Completion Day Definition
Completion day is the final stage of a property purchase in England and Wales. It is the day when the purchase price is transferred from the buyer's solicitor to the seller's solicitor, legal ownership passes to the buyer, and the keys are handed over. After completion, the buyer can move into the property.
Completion follows exchange of contracts, which is when the sale becomes legally binding. The completion date is agreed and fixed at the point of exchange.
Timeline of Events on Completion Day
A typical completion day follows this sequence:
- Morning (before 10:00 am): The buyer's solicitor receives the mortgage advance from the lender and any remaining balance from the buyer
- Late morning: The buyer's solicitor transfers the full purchase price to the seller's solicitor by bank transfer (CHAPS)
- Early afternoon: The seller's solicitor confirms receipt of funds and authorises the estate agent to release the keys
- Afternoon: The buyer collects keys from the estate agent and can move into the property
- After completion: The buyer's solicitor sends the Stamp Duty Land Tax return and registers the transfer at the Land Registry
Your Solicitor's Role on Completion Day
Your solicitor (or conveyancer) manages the financial and legal mechanics of completion:
- Receiving mortgage funds: The lender sends the mortgage advance to your solicitor on the morning of completion
- Transferring the purchase price: Your solicitor sends the total purchase price to the seller's solicitor via CHAPS (same-day bank transfer)
- Confirming completion: Once the seller's solicitor confirms receipt, completion is formally declared
- Post-completion work: Your solicitor pays Stamp Duty Land Tax (within 14 days), registers the transfer at the Land Registry, and sends you the title deeds
Getting Your Keys
Keys are usually collected from the estate agent's office once the seller's solicitor has confirmed receipt of funds. Most buyers receive keys between 12:00 pm and 2:00 pm, though this depends on how long the money takes to clear and how many transactions are in the chain.
In a long chain, the buyer at the end may not receive keys until late afternoon. It is worth planning for this - avoid booking removals that require early access, and have a contingency plan if keys arrive late.
What Can Go Wrong on Completion Day
- Delayed funds: If the mortgage lender is slow to release funds, or there is a problem with the bank transfer, the money may not arrive until late in the day
- Chain delays: In a chain, one delayed transaction can hold up all the others
- Seller not vacating: Occasionally, the seller has not fully moved out by the time the buyer arrives - the contract typically requires the property to be vacated by a certain time
- Property condition: The property may not be in the condition agreed - fixtures removed, damage caused during the move, or rubbish left behind
- Missing keys: Not all keys or access devices (e.g. garage remotes, communal fobs) may be available on the day
Delayed Completion Penalties
If completion does not happen on the agreed date, the standard conditions of sale allow the innocent party to claim compensation:
- Interest on late completion: The defaulting party must pay interest on the purchase price at the contract rate (typically 4% above the Bank of England base rate) for each day of delay
- Rescission after 10 working days: If completion is delayed by 10 working days or more, the innocent party may serve a notice to complete, giving the other party 10 further working days. If they still fail to complete, the contract can be rescinded
- Forfeiture of deposit: If the buyer is in default and the contract is rescinded, the seller can keep the buyer's exchange deposit