Quick answer
Completion day is the final stage in a property transaction, typically involving a precise timetable managed by solicitors and estate agents. Usually, key steps include final mortgage funds transfer, contract completion, handing over of keys, and updating the Land Registry. Times can vary, but buyers and sellers often expect completion between late morning and early afternoon.
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What is Completion Day?
Completion day is the final step in the residential conveyancing process for buying or selling a property in England and Wales. It is the day when ownership legally transfers from the seller to the buyer, and the buyer receives the keys to their new home. While the precise timetable can vary from case to case, understanding the usual sequence of events can help buyers and sellers feel more prepared and confident.
Typical Timeline on Completion Day
Completion activities generally happen within standard office hours, often starting in the late morning and finishing early afternoon. Below is a general hour-by-hour breakdown, though individual transactions may differ depending on the parties involved and their solicitors.
9:30 am – Funds Prepared and Checked by Solicitors
On the morning of completion, the buyer's solicitor confirms that all necessary funds are ready, including mortgage drawdown from the lender and the buyer’s deposit. They will double-check the amount needed to pay the seller, covering the purchase price, fees, and any adjustments such as stamp duty or utility bills.
10:30 am – Transfer of Completion Funds
The buyer's solicitor sends the purchase funds electronically to the seller's solicitor's client account. This is often done via a secure bank transfer or the Faster Payments Service. The timing of this can depend on the banks’ processing speed but usually happens mid-morning to ensure it arrives in time to complete the sale.
11:30 am – Seller's Solicitor Confirms Receipt of Funds
Once the seller's solicitor confirms receipt of the money, they notify the estate agent and release the keys to the buyer. If the transaction involves a leasehold property, the solicitor may also ensure that any management company or freeholder has been informed.
12:00 pm to 1:00 pm – Key Handover and Vacant Possession
The estate agent or seller arranges a time for the buyer to collect the keys. This usually takes place around midday to early afternoon, though practical arrangements can vary. The buyer then gains possession of the property, and any remaining personal belongings should have been moved out by this point.
1:00 pm to 3:00 pm – Final Checks and Registration
Following completion, solicitors work on the post-completion formalities, including sending the transfer deed to the Land Registry to update the property ownership. They submit any Stamp Duty Land Tax returns and pay the required tax to HM Revenue & Customs. Completing these steps promptly helps avoid delays.
Factors That Can Influence Completion Timing
- Mortgage lender delays: Lenders may delay sending funds if there are last-minute queries.
- Bank cut-off times: Transfers must meet bank deadlines, usually mid-morning for same-day payments.
- Chain complexity: If the sale is part of a property chain, timing depends on other buyers and sellers.
- Leasehold or specialist properties: Additional documents or payments might affect timing.
What Buyers and Sellers Can Do on Completion Day
- Buyers: Be ready to collect keys, arrange movers, and ensure funds are available.
- Sellers: Confirm the property is vacated and hand over all sets of keys and relevant documents.
- Both parties: Stay in touch with your solicitors and estate agents for updates.
Note: Completion day processes differ in Scotland and Northern Ireland, where conveyancing law is separate. This guide focusses on England and Wales only.
After Completion: What Happens Next?
Once completion is confirmed, the buyer officially owns the property. The buyer’s solicitor will register the change of ownership with the Land Registry, a process that can take several weeks. The seller’s solicitor will arrange final payment of any mortgage balance and distribute remaining funds to the seller. Buyers should ensure they have utility accounts in their name from the completion date.
How we can help
At Affordable Conveyancing, we provide fixed-fee, itemised quotes from regulated conveyancers to help you prepare for every stage of the property transaction, including completion day. Whether you are buying a house, selling a house, or dealing with more specialist conveyancing, we connect you with solicitors who can guide you through completion and beyond.
Frequently asked questions
What time does completion usually take place?
Completion commonly happens between 10am and 3pm, but the exact time depends on when solicitors confirm funds have cleared and keys can be released.
Can completion day be delayed?
Yes, delays can happen due to late mortgage fund transfers, issues with conveyancers, or problems in the property chain.
Do I get the keys as soon as completion happens?
Usually, once the seller's solicitor confirms receipt of funds, the keys are released to the buyer, often via the estate agent.
What happens after completion day?
Solicitors register the transfer with Land Registry, pay any Stamp Duty Land Tax, and inform mortgage lenders. This can take several weeks.
This guide is general information about the law in England and Wales as at the date shown above. It is not legal advice. Every property is different, so ask your conveyancer about your own situation. More in Conveyancing for buying a house.
