both solicitors will make final checks (in line with Law Society conveyancing protocols). The buyer’s solicitor will then transfer the purchase funds to the seller’s conveyancer Client Account.  This usually must be complete by 2pm on a weekday (typically on a Friday);
• Once received, the solicitors will usually exchange emails or have a quick phone call to confirm completion;
• Pre-agreed conveyancing solicitor fees, estate agency or auction fees are deducted from the seller’s proceeds of sale or are paid directly;
• Stamp Duty Land Tax (SDLT) (owed by the buyer) will be paid to the HMRC.
• The buyer’s conveyancing fees and disbursements must also be settled;
• The seller’s solicitor will confirm that the property is empty;
• Keys can be collected from the estate agent, auction house or direct from the seller (if it’s a private sale or through a We Buy Any House company);
• The buyer’s solicitor will register the property in the new owner’s name at HM Land Registry.

When is Completion Day?

Completion usually occurs between 1 and 28 days after exchange, by mutual agreement of both the buyer and seller.

If there is a chain, the timeframe is likely to be longer as the processes above are repeated for each sale.

Conversely, if it’s a direct sale with no onward chain, immediate exchange and completion is possible. However, most solicitors would advise against it unless it’s a cash sale.

Friday is the normal day for completions – but there may be some flexibility. For example, it can make sense to aim for another day in the week when removal van companies may charge less. It’s rarely possible to complete over the weekend.

Sometimes, things can get delayed – particularly if the chain is complex or it’s a new build or a part-exchange property and there are delays with finishing the project.

There may also be an agreement for completion to happen after months (or even longer). This can occur, for instance, when the buyer is a developer and, on the back of a successful planning application, offers the seller a higher amount or an overage clawback payment.

Is it Possible to Complete and then the Seller Moves on a Different Day?

Yes, but the property must be vacant at the point of completion. This is because there is a legal transfer of ownership and there can be no overlaps.

If the property is tenanted, ownership moves to the new landlord at the point of completion. The seller cannot enter the property unless the new owner permits. Note that the existing tenant will also have a series of rights.  For example, the buyer cannot turn up at the property unannounced and expect to get entry.

How to Prepare for Completion Day

It’s important to be organised and anticipate any potential problems. This is especially true in chain sale scenarios.

These days, solicitors have tracking systems that will alert you of any relevant updates and advise if anything needs your attention. You should also have the case manager’s direct line and email.

Outside of the legal aspects, remember that the property must be left completely vacant.  Some buyers may not be flexible enough to let you back in.

If it’s a buy-to-let property, you may want to enter in touch with the tenant beforehand and offer to help with the “transition” between yourself and the new owner.

Be sure to also have all your paperwork in order, just in case. It’s worth making digital copies of everything (using a free scanning tool) and store in your email or via cloud storage.

Completion Day Problems and How to Deal with Them

Ultimately, avoiding issues pre-completion comes down to planning, good communication and all parties being readily available.

Below are some examples of problems that can occur and how to get around them…

Completion Day Checklists

*Remember, that spring and autumn tend to be the most popular times to sell a house and you may need to book things well in advance.