For most people, completion day is moving day – the exciting moment at the end of the house buying process when the van is all packed up and ready for the off. Legally speaking, it’s when funds are transferred and a buyer becomes the proud owner of their new home.

Completion day timeline

The timeline for completion day will depend on the number of people in the chain – the longer the chain, the later in the day the sale of the final house will complete. 

As a rule of thumb, it takes an hour or so for money to leave the account of the buyer’s solicitor and arrive with the seller’s. So, if the first funds in the chain are sent at 9am, they are likely to be received by 10am or 10.30am at which point the selling agent will be notified that completion on the first property has taken place and the keys can be released. And so on along the chain. 

Remember, until the agent has that all-important notification, they cannot legally hand over any keys.

Who completes first?

The first person to complete is the first person in the chain and that is whoever doesn’t have a property to sell – a first-time buyer, or someone who has already sold and is renting in the meantime, for example.

Can I exchange contracts on the same day that I complete?

Yes. Simultaneous exchange and completions do happen – be aware it’s potentially risky, though. That’s because in order to complete, the house must be empty but until contracts are exchanged, it’s still possible that the sale could fall through.

There’s no set time frame for exchange and completion. Typically, completion day takes place a week or two after the exchange of contracts but the gap can be longer for higher value, larger homes due to the length of time that may be needed to pack up the house.

Top tip

Buyers often forget that they need to take out buildings insurance on their new property from the moment of exchange – without it, exchange cannot take place thus holding up the sale.

What happens if a buyer fails to complete?

If this happens, the buyer will forfeit their deposit and faces a bill for costs and damages. Fortunately, this is extremely rare and is ordinarily down to a dramatic and unavoidable change in circumstances. 

Practical considerations

Completion day marks the successful end of what can be a nerve-wracking time. But amid the big celebrations it’s important not to overlook seemingly small details like taking meter readings and making sure there’s a forwarding address for post. An experienced agent can help the day go as smoothly as possible with good advice and practical support.

FAQs

Does everyone move on completion day? Completion day is when you become the new legal owner of the property. You don’t have to move in on that day – you may be carrying out renovations, for example, and prefer to wait.

Who decides on the completion date? The completion date is part of the negotiation process and is agreed between all the buyers and sellers in the chain.

Further information

Contact Luke Brady

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