Completion is the final step in buying a property. It is the day when the remaining purchase funds are transferred from the buyer (via their solicitor and mortgage lender) to the seller, the legal ownership of the property is transferred, and the buyer receives the keys.
On completion day, your mortgage lender sends the loan funds to your conveyancer, who adds your deposit contribution and transfers the total to the seller's conveyancer. Once the seller's solicitor confirms receipt of the funds, the transaction is complete and you can collect the keys, usually from the estate agent.
After completion, your conveyancer handles the post-completion work, including paying Stamp Duty Land Tax (if applicable) to HMRC and registering your ownership with the Land Registry. This administrative work typically takes a few weeks to finalise.
On your completion date, your lender sends £225,000 to your solicitor at 10am. Combined with your deposit, the full £250,000 is transferred to the seller's solicitor by noon. At 1pm, you collect the keys from the estate agent and move into your new home.
Key Points
- The day ownership of the property legally transfers to the buyer
- Mortgage funds and deposit are transferred via the solicitors
- The buyer collects the keys once funds are confirmed received
- Stamp Duty Land Tax must be paid within 14 days of completion
- Your conveyancer registers your ownership with the Land Registry after completion