Fact 16. What is completion when buying a property?

Understanding the final stage of the conveyancing process, when ownership legally transfers and keys are handed over to the buyer.

Completion is the final and often most anticipated step when buying or selling a property. It is the moment ownership officially changes hands, funds are transferred, and the buyer finally receives the keys. For most people, it marks the end of weeks or months of legal work, financial arrangements, and careful coordination between solicitors, lenders, and estate agents. Yet, despite being such an important step, many buyers are unsure how completion actually works and what to expect on the day itself.

Completion follows a structured process governed by property law and the standard conveyancing procedures used across England and Wales. It cannot happen until all legal checks are complete, contracts have been exchanged, and the buyer’s solicitor holds the funds ready to send to the seller’s solicitor. Once the transaction is completed, legal ownership is transferred, and the buyer’s name will appear on the property’s title deeds at the Land Registry.

The process of completion can seem straightforward on paper, but it relies on careful timing and communication. Understanding what happens beforehand, on the completion day, and immediately after can help reduce stress and avoid unnecessary delays.

The main steps leading up to completion usually include:

- Pre-completion searches and checks

- Agreeing the completion date at exchange of contracts

- Coordinating funds from the buyer and their lender

- Final statement of account and completion statement

- Official transfer of funds on the day of completion

Each of these steps plays a part in ensuring that completion runs smoothly and that the transfer of ownership is both legal and secure.

Pre-completion checks are carried out by the buyer’s solicitor once contracts have been exchanged. These checks usually include a search of the Land Registry to ensure no new entries have been made since the title was reviewed, as well as a final review of the seller’s mortgage redemption figure. Any outstanding property-related payments, such as ground rent or service charges, are also confirmed so that accurate apportionments can be made between buyer and seller.

The completion date is typically agreed at the time of exchanging contracts. This date is legally binding once set, and both sides work towards it. On average, completion takes place one to four weeks after exchange, although it can be shorter or longer depending on the chain and readiness of funds. At exchange, the solicitors also agree on what time completion will occur – normally between 11 a.m. and 2 p.m., depending on how quickly banks process the transfer of purchase money.

The financial aspect is central to completion. Before the completion day, the buyer’s solicitor will issue a completion statement to their client, showing the total balance required to finalise the purchase. This includes the remaining purchase price, minus any deposit already paid, plus legal fees, stamp duty, and search costs. The buyer transfers the funds to their solicitor’s client account in advance. Meanwhile, if the buyer is using a mortgage, their solicitor also requests the loan funds from the lender to arrive the day before completion.

On the morning of completion, the buyer’s solicitor sends the total purchase funds to the seller’s solicitor by same-day bank transfer (known as CHAPS). Once the money arrives, the seller’s solicitor confirms receipt and authorises the estate agent to release the keys to the buyer. This is the moment completion officially takes place. The buyer can then collect the keys and move into their new home.

Typical events that happen on completion day include:

- Buyer’s solicitor sends purchase funds by CHAPS bank transfer  

- Seller’s solicitor confirms safe receipt and releases keys  

- Buyer collects keys from the estate agent  

- Seller vacates the property, ensuring it is left in the agreed condition  

- Both solicitors confirm completion to client and estate agent  

- Estate agents update the sale as complete and remove the property from the market

The time of completion can vary depending on how quickly banks process the transfer of funds. Most completions occur around midday, but delays can happen if funds are late arriving, especially where there is a long property chain and each solicitor must wait for money from the previous transaction. For this reason, buyers are usually advised not to arrange removal vans too early and to wait until their solicitor confirms that completion has actually taken place.

After completion, several administrative steps follow to finalise the legal transfer. The seller’s solicitor uses the sale proceeds to redeem any remaining mortgage, pay the estate agent’s fees, and transfer the net balance to the seller. The buyer’s solicitor then receives the transfer deed and title documentation from the seller’s solicitor, which they use to register the buyer’s ownership at the Land Registry. This process can take several weeks depending on Land Registry processing times.

Once registration has been completed, the Land Registry issues an updated title document showing the buyer as the new owner and, if applicable, the mortgage lender as the legal charge holder. The buyer usually receives a copy of this electronic title register, which replaces the old deeds. The buyer’s solicitor also provides a final report and confirms that the process has been fully concluded.

Some important facts about completion that buyers should know:

- Completion can only happen after contracts have been exchanged.  

- Both sides are legally bound to complete on the agreed date; failure can lead to penalties.  

- In a chain, all completions are dependent on funds passing through each link.  

- Bank transfers can occasionally delay completion due to cut-off times.  

- Once completion is confirmed, legal ownership transfers immediately.  

- Solicitors handle all legal and financial aspects behind the scenes.  

It is worth noting that completion day can sometimes bring unavoidable hurdles. In rare cases, problems occur such as delayed funds, issues with vacant possession, or complications in a large chain. Solicitors are experienced in managing these situations and will communicate directly to resolve them as quickly as possible. Buyers should keep their phone on and stay in close contact with their solicitor and estate agent until completion is confirmed.

From a practical point of view, buyers can prepare for a smooth completion by making sure funds are transferred early, checking that mortgage money will arrive in time, and ensuring removals are booked with flexibility. On the seller’s side, ensuring that the property is fully cleared and all agreed fixtures and fittings are left helps prevent disputes or complaints later.

In leasehold transactions, completion involves an extra level of administration. The buyer’s solicitor must ensure that notice of transfer and charge is served on the freeholder or managing agent, which formally records the change of ownership and any new mortgage lender. Sometimes, a small fee is payable to the landlord or managing company to process this paperwork. These additional steps mean leasehold completions can take a little longer to finalise fully after the actual moving day.

Completion is not just a formality – it has real legal significance. Before completion, the property legally belongs to the seller. The moment completion happens, risk and responsibility transfer to the buyer. This includes property insurance, liability for service charges, and the right to occupy the home. For this reason, buyers are advised to ensure their buildings insurance is active from exchange of contracts, covering any unforeseen damage before ownership formally passes.

For most homebuyers, reaching completion day is an exciting milestone. It symbolises the end of the conveyancing journey and the start of life in a new home. Behind the scenes, however, it represents a carefully coordinated process of legal, financial, and practical steps that ensure ownership transfer takes place lawfully and securely.

To re-cap, completion is the moment when:

- The buyer’s solicitor transfers final funds to the seller’s solicitor  

- Legal ownership passes to the buyer  

- Keys are released and the buyer can move in  

- The Land Registry is updated to show the buyer’s name on the title  

By understanding what completion involves, both buyers and sellers can prepare effectively, avoid unnecessary stress, and ensure a smooth and successful end to the conveyancing process.