Completion is the stage of the conveyancing process at which the house legally becomes yours.
It is the day that the money changes hands and you can pick up the keys to your new home! If you are selling a property, you will need to move out of your home on this day.
Completion must always be on a working week day. The funds to purchase the property have to be paid through the banking system so completion can never be during the weekend or on a Bank Holiday.
To complete your purchase, you must ensure that we have the money through in cleared funds. This means that the money from you and your mortgage lender (if you are purchasing with the aid of a mortgage) must definitely be in our account. When the funds are cleared in our account, on the date agreed for completion through exchange of contracts, we will electronically transfer the funds (by a same day transfer) to your seller’s solicitor’s account to buy your new home!
Your purchase has completed when your seller’s solicitors confirm receipt of the funds we have sent to them.
Selling and buying
If you are selling and also buying, you will have to wait for the funds to be received on the house you are selling and then await the funds to be sent to buy your new home. If you are in a chain of transactions, it can take some time for each property to complete. The banking system can be very busy, especially on Fridays, so there is no exact time to predict completion.
Once completion has occurred, your seller’s solicitors will release the keys and the house is officially yours to move into!