{"id":2629,"date":"2021-08-02T11:22:26","date_gmt":"2021-08-02T11:22:26","guid":{"rendered":"https:\/\/www.yopa.co.uk\/homeowners-hub\/?p=2629"},"modified":"2021-08-02T11:22:27","modified_gmt":"2021-08-02T11:22:27","slug":"what-happens-on-completion-day","status":"publish","type":"post","link":"https:\/\/dy36-2.stage.yopa-dev.co.uk\/homeowners-hub\/what-happens-on-completion-day\/","title":{"rendered":"What happens on completion day?"},"content":{"rendered":"\n

Completion day\nis the day that the money (and ownership) for your new home officially and\nlegally changes hands, and you pick up the keys to your new property. <\/p>\n\n\n\n

There will of\ncourse be a lot going on behind the scenes to ensure the sale takes place\nsuccessfully. So, what should you expect from completion day and are there any potential\npitfalls you should be aware of? <\/p>\n\n\n\n

At the point\nthat the buyer and seller exchange contracts<\/a> and the purchase agreement becomes\nlegally binding you will commit to a mutually convenient completion date\n(usually within one to two weeks of exchange) and agree the list of fixtures,\nfittings and items like white goods that will be left in the property and any\nother stipulations that will be included in the transaction. Your solicitor or conveyancer<\/a> will also begin to make the necessary\narrangements with the Land Registry<\/a> to transfer the property deeds from the\nvendor to you and facilitate the transfer of money to the vendor, including the\ndeposit you have already paid. <\/p>\n\n\n\n

It is important\nto be as accommodating as possible when it comes to arranging your completion\ndate to ensure everything runs smoothly, particularly if you are in a property chain<\/a>. If so, you will need to take account\nof the timescales of others within the chain such as the current owners of the\nvendors new property and\/or the new owners of your current property. Ensure\nthat you also keep the lines of communication open between yourself and your\nbuyer and\/or seller, the relevant legal representatives and your mortgage\nlender and return all completed paperwork promptly to avoid any unnecessary\ndelays. Keeping in regular touch with your conveyancer and \u2013 via your\nconveyancer \u2013 the seller\u2019s conveyancer also helps to ensure that your sale is\nprioritised if they have a busy workload.<\/p>\n\n\n\n

For completion\nto take place successfully your conveyancer will have been processing all of\nthe necessary paperwork, local searches<\/a> and arranging for the transfer of title\ndeeds, and if you are selling a property as well as buying another, arranging\nthe sign off for mortgage completion statements. Mortgage lenders for both\nyourself and your buyer will also need to sign off your mortgage agreements.\nAll of which can take time.<\/p>\n\n\n\n

It is possible\nto complete and exchange on the same day in an uncomplicated sale such as a\nchain free or cash sale, or to set completion dates that allow time between completing\nproperty sales and moving in, thereby giving you time for cleaning and any\nimmediate redecoration if necessary. However, when there is a chain or the sale\nis more complex, you should always allow sufficient time between\nexchange and completion in case of search delays, mortgage issues or any issues\nwhich may result for your buyer and\/or seller with their respective property\ntransactions. If you have to pull out of a purchase because of lack of funds\nyou will be charged a penalty fee, but if your lack of funds is due to your\nbuyer pulling out at the last minute, they are also charged a fee payable to\nyou.<\/p>\n\n\n\n

Once you have exchanged contracts, this\nis also the point to start arranging utility supplies like water, gas,\nelectricity and broadband. Even if these services are already in place, you\nwill need to update the service providers with your name and payment details so\nthat after completion they no longer have the seller\u2019s details linked to the\nproperty.<\/p>\n\n\n\n

You should also\nensure that you have your removals service booked well in advance of the\ncompletion dates (ideally as soon as you exchange and agree the completion\ndate) with a reputable removals company to reduce the risk of any issues on the\nday. It can also be helpful to ensure that the removals service you use can\nprovide storage options as well if necessary, or that you have the details for\na short-term storage provider to hand should your move be delayed for any\nreason. <\/p>\n\n\n\n

In terms of the\nday itself, the timings for getting the keys to your new property will vary\ndepending on your position in the property chain. If you are the first person\nin the chain, or your sale is chain free, you can generally expect to receive\nthe keys between 9am \u2013 11am on the morning of completion. If you are further\ndown the chain, you will wait another hour or so at each stage in the chain. <\/p>\n\n\n\n

Once the\nseller\u2019s conveyancer has confirmed receipt of the money, then keys can be exchanged,\nand the seller must have vacated the property which now officially belongs to\nyou. You will either receive the keys from the seller directly or from their\nestate agent. Should there be any delays at either end you can negotiate\namongst yourselves when you will gain access to the property, but as soon as\nthe seller\u2019s conveyancer has received the funds, the property is legally\nyours.  <\/p>\n\n\n\n

If you have not\ndone so already, you will also need to pay your conveyancer\u2019s fee and the stamp\nduty<\/a> fee (if\napplicable) on completion day. Usually, you would transfer the stamp duty fee\nto the solicitor, and they would arrange for this to be paid and provide you\nwith a receipt in confirmation.<\/p>\n\n\n\n

Friday is\ntraditionally the most popular day for moving house since it allows you to be\nin for the weekend and take the minimal amount of time off work. As a\nconsequence, this is when removals\nservices and financial institutions are also at their busiest, so completing a\nday earlier on a Thursday is often more prudent to ensure there are no\nstressful delays to funds or belongings being transferred. For instance, when\nthe money is transferred from your mortgage lender to your solicitor and then\non to the seller\u2019s solicitor this is done via the CHAPS banking system, which\nhas a deadline of 3pm for transactions, otherwise the transaction will not take\nplace until the next working day, which for transactions which were due to take\nplace on Friday, would mean the following Monday.  <\/p>\n\n\n\n

After completion, ensure you keep the following documents\nsafely to hand regardless of how long you plan to stay in the property.<\/p>\n\n\n\n