Completion day is the day you have been working towards for months. It is when the money moves, ownership transfers, and you finally get the keys to your new home. For most buyers it is the most exciting and the most nerve-wracking day of the whole process, often because nobody has ever explained what is actually happening behind the scenes while you sit waiting for a phone call.
Here is exactly what happens, and why.
What completion day actually is
Completion is the final legal stage of buying a property. It is the moment the remaining balance of the purchase price lands in the seller's solicitor's account, ownership officially transfers from seller to buyer, and the estate agent is authorised to release the keys. Until that money lands, the property is still legally the seller's. Once it lands, it is yours, including everything inside it and everything wrong with it.
Completion always takes place on a weekday. Banks, solicitors and estate agents all need to be open for the fund transfers to work, so completions never happen on weekends or bank holidays.
When does it happen?
Completion day is agreed between all parties when contracts are exchanged, typically one to four weeks before the actual date. That date is written into the contract and is legally binding. Failing to complete on the agreed date has serious financial consequences for whichever party is at fault.
The gap between exchange and completion is usually one to two weeks for most buyers, though it can be longer if people need time to arrange removals, give notice on a rental, or if the chain requires it.
What happens on the day itself?
Most of what makes completion day smooth happens the day before. Your solicitor requests the mortgage advance from your lender, timed to arrive in their client account first thing in the morning. If you are also contributing your own funds, such as a deposit balance, those need to be in your solicitor's account before completion can happen.
On the day itself, your solicitor sends the full purchase price to the seller's solicitor via CHAPS, which stands for Clearing House Automated Payment System. CHAPS is used specifically because it is a same-day transfer, unlike standard bank payments which can take hours. Even so, a CHAPS transfer typically takes between 30 minutes and two hours to arrive.
Once the seller's solicitor confirms the funds have landed, they notify the estate agent that completion has taken place. The estate agent then calls you, and you can go and collect the keys.
That phone call is usually the moment most buyers feel the relief properly settle in.
What time will you get the keys?
This depends on whether you are in a chain and how long that chain is. In a chain, money moves sequentially from the bottom upward. The first-time buyer at the bottom of the chain sends their funds first. Once that completion is confirmed, the next person in the chain sends their funds upward, and so on. Each transfer takes time.
As a rough guide, if a chain starts moving at 9am:
The first buyer in the chain typically gets their keys around 9am to 11am. The second around 11am to midday. The third around midday to 1pm. The fourth around 1pm to 2pm.
Most contracts require sellers to vacate by 1pm, or 2pm in longer chains. In practice, once funds are confirmed most sellers hand over without waiting for the formal deadline. But if you are fourth in a long chain, getting your keys mid-afternoon is not unusual and is nothing to worry about.
If you are a first-time buyer with no chain, or buying a property with a vacant seller, completion tends to happen earlier and more predictably, often by mid-morning.
What can go wrong?
The most common issue is the money arriving later than expected. If your solicitor does not request the mortgage advance in time, or if there is a banking delay, funds can arrive later in the day than planned. If money has not been received by 3pm, completion may be pushed to the next working day. This is disruptive, particularly if you have a removal van booked, but the transaction itself does not fall through as a result.
A more serious issue is a link in the chain failing at the last minute. This is rare after exchange, because both sides are legally committed, but it does occasionally happen when a party cannot complete for financial reasons. If this happens it can have knock-on consequences for everyone else in the chain. There is limited protection against this, which is one reason some buyers choose to purchase completion protection or legal indemnity insurance.
Buildings insurance
One thing buyers often miss: your buildings insurance needs to be in place from the point of exchange, not completion. Your mortgage lender will require evidence of this. If you have not arranged it before exchange, it can hold things up at a critical moment.
After completion
Your solicitor registers the change of ownership at the Land Registry, pays any stamp duty owed, and sends you the title deeds. The registration process takes some weeks, but this happens in the background and does not affect your ability to move in.
A note on completion from a mortgage perspective
Your mortgage funds are drawn down and transferred on completion day. This means your mortgage officially begins on that date and your first payment will typically be due the following month. If there is a delay in completion, your mortgage offer may need to be checked to ensure it has not expired. Most offers are valid for six months, but if your transaction has been going on a long time, it is worth checking with your broker that everything is still in order before the completion date arrives.
If you are getting close to completion and have any questions about your mortgage, we are happy to help.
Frequently Asked Questions
It depends on whether you are in a chain and how many links that chain has. If you are buying with no chain, such as a first-time buyer purchasing from a seller who has already moved out, you can expect to get your keys in the morning, often between 10am and midday. If you are in a chain, money moves sequentially from the bottom upward, and each transfer takes time. A buyer who is third or fourth in a chain might not get their keys until early to mid-afternoon. Most contracts require sellers to have vacated by 1pm or 2pm, though in practice keys are usually released as soon as funds are confirmed rather than at a fixed time.