Completion day is the final step in the homebuying process, marking the moment when property ownership transfers from the seller to the buyer. This is the day when the seller hands over the keys, and the home legally becomes yours. If you’re selling, it’s also the day your former home is no longer yours.
Key Steps on Completion Day
- Transfer of Ownership: The property ownership officially transfers from the seller to the buyer.
- Key Handover: The seller hands over the keys to the buyer, either through the estate agent or directly if agreed.
- Chain Completion: Everyone in the chain must complete on the same day, with the date agreed upon by all parties through their solicitors.
- Mortgage Funds: If you’re buying with a mortgage, your solicitor will request the funds from the lender, usually a day before completion.
- Money Transfer: On completion day, the money is transferred through the solicitors. Once all solicitors confirm receipt of the funds, the sale is finalized.
Planning Ahead
- Packing: Ensure you are packed and ready for the move. Organise any help you might need, whether from friends, family, or a removal company.
- Booking a Removal Company: Book a removal company well in advance to avoid last-minute stress.
- Confirm Moving Times: Coordinate expected moving times with other buyers and sellers in your chain. This can typically be arranged through the estate agents or directly with the seller.
By planning ahead and understanding the steps involved, you can ensure a smooth and stress-free completion day.
Happy moving!