The hard part of buying a house is finally over – you’ve completed all of the paperwork, went through all of the motions to get a mortgage loan, and made your down payment. Completion day came faster than you expected, and now it’s time for you to pick up your house keys! In order to have a smooth and hassle free completion day, we’ve written a guide on what actually happens on completion day so you’re prepared and ready to go.
When does completion day happen?
Completion day typically occurs 7 – 28 days after you exchange contracts with the seller. You’ll receive the keys for your new house and start to move your belongings into your new space. This is also the day of the final sale and transaction – and when the seller signs the final documentation.
The role of your conveyancer
A conveyancer is the person who helps with the legal aspects of buying and selling a house. When it comes to buying a house, your conveyancer will do all the dirty work. Your leftover bills will be paid off by your conveyancer on completion day, and your name will be transferred into ownership of the house. Once the seller of your new home has left the house, your conveyancer will collect the keys for you.
Best time for completion day
It’s recommended to aim for a completion day that’s on a Monday or a Tuesday. That way, if there are any issues, they’ll be completed sooner at the beginning of the week than at the end of the week – and will prevent delays occurring because of the weekend. You cannot have completion day on a Saturday or Sunday since you have to go by the bank’s opening hours. You can move into your house only after completion day occurs.
What is the purpose of completion day?
The main point of completion day is transferring the final funds. It’s the most exciting part of the entire process, as this is the day when your home is finally and officially yours! You’ll pay your conveyancer the necessary fees and pay any necessary estate agent fees. Then, your conveyancer will transfer the money to the buyer.
It’s recommended not to exchange contracts and complete the transaction on the same day. These are two very important aspects when buying and selling a house, so it’s better to have time in between each process should there be any issues or misunderstandings. You risk more issues when you exchange contracts and complete on the same day.
On the other hand, it can speed up the process if you’re looking to move in faster. The only time you should consider exchanging contracts and completing on the same day is when you aren’t relying on mortgage providers and you’ve already moved out of your property.
Now you’re in the loop about what happens on completion day when you buy a home. While it’s straightforward, it’s a good idea to do a little bit of planning so that when completion day comes up, you’re ready. This is the day when the final fees are transferred to the seller, when the conveyancer pays any leftover bills, and when you get the keys for your brand-new home. It’s also the day you can book a moving company if you need the help moving so you can put your furniture into your new space.