Completion Day marks the final step in the property buying process, bringing together months of preparation, agreements, and legal work. It is the moment when ownership of a property officially transfers from the seller to the buyer. While it is an exciting milestone it also requires coordination between solicitors, banks, and estate agents to ensure everything runs smoothly.
The day begins with the buyer’s solicitor confirming that all required mortgage funds have been received. This includes the buyer’s deposit, the lender’s contribution, and any additional fees that must be settled. Once the full balance is available the solicitor sends the purchase funds to the seller’s solicitor, typically by bank transfer. Timing is important, as delays could push the completion into the next business day.
When the seller’s solicitor receives the funds, the property is officially transferred to the buyer. At this point, the solicitor notifies the estate agent that the sale has completed. The estate agent will then release the keys to the buyer, allowing them to finally access their new home. The seller is required to have vacated the property by this time, leaving it ready for the buyer’s arrival.
Behind the scenes, both legal teams finalize important documentation. The buyer’s solicitor arranges for the transfer deed to be registered with the Land Registry and ensures that all stamp duty or related taxes are paid. Meanwhile, the seller’s solicitor confirms that any existing mortgage on the property is settled using the proceeds from the sale.
Completion Day is often filled with anticipation and relief. While it may seem like a simple exchange of keys and money, the day represents the successful conclusion of many legal and financial steps. Once completed buyers can celebrate the beginning of a new chapter in their new home, confident that the purchase is legally and officially theirs.
