Completion day is the day when ownership of the property officially transfers from the seller to the buyer, and all the legal and financial aspects are finalised.
Whether you are a first-time buyer or a seasoned homeowner, completion day can be both exciting and nerve-wracking. In this guide, you’ll find out about the essential aspects of completion day, so you know what to expect and how to ensure a smooth and stress-free experience.
Related: How to buy a house
What happens on completion day?
Completion day is an exciting time for sellers and buyers alike, here’s what to expect when the day comes:
Step one: Your conveyancing solicitor will confirm the transaction, deal with the paperwork involved and deeds, and if you’re a seller, they will sign off mortgage completion statements.
Step two: Before completion, the buyer’s conveyancing solicitor will confirm if all mortgage conditions have been met and request money from the lender.
Step three: The seller’s party will request a Redemption Certificate (calculated to the day of completion) if there is a mortgage on the seller’s property.
Step four: Conveyancers on each side will create completion statements of all transactions between the buyer and seller and set out any invoices to be paid upon completion.
Step five: Both solicitors will then make their final checks, before the buyer’s solicitor can transfer the purchase money to the seller.
Step six: Once the seller has received the payment, completion will be confirmed with the buyer and the keys will be handed over.
Step seven: The buyer will be notified of the completion and will be free to move into their new home.
How to make sure everything goes smoothly
Completion day is the home stretch of the moving process, so of course, working with a professional at this stage is vital.
Sometimes problems with the transfer of funds can arise on completion day due to a large sum of money being passed through several different parties before reaching the seller’s solicitors. If the money fails to transfer into the correct account before 3pm, you will have to wait until the next working day to try again.
Being part of a chain of buyers and sellers can also pose issues and delays. If any part of the chain collapses or is delayed, the whole process will be affected.
While some setbacks are inevitable, there are ways to prevent little hiccups along the way and ensure that everything runs smoothly on your end:
Plan ahead
Upon confirming your date of completion, you should line up your removals company, and start packing up for your move. Make sure this is organised well in advance so that there are no delays on moving day.
It’s also a good idea to confirm specific timings with the selling party and the removals company so that everyone is on the same page.
Related: Tips for a stress-free moving day
Communicate clearly
Communication is key and your conveyancing solicitor will need regular contact from you in order to work as quickly as possible. Make sure you’re flexible and contactable so that you can work together to resolve any issues as soon as they arise.
Have your funds and paperwork at the ready
Having all paperwork organised and to hand will ensure that you’re ready in case anything needs checking. Make sure all your funds are also ready and placed in one account for the purchase.
Other things to consider on the day
Property handover and inspection
Upon collecting the keys, it’s a good idea to inspect the property to ensure it is in the same condition as when you last viewed it. Most purchase contracts specify that the property should be in the same state on completion day as it was during the exchange of contracts. If you discover any issues or discrepancies, notify your solicitor immediately.
Find out about the importance of a building survey.
Utility services and council tax
Whether you’re the buyer or the seller, on completion day, it is crucial to take meter readings for gas, electricity, and water.
You should also notify the relevant utility companies about the change of ownership. This ensures you are only billed for the services used after the completion date. Additionally, inform the local council about your move to avoid any unnecessary council tax charges.
Moving in
If you’ve hired a removal company, check they are aware of the completion date and have all the necessary arrangements in place. Packing and moving can be stressful, so having a well-organised plan set up in advance will help the process go smoothly.
Post-completion matters
After completion day, your solicitor will handle several post-completion matters on your behalf. This includes registering the property’s ownership with the Land Registry and paying Stamp Duty Land Tax (if applicable). Your solicitor will also send you a detailed breakdown of all the costs involved in the transaction.
Celebrate and settle in
Completion day is a time for celebration! You’ve successfully navigated the property buying process, and now you can settle into your new home.
To start your moving process, contact your local Parker’s agent today
