Completion day is the final step in the property buying or selling process, marking the official transfer of ownership from the seller to the buyer. It’s the day when all legal and financial aspects of the property transaction are finalised, and the buyer can take possession of the property.
Key Aspects of Completion Day:
- Transfer of Funds: On the morning of completion day, the buyer’s solicitor transfers the remaining balance of the purchase price to the seller’s solicitor. Learn more about what a conveyancing solicitor does for the buyer to understand how the funds are managed.
- Exchanging Keys: Once the funds are received, the seller’s solicitor confirms the completion, and the estate agent releases the keys to the buyer. The seller’s role in this process is crucial—what a conveyancer does for the seller explains their responsibilities in detail.
- Final Legal Steps: The buyer’s solicitor registers the new ownership with the Land Registry and ensures that the property title is transferred. Any outstanding mortgages on the property are also settled.
- Completion Date Flexibility: The completion date is agreed upon when contracts are exchanged. Typically, there is a gap of one to four weeks between the exchange of contracts and completion day, giving both parties time to prepare for the move. For tips on how to get this process right, see when you should instruct a conveyancing solicitor.
- Chain Impact: If you’re part of a property chain, the completion of all linked transactions must happen simultaneously. This means everyone in the chain completes on the same day, which can add complexity. You can learn about common challenges in residential conveyancing that may affect completion day.
- Moving Day Logistics: On completion day, the buyer should arrange for removals or moving services. It’s important to be ready to vacate the property early, as the transaction usually finalises by midday.
Potential Issues on Completion Day:
- Late Transfers: Bank delays can occasionally slow down the transfer of funds, which could push the completion time back.
- Failed Completion: In rare cases, if the buyer cannot transfer funds, completion can fail, which can lead to legal and financial consequences for the buyer. To avoid such complications, it’s important to understand the risks involved in gazumping and how to avoid it.
Final Tips for Completion Day:
- Have your solicitor and estate agent’s contact details handy in case any issues arise on the day.
- Be prepared to move out or move in quickly as completion usually happens between 12 pm and 2 pm.
Make Your Completion Day Stress-Free with Gorvins Residential
Completion day is the most important step in your property transaction, and our team of experienced conveyancing solicitors is here to ensure everything goes smoothly. Whether you’re buying or selling, we’ll handle the legal details, manage all communications, and ensure the transfer of funds is seamless, so you can focus on moving into your new home or completing your sale.
With over 150 years of experience and deep local knowledge, Gorvins Residential has successfully guided countless clients through their property transactions. From first-time buyers to those dealing with complex property chains, we’ll make your completion day a success.
Contact us today to discuss your conveyancing needs and let us help you complete your property transaction without any hassle. Call 0161 930 5350 or fill out our online form for a free, no-obligation consultation.
Make your move stress-free with Gorvins Residential.
