What happens on completion day?

Answer

Completion day is the big day when you officially become the owner of your new home. It's when you get the keys to your property and can move in. However, behind the scenes, there is a lot going on between your conveyancing solicitor and the seller’s conveyancing solicitor. 

The buyer's solicitor meticulously verifies that all mortgage conditions have been met and then proceeds to request the funds from the lender. Meanwhile, the seller's solicitor is busy obtaining a Redemption Certificate, essential if there's an existing mortgage on the property, ensuring all financial loose ends are tied up.

As completion day comes closer, the conveyancing solicitors finalise the necessary paperwork and deeds, preparing completion statements that detail all payments made and received, including any outstanding invoices. Then, in a coordinated effort, the buyer's solicitor transfers the purchase money via the banking system to the seller. Once the funds are received, the seller's solicitor confirms completion, signalling the green light for the keys to be released from the estate agent.

With completion confirmed and keys in hand, the buyer receives the notification that they can finally move into their new home.

For more information, you can read our helpful guide to Buying & Selling a Property