On completion day, your conveyancer transfers the purchase money to the seller’s conveyancer. Once the required funds have arrived and completion has been confirmed, the keys can be released and you can normally move into your new home.
There is no guaranteed time for this to happen. Completion may take place in the morning or afternoon, particularly when several transactions are linked in a property chain.
This guide covers property purchases in England. Different property taxes apply in Wales and Scotland, while the legal buying process also differs in Scotland and Northern Ireland.
What is completion day?
Completion is the final stage of buying your home. For most purchases, the completion date is agreed before contracts are exchanged and recorded in the contract.
Your conveyancer handles the transfer of the purchase money. Once the seller’s conveyancer has confirmed completion, the keys can be released.
Wait for confirmation from your conveyancer, estate agent or housing provider before travelling to collect the keys or entering the property.
The difference between exchange and completion
Exchange and completion are separate stages of buying a home.
In a typical property purchase in England, the agreement normally becomes legally binding when contracts are exchanged. The completion date is usually confirmed at this stage.
Completion takes place when the purchase money is transferred and the transaction is completed. The keys can then be released to the buyer.
Your conveyancer manages the legal work involved in transferring the property to you.
Exchange and completion can sometimes happen on the same day. Your conveyancer will tell you if this applies to your purchase.
Preparing for completion day
Most of the legal and financial work is managed by your conveyancer, mortgage lender and the seller’s conveyancer. You will still need to make sure your funds, insurance and moving arrangements are ready.
Check your completion statement
Your conveyancer should provide a completion statement showing the money required from you. Depending on your purchase, this may include:
- the remaining part of your deposit or personal contribution
- conveyancing fees
- property taxes, where applicable
- HM Land Registry fees
- other costs connected with the purchase
Check the statement carefully and ask your conveyancer about anything you do not understand.
Make sure your money is ready
Follow your conveyancer’s instructions about how much you need to send and when it must reach their client account.
If you are buying with a mortgage, your lender will normally send the mortgage advance directly to your conveyancer. You do not usually receive these funds in your personal bank account.
Your conveyancer will normally arrange for the mortgage advance to be requested in line with your lender’s requirements.
Check payment details before transferring money
Homebuyers can be targeted by criminals attempting to redirect large payments.
Do not rely on bank details received in an unexpected email. Before transferring money, verify the details with your conveyancer using a trusted telephone number that you have checked independently.
The GOV.UK guide to buying a home includes guidance on protecting yourself from property fraud.
Confirm your insurance arrangements
Ask your conveyancer, mortgage lender and insurer to confirm what cover is needed and when it must begin. This can depend on your contract, tenure and existing insurance arrangements.
If you are buying a leasehold or Shared Ownership home, buildings insurance may already be arranged by the freeholder, landlord or managing agent. Its cost may be included within the service charge or another property charge.
Check the arrangements for your home before purchasing separate buildings insurance. You may also wish to consider contents insurance for your belongings.
Confirm how you will receive the keys
Ask who will contact you when completion has taken place and where you will collect the keys.
For an existing home, an estate agent may hold the keys. For a new-build or Shared Ownership home, the team responsible for the handover should explain the arrangements to you.
Do not assume the keys will be available at a particular time. Wait until you receive confirmation that completion has happened.
Keep your moving arrangements flexible
Before completion day:
- confirm your arrangements with the removal company
- keep important documents, medication and chargers with you
- make sure your conveyancer has the correct contact details for you
- contact utility and broadband providers where necessary
- avoid arranging deliveries or contractors for early in the day
You may not be able to enter the property until later in the day.
What happens on completion day?
The precise arrangements can differ, but completion will usually follow five main stages.
1. Your conveyancer carries out the final checks
Your conveyancer confirms that the required funds, documents and authority to complete are in place. They will also check that any remaining requirements relating to the transaction have been met.
2. The mortgage advance is made available
If you are buying with a mortgage, your conveyancer will normally have arranged for the mortgage advance to be requested before completion.
The mortgage advance and your own contribution must be available before your conveyancer can send the full purchase amount to the seller’s conveyancer.
3. The purchase money is transferred
Your conveyancer sends the purchase money to the seller’s conveyancer through the banking system.
In a property chain, money may need to pass through several linked transactions. Buyers further along the chain may therefore receive their keys later in the day.
4. Completion is confirmed
Sending the money does not mean completion has happened.
In a typical purchase, the seller’s conveyancer confirms receipt of the required funds and authorises completion before the keys are released.
5. The keys are released
Once completion has been confirmed, the person holding the keys can be authorised to release them.
Your conveyancer, estate agent or the team managing your handover should tell you when and where you can collect them.
What time will you get the keys?
There is no guaranteed completion or key-collection time. Some purchases complete in the morning, while others complete in the afternoon.
The timing can depend on:
- when mortgage funds reach your conveyancer
- when the purchase money is sent and received
- how many transactions are linked in the property chain
- whether any required funds, documents or approvals remain outstanding
- when the seller’s conveyancer can confirm completion
Being told that the money has been sent does not mean the keys can be released immediately. Keep your phone available and wait until you are contacted.
You may need to provide identification when collecting the keys. Check the arrangements before completion day.
What can delay completion?
Most purchases complete on the agreed date, but delays can happen. Possible causes include:
- mortgage funds arriving later than expected
- a delay in the banking system
- missing funds or documents
- an outstanding approval
- difficulty contacting someone whose authority is required
- a delay elsewhere in the property chain
If completion is delayed, remain contactable and keep your removal company informed. Do not collect the keys or enter the property until completion has been confirmed.
If the seller has not vacated the property as agreed, contact your conveyancer immediately. Legal completion may already have happened even though you cannot move in as expected.
Keep records and receipts for any extra costs caused by a delay. Your conveyancer can explain whether they are relevant to your circumstances and what happens next.
Completion day for Shared Ownership buyers
With Shared Ownership, you complete the purchase of the share stated in your lease. You will usually pay rent to the landlord on the share you do not own, alongside any service charges or other property charges that apply to your home.
Before completion, check:
- the share you are purchasing
- the rent, service charges and other property charges you will pay
- when your first payments will be collected
- whether buildings insurance is already arranged
- how the keys will be handed over
- who you should contact after moving in
Your conveyancer or housing provider should explain which payments are due around completion and where they are shown. Ask about anything you do not understand.
The GOV.UK guide to Shared Ownership costs explains the main costs that may apply when buying and owning a Shared Ownership home.
Completion and handover for a new-build home
If you are buying a newly built home, the developer or housing provider may arrange the key handover rather than an estate agent.
Depending on the development, your handover may include:
- collecting keys, entry fobs and other access devices
- receiving information about the heating system and appliances
- being shown where meters and controls are located
- receiving information about warranties or manuals
- finding out how to report an aftercare issue
Follow the instructions supplied for your development. Do not enter the property or arrange deliveries until completion has been confirmed and you have been told that the home is ready for handover.
Checks to make after collecting the keys
Once you have received the keys, record a few details and complete basic checks around the property.
Take meter readings
Record the electricity, gas and water readings where applicable. Dated photographs can provide a useful record.
Contact the relevant utility providers to open or update your accounts and provide the readings from completion day.
Find the essential controls
Locate the:
- water stopcock
- electricity meter and consumer unit
- gas meter, if the property has one
- heating and hot-water controls
- smoke alarms
- carbon monoxide alarms, where provided
Check the condition of the property
Check that:
- doors and windows close and lock correctly
- the heating and hot water are working
- smoke and carbon monoxide alarms are working
- the property is in the condition you expected
- items included in the purchase are present
Record any problems with photographs and report them through the relevant channel. Depending on the issue, this may be your conveyancer, developer, housing provider, landlord, managing agent, utility provider or insurer.
After completion
Your conveyancer will normally deal with further administrative work after completion. You will also need to update the organisations responsible for the property’s services and ongoing payments.
Stamp Duty Land Tax
If Stamp Duty Land Tax applies, the return and any payment due are generally required within 14 days of the transaction’s effective date, which is usually the completion date.
Your conveyancer will usually submit the return and pay any tax due on your behalf using money collected from you. Any amount being collected should appear on your completion statement.
Shared Ownership purchases can have specific Stamp Duty Land Tax arrangements. Your conveyancer or a suitably qualified tax adviser can explain what applies to your purchase.
The GOV.UK guide to Stamp Duty Land Tax provides the current rules.
HM Land Registry registration
After completion, your conveyancer will normally apply to HM Land Registry to register you as the new owner and record your mortgage, where applicable.
Registration may not finish immediately. Applications involving new developments, new leases or transfers of part of a larger title can take longer than a straightforward update.
You can still receive the keys and move into your home while the registration application is being processed. Your conveyancer should tell you when it has been completed.
You can check the current HM Land Registry processing times.
Council Tax and household services
Tell your local council that you have moved into the property so it can confirm your Council Tax account and payment arrangements.
Contact the relevant utility providers with your opening meter readings. Check that broadband, telephone and any other household services have been transferred or activated as expected.
Mortgage, rent and service-charge payments
If you have a mortgage, check when the first payment will be taken. It may differ from your normal monthly amount because it can include interest charged between completion and the start of your regular payment cycle.
If you have bought a Shared Ownership or leasehold home, check:
- when your first rent payment is due
- when service charges will be collected
- which payment method will be used
- whether an initial amount was included in your completion statement
- who to contact with a payment question
Keep your completion statement, lease and other key property documents somewhere secure.
Completion day checklist
Before completion
- Check your completion statement.
- Send any required funds by the deadline.
- Verify bank details by telephone.
- Confirm your insurance and key-handover arrangements.
- Keep your moving arrangements flexible.
On completion day
- Remain contactable.
- Wait for confirmation before collecting the keys.
- Keep your removal company informed of any delay.
After collecting the keys
- Record the meter readings.
- Locate the stopcock and consumer unit.
- Test the alarms, heating and hot water.
- Check the property and report any urgent problems.
Looking for a new home?
Explore available Shared Ownership and private sale homes from Guinness Homes in locations across England.
Important information
This article provides general information about the completion process in England. It does not constitute legal, financial, mortgage, insurance or tax advice, and it is not a definitive statement of the law or the terms that apply to your purchase.
The process, responsibilities, costs and timescales can vary according to the property, contract, tenure, mortgage and individual transaction. Follow the advice and instructions provided by your conveyancer, mortgage lender, insurer and housing provider.
