Completing on a property is the final (and most exciting) stage in buying or selling a property. For most of us, this is the last hurdle in one of the biggest transactions of our lives, and with a number of things taking place in a short space of time it can be overwhelming if you don’t know what to expect.
To help make things clear and manageable, in this article we walk through what happens on completion day, from how to prepare to moving day tips, including timelines, key actions, and answering common questions for both buyers and sellers.
House purchase completion day is when you complete a sale or purchase of a property. It is when the legal ownership of the property is officially transferred from the seller to the buyer. This is the final part of the sales process, where all the legal work and the transferring of funds is completed. Once that has happened, the seller is obliged to leave the property and the buyer is able to move in.
Prior to completing, you will have exchanged contracts and at that time a deposit would have been paid by the buyer - this would have been held by the seller's solicitor until the sale is completed. Exchange is where both the buyer and seller sign legal contracts committing to proceed with the sale and a completion date is set.
Sometimes exchange and completion happen on the same day. However, more often than not there is a gap between these two events, typically of between one to three-weeks. Occasionally that time period is longer, for example on new-build properties.
On the day a property purchase is complete, all paperwork is concluded, and the remaining funds are transferred from the buyer to the seller's solicitor. They will then distribute the funds to the buyer, and any other relevant parties, such as taxes owed to HMRC, mortgage companies, and so forth. The solicitors will also notify the Land Registry about the transfer of property ownership.
A buyer can usually move into their new property on completion day, once it is confirmed that the seller has received payment and the keys are handed over. Usually a time will be set where the seller is obligated to leave the property and the buyer is able to move in - this is often around midday. However, timing can depend on things like the banking system and the speed of fund transfers.
There are sometimes delays. These can be the result of a variety of things, especially if there are multiple properties in the chain. For example, there can be issues with paperwork and mortgage approvals. Most of these things are usually highlighted before completion day. However, things that can cause delays on completion day itself might be:
If the buyer's mortgage funds aren't released by the lender on time
Bank transfer delays
Missing information or documents
Unexpected events such as illnesses that disrupt completion
With an experienced estate agent and a good solicitor on your side, delays are less likely to happen, and will be handled effectively. If you do experience a last-minute delay on completion day, don't worry - these things happen and your solicitor will take the lead in guiding the process.
Things you can do before completion day to protect yourself in case of delays include:
Make sure you have read and understood your contracts so you're informed about your rights and obligations.
Try to keep some money aside in case of any unexpected costs incurred by changes in the moving schedule.
If you're moving out on completion day, have a back-up plan to make sure your belongings are secure. You may need to arrange somewhere safe to place them until completion takes place.
Things you can do on the day if there is a delay include:
Stay calm and communicate with your solicitor.
Make sure you understand the reason for the delay (is it a technical problem, an issue with the seller, a problem with the chain, or a buyer issue?).
Keep all other parties, including your estate agent, informed.
Keep a record of all communications and attempts to resolve any issues.
Depending on the cause of the delay, your solicitor will be able to advise you about the next steps. More often than not, the problem is resolved in a matter of hours. Occasionally, a new completion date may need to be set.
As with most things, preparation is key for a successful completion day and to give you the best chance of a smooth and stress-free transition. Both buyers and sellers can make sure they have everything in place, which will not only make completion and moving more straightforward, but will also minimise the chances of any delays.
For buyers, completion day is an exciting moment where you can look forward to finally being in your new home. Make sure you have done the following so you can hit the ground running once everything is confirmed:
1) Confirm your booking with your removal company
Give your removal company a call to make sure they have the date, time, address of your current and new home, access requirements for the properties, and any other necessary information. For example:
Make sure you have given them an inventory of your belongings, including fragile items that need special handling.
If you want them to do any packing make sure they are aware of it.
If you have any special items, such as antiques or artwork, make sure they know in advance in case it impacts the size of their vehicle or the insurance they need to carry.
Provide them with a floor plan of your new property for organised unloading.
2) Pack essentials separately
Even the most organised mover may well find that they forgot which boxes contained which items. Whether it's preparing in case of a delay or simply knowing you will feel too tired on arrival at your new home to search for your toothbrush, pack your essentials separately from everything else for easy access, and keep them with you in your own car/transport during your move. For example:
Toiletries
A change of clothes
Important documents including ID, insurance policies, and bank statements
Your phone and phone charger
Basic kitchen supplies such as a kettle, mugs, and snacks
Basic cleaning supplies in case you want to give the kitchen and bathroom a once over on arrival
Any medication you need to take
3) Set up your utilities in advance
It's a good idea to let your utility companies know that you are moving by contacting them in advance and letting them know your moving date. This will make it much easier to settle into your new property and avoid any potential disputes around bills.
Contact your electricity, gas, water, and internet suppliers.
Provide any metre readings on your old property for the day you're leaving.
Set up new accounts with your new address.
Make sure they have the right starting date for your new property.
4) Make sure your building insurance is in place
Buyers must have building insurance in place from the time they take legal ownership of their new property. This is not a legal requirement, but it's highly recommended and usually requested by mortgage lenders as a condition of the loan. Make sure you have set this up in advance to start on the day of completion, to ensure the structure of your property against damage from issues like storm, fire, or flood.
For sellers it's also important to have everything in place for an easy move. Much like a buyer, you will also want to make sure your removal company has all the necessary information, and you should inform utilities companies that you're leaving the property and give them final metre readings on the day that you leave. If you're moving to a new property, make sure your buildings insurance is in place, and pack any essentials for easy access. In addition:
1) Do a final clean and clear-out
Once you have done all your packing, check the property to make sure you haven't forgotten anything (including in the attic, cupboards, garden, and garage), and aim to leave it in a condition that's the same or better than when the buyer viewed it. It's courteous to leave it clean and tidy, wiping any surfaces, doing the hoovering, and perhaps cleaning the windows. You may decide to get a professional cleaner in to make things easier for you on the day.
2) Leave the keys and appliance manuals
In addition to leaving the house keys with the estate agent to hand over to the new owner, make sure you leave any other keys (windows, back doors, fitted cupboards) somewhere obvious and with clear labelling. It's also helpful to leave any appliance manuals for the new owners if they are being sold with the property.
3) Redirect the post
It's helpful to set things up so that your post is redirected to your new address. You can do this either online or in person at the Post Office, and will typically need to give them the full name and date of birth of everyone who needs their post redirected, along with the old and new addresses, and details for a valid credit or debit card. You can apply to redirect your mail for up to six months after your move (for a fee), but it usually takes them about three weeks to process the application, so make sure you give it plenty of time.
Having already covered the basics including easy access to toiletries, medication, important documents and a small number of cleaning supplies, to help moving go smoothly, there are a few other things you can do to get ready and make the day enjoyable.
Keep a bag of first-day essentials both to help with the move and to make your first night easy. For the move itself, make sure you have plenty of boxes, bubble wrap, newspaper, and parcel tape, as well as bin bags for anything you're throwing away.
To help make your arrival at your new home comfortable, and in addition to the items already mentioned, don't forget to give yourself easy access to bedding, toilet paper, tea, coffee, and breakfast foods, toolbox, kitchen roll, plenty of bin bags (again), a vacuum cleaner, and torches - just in case. To save yourself cooking on your first night, you might want to consider a takeaway or food prepared in advance.
First things first, when you arrive in your new home, check the basics including any sign of leaks, make sure appliances and electrics are running properly, that the hot water is working, and whether any light bulbs need replacing. Make a list as you go so that anything immediate can be handled, and you can follow up on everything else the next day. Contact your utilities companies to make sure everything is set up and working, and test the doors and windows to see if they open and close properly.
If you feel up to it, it might be a nice idea to introduce yourself to your new neighbours so that you start on the right foot. They might not take the first step if they think you're busy and don't want to bother you.
The first day in a new home is exciting, but it can also be a slightly strange experience as you haven't had time to make it your own yet, and the odds are most of your things are still in boxes.
Giving it a good clean when you move in will help you to start fresh, ensuring there are clean spaces to put the furniture and settle in. There are cleaning companies that specialise in move-in and move-out cleaning services, which can be extremely helpful.
Unpack the items that will help to make it easy to start the following day, such as plates and cutlery for dinner and breakfast, and stock the fridge with everything you will need in the morning. Making the beds and putting sofas out will also help to make it comfortable, and consider a few home comforts such as putting plants in situ and lighting candles to help make it smell more like home.
Then, gather loved ones for dinner to bring a little warmth to the space and start daydreaming about how you want to decorate. Don't forget, you don't have to have everything sorted on day one!
Understandably, this is a lot to take in, but at Chestertons our experienced team is here to help you every step of the way.
With more than 200 years’ experience, and a team of experts offering a range of services that not only include buying and selling but financial support, asset valuation and more, we will help make sure everything runs on time and is done properly. From liaising with solicitors to keeping you informed and letting you know what to do and when, our work doesn't stop when you exchange; we're here to help you at every stage, including the completion day process, until you've safely moved in.
Whether you're buying or selling a property, or are simply curious about what your home might currently be worth, you can speak to your local Chestertons office for practical, informative advice.
Get in touch with your local Chestertons branch here.