Completion date

When moving houses, the process can be both exciting and stressful having to organise so much in so little time. It is crucial to ensure that the communication is clear with everyone involved including Solicitors, Estate Agents, Developers and removal companies. This guide will help you to understand the final part of the conveyancing process so you can prepare yourself ahead of the moving day and ensure the day runs smoothly and stress-free.

What is a completion day?

Completion day is known as the last and key stage of the conveyancing transaction, taking place on a weekday. This is when the ownership of the property is transferred from the seller/developers to the buyer. On this day, the buyer’s solicitors will pay the balance of the purchase price to the seller/developer’s solicitors. Once the sellers solicitors have received the monies, the seller’s solicitors will confirm safe receipt and will notify the estate agents or developer’s site office for the keys to be released. The buyer will then be able to obtain the keys for the property either from the estate agents, site office or via other arrangements previously agreed allowing the buyers to move into their new home. The solicitors will then complete the final legal documents to ensure that the property is transferred to the buyer who is the new owner of the property.

Checklist of preparing for completion day

• Arrange contents insurance for your new property
• Ensure all of the funds are with your Solicitors
• Ensure all of the legal documents are with your Solicitors
• Take meter readings for gas, water and electricity and notify utility suppliers of your move
• Update local council with your new details
• Arrange removals well in advance
• Ensure the property is left in good condition

 Problems that could arise on completion day

• Delay in the chain – When there is a big chain involved in a conveyancing transaction, there could be a significant delays in receiving the funds if you are at the top of the chain.

Delay of purchase funds – When purchasing a property, some people may use a combination of funds such as savings and a mortgage meaning that if the buyer or the lender delays on transferring the funds to the solicitors in time then it will cause a delay in completion as the completion cannot take place until the seller’s solicitors are in receipt of the funds and the buyer’s solicitors will not be able to send over the monies to them until they are in receipt of full funds.

You can contact our Conveyancing team here or call on 01604 936512 / 01908 953674 or email info@franklins-sols.co.uk.