Completing on a House - Completion Day UK

In this short podcast, we discuss the completion process on a property and how it's arguably one of the most important stages of the conveyancing process after exchange of contacts.

Completion is the point at which the sale or purchase transaction is finalised and the home legally becomes the property of the new owner. On the day of completion a buyers lawyer will send a sellers lawyer the balance of monies required to complete.

Money will be sent via the CHAPS payment system to ensure same day delivery. On the day of completion the seller needs to vacate and the buyer can have access to the keys and move in, should they wish. Unfortunately there's no guaranteed time when the matter will complete, this is due to third parties such as the banking system and other parties within the chain.

If you choose to complete on a Friday, then the banking system and law firms in general will be busier, invariably completion will take longer. If you have a chain of properties involved and you're near the top of the chain, you're likely to complete towards the end of the day. Once a seller's lawyer receives the money required to complete they will request the estate agent to release the keys.

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