If you're near the end of the chain, time may run out before all of the funds have been transferred. It's worth having a contingency plan in place just in case you hand over the keys to your house without a new home to move in to.
Assuming things do run smoothly, you can collect the keys from the estate agent and start moving in as soon as the seller has vacated the property. Once you're in, it's worth filing the property-related paperwork before it gets lost or forgotten about. This will be a useful resource for any issues relating to the sale, and will also be really helpful when you eventually come to sell the home. If possible, make sure you keep:. You'll also need to register with utility providers and consider switching to save money , and update your address details with banks and other organisations.
You can see everything that needs to be done in our moving house checklist. You may also need to pay a stamp duty bill, which your solicitor will coordinate, though first-time buyers benefit from an exemption in some circumstances. You can use our stamp duty calculator to work out how much you'll need to pay.
It's possible but rare to exchange and complete on the same day. Doing so enables you to move without delay and means you don't have to pay an exchange deposit.
However, you'll have to be ready to go on the day you exchange, which can be hard to plan in advance. You also won't have much time to fix things if anything goes wrong. If the seller makes a last-minute demand that holds up exchange, you may be all packed up with nowhere to go, leaving you with little room for negotiation.
This option is less risky if you and the seller are both chain-free, with no other parties involved. It's also easier if you're a cash buyer and don't have to rely on the mortgage lender transferring the funds in time. Some mortgage lenders will insist on a minimum timeframe between exchange and completion, though others may be willing to allow a same-day transaction. Your contract is legally binding after exchange, and you will face penalties if you pull out.
You could also be sued, and may have to pay interest on the unpaid purchase price or any additional costs the seller has incurred. The seller, meanwhile, can be sued for compensation and may need to pay interest on the deposit, as well as the buyer's costs. If you're using a Help to Buy Isa to help fund your property purchase, the bonus will be paid after exchange and before completion. When you plan to purchase a home, let your Help to Buy Isa provider know.
They'll close your account and draw up a closing statement which will allow your solicitor to claim the bonus for you. Whatever you do, don't just withdraw the money yourself, as you won't be able to claim the bonus.
The bonus will be released to your solicitor after exchange, who will then transfer the full sum of money - including the mortgage funds and any other outstanding sums - to the seller's solicitor on completion. The process of exchanging itself won't incur a specific charge - it will be included in your solicitor's overall fee.
You will, however, need to pay an exchange deposit. Solicitors are responsible for transferring the title deeds, conducting property searches and making sure you legally own your new home, as well as negotiating the contracts.
Most mortgage lenders will require you to have a conveyancer or solicitor as a condition of their offer. As a cash buyer, it's possible - but very risky - to buy a house without a solicitor or conveyancer. If you do try to do it yourself, any errors could mean you don't have legal ownership of the property, or that the sale is not legally binding.
You could also owe compensation to other parties involved if something goes wrong. Unless you're a legal practitioner, you're unlikely to have the expertise to carry out the conveyancing yourself. Financial Services Limited.
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Perhaps it is very similar to your own and you are thinking about putting your property on the market. With everyone spending more time than ever at home over the past 18 months, making sure our homes are the perfect haven has never been more important. Well, there. Completion day is the day that the money and ownership for your new home officially and legally changes hands, and you pick up the keys to your new property. There will of course be a lot going on behind the scenes to ensure the sale takes place successfully.
So, what should you expect from completion. Show me all Buying Guides. Read More Reviews. Contact us Message us. Dashboard Profile Logout. Fees YopaHub What customers say Book a free valuation Instant online valuation Our local agent was amazing and we simply do not know what we would have done without him. G Livesey August Steve Dixon August Request a callback Login Logout.
Completion is when a property transaction is legally finalised and the new owners get the keys. It takes place on a date specified at exchange of contracts.
Completion signifies that ownership of and responsibility for the property has transferred from the seller to the buyer. Given that the transaction is not legally binding until exchange has taken place, there is generally anything from two to four weeks between exchange and completion, to allow all parties to make moving arrangements. The more parties in the chain, the more time it is likely to take to find a completion date that suits everyone, so be prepared to compromise and accept you might not be able to agree on your first choice.
Because most people have a full-time job, completions tend to take place on a Friday to give everyone the weekend to get the initial moving in and unpacking done, without having to take more than an afternoon or a day off work.
As a buyer, if you can ensure your funds are sent over to your solicitor or conveyancer several days in advance of the proposed exchange date, it should help move things along smoothly. If there is a chain, it is usual that a seller may be using the funds they receive from their buyer to pay for some, if not all of their onward purchase.
As such, the deposit lodged by the buyer at the bottom of the chain may be taken into account and passed up the chain. The only exception would be if you required the deposit to be paid to an onward purchase of a new build, where the developer requires the deposit, in which case, the funds would be paid to them and guaranteed by a New Build Guarantee Scheme such as NHBC.
In this case, granting the buyer access to undertake the required works may be the only way for the sale to proceed. Key undertakings also often stipulate that the buyer is responsible for the utilities and Council Tax from the date of exchange. It tends to mainly be developers and property traders that look to carry out the transaction in this way.
The buyer may want to own and start developing what they see as an excellent acquisition before anyone else gets hold of it, or the seller might have a pressing need to release their equity as soon as possible.
When a property is highly desirable and of great interest to a number of parties, if a buyer is able to push through a quick purchase in this way, that may give them an advantage and allow them to secure the property. Generally, it is only well-capitalised, professional property investors who attempt attended exchanges. Some mortgage lenders will offer their own Life Insurance products, but shopping around could net you a better offer. Our friendly, impartial team can give you expert advice on your Life Insurance options.
Alternatively, use our fast online quote tool and take stock of how Life Insurance from Beagle Street could work out for you. All Posts Completion day nightmares and how to avoid them Buying a house is a big move, and a lot of the stress can come right at the end of the process.
What is completion day? What happens on completion day? What can go wrong on completion day? Common completion day problems and how to avoid them could include: Delays at the bank. More information on home buying Completion day is just one of the many facets of buying a new home, something which many people say could have been the most stressful process of their lives thus far.
Life Insurance for your mortgage from Beagle Street Mortgage providers could insist on you getting Life Insurance as a condition of them lending to you.
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