Completion Day: Your Guide to What Happens When Buying a House
The day you've been waiting for is finally here! Completion day marks the exciting culmination of your house-buying journey. But what exactly happens behind the scenes? Let's demystify the process.
Completion day is the official point at which legal ownership of your new home transfers from the vendor to you. While it might seem like a simple exchange of keys, there's a carefully orchestrated series of events involving solicitors, lenders, and your estate agent to ensure everything runs smoothly.
The Role of Your Solicitor
Your solicitor plays a pivotal role on completion day. Firstly, they will finalise the completion statement, which is a detailed breakdown of all financial transactions. This includes the purchase price, any deductions (like your deposit already paid), and additional costs such as Stamp Duty Land Tax (SDLT) and their own fees. You will have received and approved this statement in advance, ensuring you know the exact amount required to complete the purchase.
Transfer of Funds
On completion day, the most critical step is the transfer of funds. Your solicitor will request the mortgage funds from your lender. Once received, they will combine these with any remaining balance you need to provide (which you would have transferred to them prior to completion day). These combined funds are then electronically transferred to the vendor's solicitor.
This transfer is often the longest part of the day, as banks and solicitors process large sums of money. While electronic transfers are generally quick, they can sometimes take a few hours to clear, especially if they are initiated later in the day.
The Vendor's Solicitor and Authority to Release Keys
Once the vendor's solicitor confirms that all funds have been received and cleared in their account, they will then authorise the release of the keys. This authorisation is crucial. Your estate agent cannot release the keys to you until they have received explicit confirmation from the vendor's solicitor that the transaction is complete and all monies are accounted for.
This step ensures that the vendor has received their payment before you gain access to the property, protecting all parties involved. Our experienced sales team is always on hand to answer questions and guide buyers through this process, keeping you informed every step of the way.
Collecting Your Keys
With the vendor's solicitor's authority in hand, your estate agent will then contact you to let you know the keys are ready for collection. This is often the moment of greatest anticipation! You'll typically collect them from our office. We understand this is an exciting time, and we're delighted to be part of it.
What Happens Next?
Once you have the keys, the property is officially yours! You can now move in and start making it your home. Remember to take meter readings for gas, electricity, and water as soon as you enter the property and inform the utility companies of your move-in date. It's also a good idea to check the fuse box and water stopcock locations.
From all of us here, we wish you immense happiness in your new home. Settle in, enjoy exploring your new neighbourhood, and create many wonderful memories. Congratulations!
