Our guide to: Completion day
The exciting day has finally arrived and it is time to get the keys to your new home! To find out what actually happens on completion day read this article.
After possibly months of searching, viewing and negotiating you have finally found your new home. You have liaised with solicitors, banks, brokers, removal companies and signed endless documents. And the day has finally arrived to collect the keys to your new home!
Completion day is when the property ownership transfers from the seller to the buyer. Both solicitors will ensure that all the paperwork and deeds are in order and the buyer’s solicitor will transfer the purchase money via the banking system to the seller’s solicitor. Once the funds have arrived with the seller’s solicitor they will be able to confirm completion and at that point the estate agent can release the keys to the new homeowner.
How long this process takes can depend on how many are in the chain. Generally, it can take about an hour or so for the funds to leave the buyer’s account and arrive in the seller’s account. So, the further down the chain you are, the later in the day you can expect to complete on your property as the funds need to clear each account in order to complete on the next property in the chain.
Your completion day checklist:
- Notify utility and service providers - ensure you take meter readings for your old and new properties so you can provide them to the utility providers when you update them on the new ownership. This includes, gas, electricity, council tax, water and any other services connected to the property.
- Arrange for insurance - if you are a buyer it is crucial that you take out building insurance for your new property before completion day. This protects your investment from any unforeseen damage or disaster. If you are a seller, ensure you cancel your existing policy once the sale is complete.
- Forwarding address for post - arrange for forwarding of post to your new address
- Packing and removals - once you know the completion date you can book in a removals company. Make sure you are packed up ready for completion day and keep the removals company in the loop with timings.
- Finally, pop some bubbles in the fridge - it is time to celebrate your new home!
Completion day is the final step in the property buying or selling process, and careful planning and preparation are key to ensuring a smooth transition. By following this guide and working closely with your solicitor or conveyancer, you can navigate completion day with confidence and ease, ready to enjoy your new home or move on to your next adventure.
