What Happens on Completion Day When Selling Your Home?
Completion day is one of the biggest milestones when selling your home. It is the day ownership officially transfers to the buyer, the money is transferred between solicitors and the keys can finally be released. For sellers, it is also a busy day. You need to make sure the property is empty and ready for the new owner in line with the terms agreed in your contract.
What happens first on completion day?
First thing, your solicitor will begin dealing with the financial side of the transaction. The buyer’s solicitor will arrange for the purchase funds to be transferred. Your solicitor will then confirm when the money has been received and that the sale has legally completed. The exact timing can vary from one sale to another, particularly if there is a chain involved, so some waiting on completion day is perfectly normal.
When should you hand over the keys?
The most important thing is to wait until your solicitor has confirmed that completion has taken place. Even if you have finished moving out and the property is empty, the keys should not be released to the buyer until the legal completion has been confirmed. In most cases, sellers leave their keys with the Estate Agent in advance. Once confirmation comes through from the solicitors, we can then release them to the new owner.
What happens if you are in a chain?
If you are selling one property and buying another at the same time, there are several transactions taking place together. Funds usually move through the chain as each sale completes. Your solicitor will coordinate your sale and purchase and will let you know when you are able to collect the keys to your new home. This means there can sometimes be a gap between moving out of your existing property and being able to move into the next one.
How to prepare for completion day
By completion day, most of the legal paperwork should already have been dealt with. Your main job is to make sure the move itself runs as smoothly as possible. Before completion, it is worth making sure:
- Your belongings are fully packed
- The property is left clean and tidy
- All keys are ready to hand over
- Meter readings have been taken
- You have removed any items that were not included in the sale
- Your removal company understands that key release depends on legal completion
Your solicitor will confirm when completion has taken place, and your Estate Agent will then be able to release the keys to the buyer.
At Richard Kendall Estate Agent, our sales teams work closely with buyers, sellers and solicitors throughout the moving process, helping to keep everyone updated right through to completion day.
