Completion day is when property ownership legally transfers from seller to buyer – it’s the final step in your property journey when funds are exchanged and keys are handed over.
Key takeaways
Completion day is the final step in property transactions when ownership legally transfers between seller and buyer
Exchange day is when contracts become legally binding and completion day is when keys and funds are transferred
In the build-up to completion day, ensure all funds are ready to avoid delays, penalties, or potential delays
Be aware of potential complexities in property chains and plan accordingly
What is completion day?
What happens on completion day?
On completion day, money transfers from the buyer’s solicitor to the sellers, and once received, keys are released so the buyer can move in.
For buyers, it's an exciting milestone after months of waiting. For sellers, it can feel bittersweet but represents a fresh start. If you're buying and selling simultaneously, both transactions typically complete on the same day.
Here’s what happens on completion day:
Prior to completion day:
- Your conveyancer checks that mortgage conditions have been met and requests funds from your lender
- The seller's conveyancer requests a redemption statement showing the outstanding mortgage balance
- Completion statements are prepared - financial breakdowns for both buyer and seller that must be checked for accuracy
- Any outstanding balances must be paid by both buyer and seller to their conveyancers
On completion day:
- The buyer's conveyancer sends the funds to the seller's conveyancer
- The seller's conveyancer confirms completion with the estate agent who releases the keys to the buyer
- The seller must be out of the property by agreed time (usually midday), and the buyer can begin moving in
- The seller's conveyancer redeems the mortgage, paying off the outstanding balance and associated fees
Learn more:
When is completion day?
Completion day typically occurs 1-4 weeks after exchange of contracts, though this timeframe can vary based on your circumstances. It must take place on a working weekday when banks are open to facilitate fund transfers.
Most popular day: Friday (gives you the weekend to settle in)
Most cost-effective: Monday-Wednesday (cheaper removal costs)
If you're part of a property chain, your completion date must align with all other transactions in that chain, requiring coordination between multiple conveyancers.
Who decides the date? You and your buyer (or seller) agree on the completion date, with input from everyone in the chain if applicable.
Exchange date vs completion date
Exchange date refers to the exchange of contracts. This is when signed contracts are swapped between conveyancers, making the sale legally binding. The deposit is transferred and both parties are committed to the transaction.
Your completion date is your official moving day. It will typically be 7 to 28 days after you have exchanged contracts. Although there is no minimum or maximum time required between exchange and completion.
Can you exchange and complete on the same day?
Exchanging and completing on the same day is possible, but it takes serious coordination. More can go wrong because the turnaround time is so short.
You likely won’t know you’re going to be moving into your new home until the day. This can make planning for removals or securing temporary accommodation (if needed) tough.
Getting mortgage funds released quickly is another hurdle. Some lenders can do it on the day, but others might require 5 working days to complete the transfer.
While same-day exchange and completion are quite common, it’s risky and can become stressful.
For chain-free sales, it’s more doable but can still be a challenge. Sometimes simultaneous exchanges and completions are unavoidable, but we will always be as proactive as possible to make sure everything is aligned as it can be.
The conveyancing process has many moving parts. Allowing time between exchange and completion helps ensure they align properly.