Completion is the final stage of the homebuying process.
It is the day the purchase money is transferred, ownership changes hands, and you can usually collect the keys to your new home.
For buyers, this is the moment the process has been working towards. However, completion still depends on a few important steps happening in the right order, especially where mortgage funds, solicitors, and a property chain are involved.
Completion key takeaways
- Completion is the day the property legally becomes yours
- It usually happens after exchange of contracts
- Your solicitor sends the purchase funds to the seller’s solicitor
- The estate agent releases the keys once completion is confirmed
- Delays can happen if funds are late or another part of the chain is held up
What completion actually means
Completion is the point where the property purchase is finalised.
On completion day, the buyer’s solicitor sends the money needed to complete the purchase to the seller’s solicitor. Once the seller’s solicitor confirms that the funds have arrived, ownership can transfer, and the estate agent can release the keys.
This is different from exchange of contracts. Exchange is when the buyer and seller become legally committed to the transaction. Completion is when the purchase actually finishes, and the buyer can take ownership.
When completion happens
Completion usually happens after exchange of contracts.
Sometimes exchange and completion happen on the same day, but it is common for there to be a gap between the two. This gap gives everyone time to prepare for moving, arrange funds, and organise the final steps.
The completion date is normally agreed upon before exchange. Once contracts are exchanged, both sides are expected to complete on the agreed date.
What happens on completion day
On completion day, several things happen behind the scenes.
Your solicitor will usually:
- receive the mortgage funds from the lender
- combine those funds with any remaining money you need to provide
- send the purchase money to the seller’s solicitor
- wait for confirmation that the seller’s solicitor has received the funds
- tell the estate agent when completion has taken place
Once completion is confirmed, the estate agent can usually release the keys.
This can happen at different times of day. In many cases, buyers spend part of completion day waiting for the final confirmation before they can collect the keys.
What needs to be ready before completion
Before completion can happen, your solicitor will usually make sure the final pieces are in place.
That may include:
- mortgage funds requested from the lender
- any remaining deposit or purchase funds received from you
- signed documents completed where needed
- final checks carried out by the solicitor
- buildings insurance in place where required
- moving arrangements confirmed
This stage is about making sure there are no last-minute issues that stop the money from being transferred on time.
Getting ready to complete?
Speak with Muttuo Mortgages today.
How completion works in practice
1
A buyer has exchanged contracts and agreed on a completion date.
2
Their solicitor requests the mortgage funds from the lender and confirms that the buyer’s remaining funds are ready.
3
On completion day, the buyer’s solicitor sends the purchase money to the seller’s solicitor. Once the funds arrive, the estate agent releases the keys.
From that point, the property is officially yours.
What buyers often misunderstand
One common misunderstanding is thinking that completion and exchange are the same thing.
They are not.
Exchange is when the purchase becomes legally binding. Completion is when the money transfers, ownership changes hands, and the keys can be released.
Another misunderstanding is assuming the keys will be available first thing in the morning. In reality, keys are usually released only after the seller’s solicitor confirms that the funds have arrived.
Buyers can also be surprised by delays on completion day, especially where there is a chain. Even if your own purchase is ready, another transaction in the chain can affect when completion is confirmed.
What happens after completion
After completion, you can move into the property and begin the practical side of ownership.
Your solicitor will usually continue some final legal work in the background. This may include registering the change of ownership with HM Land Registry and dealing with any final post-completion requirements.
From your point of view, though, completion is the moment the home becomes yours.
What completion means from here
Completion is the final step in the buying process and the point where the purchase becomes real in practical terms.
The key is understanding that completion depends on the money moving through the right channels and being confirmed by the solicitors. Once that happens, ownership transfers, and the keys can be released.
For most buyers, this is the most exciting part of the journey: the day the property finally becomes their home.
Need help with your mortgage?
Speak with Muttuo Mortgages today.
