Completion Day

Contact our Conveyancing Team: 0115 924 7028

What happens on Completion Day?

If selling and buying, we receive the monies from your existing mortgage and send the money for your purchase to your sellers solicitors. You move out of the property you are selling and hand the keys to your Estate Agent unless you have made private arrangements with the seller. If you are purchasing you collect the keys from the sellers Estate Agents.

Please note that the keys will only be released once the sellers solicitors have received the money which is usually around lunch time. Once we have sent the money we have no control over the length of time taken until the sellers solicitors receive it. Likewise we have no control over the length of time taken to receive money from the purchaser’s solicitors as this is due to the bank system.

Find out exactly what to expect on the day with our Completion Day Checklist

When can I have a completion date?

When you come in to sign the documentation you will normally be asked to suggest a completion date (if you are outside the Nottingham area your instructions will be taken at the time of signing the documentation if not before).

The completion date has to be agreed by all parties in the chain. Once a date has been agreed, contracts will be exchanged which will make the completion date legally binding. Until contracts are exchanged then any party can change their mind over the date.

If I pull out of the purchase will I lose my deposit?

If contracts have been exchanged then yes you will lose your deposit. Until contracts have been exchanged you can withdraw from the transaction without risking your deposit. Please note however, if you are buying a new property from a builder you may have been asked to pay a reservation fee, usually in the region of £250.00, which may not be refundable if you withdraw even before contracts have been exchanged.

My sellers said they would move into temporary accommodation but now they want to link their purchase. Is there anything I can do?

Unfortunately not. Until contracts are exchanged, anyone can change their mind about any aspect of the transaction and an even withdraw totally without liability to the other party. This is why we will do all that we can to ensure that as soon as you are ready, contracts are exchanged and therefore legally binding.

Can I complete my sale without my purchase?

Yes, but you will need to arrange temporary accommodation because you need to give “vacant possession” on completion, which means you must no longer live at the property.

Can I complete my purchase without my sale?

This is usually a more difficult situation as most people fund their purchase from their sale and in that case would need to find another source of finance. In addition, if there is a mortgage on the existing property and you intend to have a mortgage on the new property you need to get the new lenders’ permission to start the new mortgage before the end of the old one. You also need to get your existing lenders’ permission to run 2 mortgages at the same time.

If I am selling what time do I have to leave the house by?

You have to be out of the house and have removed all of your belongings by lunchtime – so about 12 – 1pm.

Can I complete on a Saturday or Sunday?

No, legal completion must take place on a weekday.

Can I complete on a weekday but move in on a Saturday?

Legal completion must be on a weekday and if you are selling then you must vacate the property on completion day. However, it is up to you when you actually move in to the property you are purchasing and indeed lots of people like to decorate before they move in, if they do not have a house that they need to sell.

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