Completion is the final step in buying a house. It's the day when you pay the remaining money, receive the keys, and officially become the owner of the property.
Completion happens after exchange of contracts, usually 1-2 weeks later, though the exact timing is agreed when you exchange.
What happens on completion day?
On completion day:
- Your solicitor transfers the money - The remaining purchase price (minus your deposit) is sent to the seller's solicitor
- The seller's solicitor confirms receipt - Once they have the money, they confirm completion
- You get the keys - The estate agent or seller hands over the keys
- You can move in - The property is now yours
The whole process usually happens in the morning, and you can typically collect the keys by midday or early afternoon.
How is completion different from exchange?
Exchange of contracts:
- Makes the sale legally binding
- You pay a deposit (typically 10%)
- Sets a fixed completion date
- You're committed but don't own the property yet
Completion:
- The final step where ownership transfers
- You pay the remaining money
- You receive the keys
- You officially become the owner
Think of exchange as "we're definitely doing this" and completion as "it's done, the house is yours."
When does completion happen?
Completion happens on a date agreed at exchange of contracts. It's usually:
- 1-2 weeks after exchange - This gives time for final preparations
- On a weekday - Solicitors need to be working to transfer funds
- A specific date - It's fixed and binding once exchange has happened
You can negotiate the completion date before exchange, but once contracts are exchanged, the date is fixed unless both parties agree to change it.
What do I need to do before completion?
Before completion day, you should:
- Arrange your mortgage - Ensure your lender is ready to release the funds
- Get buildings insurance - You need insurance from completion day (or exchange, whichever is earlier)
- Book removals - Arrange for your belongings to be moved
- Set up utilities - Contact energy, water, and internet providers
- Do a final inspection - Check the property is in the agreed condition
Your solicitor will guide you through what needs to be done and when.
What if completion is delayed?
If completion is delayed:
- You may face penalties - There could be financial penalties for late completion
- It can cause a chain reaction - If you're in a chain, delays can affect everyone
- You may need to extend your mortgage offer - Check with your lender
- Speak to your solicitor - They'll help resolve any issues
Delays are frustrating but sometimes unavoidable. Keep in close contact with your solicitor if there are any problems.
What happens to the keys?
Keys are typically held by:
- The estate agent - Most common arrangement
- The seller's solicitor - Less common but possible
- The seller directly - Sometimes for private sales
You'll collect the keys once completion has been confirmed. The estate agent or solicitor will let you know when and where to collect them.
Can I move in on completion day?
Yes, you can move in on completion day, but:
- Wait for confirmation - Don't book removals until completion is confirmed
- Allow time for the process - Completion usually happens in the morning, so plan for afternoon/evening moves
- Have a backup plan - Sometimes there are last-minute delays
Many people move in the day after completion to be safe, but same-day moves are possible if everything goes smoothly.
What about the seller moving out?
The seller should move out before or on completion day. They should:
- Remove all belongings - The property should be empty (unless you've agreed otherwise)
- Leave it in the agreed condition - As per the contract
- Hand over keys - Once completion is confirmed
If the seller hasn't moved out, speak to your solicitor immediately. They're in breach of contract and you may be able to claim damages.
Summary
- Completion is the final step where you pay the remaining money and get the keys
- It happens 1-2 weeks after exchange of contracts, on a fixed date
- On completion day, money is transferred and you receive the keys
- You can move in on completion day, but allow time for the process
- Make sure you have buildings insurance and have arranged utilities before completion
- The seller should have moved out by completion day
- If there are delays, speak to your solicitor immediately
