Completion Day Checklist

Contact our Conveyancing Team: 0115 924 7028

Buying a House Completion Day Explained

Completion day and the days before: (if you are simply buying a house/flat with no sale.)

The day for completion is looming, what do you need to do?
The days before completion:Make sure your Building Insurance is in place. You must insure from the date of exchange.

All money from you must be with us at least by the day before completion.

We obtain money from the lender, (if you are buying with a mortgage.)

The day of completion:We send the money through the banking system as soon as possible.

The seller’s conveyancer receives the money,

The conveyancer rings the agents (or if there is no agent) the seller to release the keys,

The house or flat is yours!

After completion:We apply to register the property at the Land Registry,

If it is a leasehold property we inform the managers of the purchase.

Registration is completed.

We report to you.

Frequently Asked Questions

What is the date of completion?
Buyers or sellers will like a completion date as soon as possible.

Campions Solicitors have systems to try to make sure that matters move as soon as possible. We would hope around 6 weeks to completion from instruction.

What is exchange of contract?
a. At some point in the conveyancing process all matters have been dealt with, all searches have been dealt with and enquiries answered.

Then whether seller or buyer you are asked to sign contracts. If in Nottingham you should come to Campions offices on Mansfield Road, Nottingham. (We have car parking.) Away from Nottingham you can post documents in.

b. Campions also ask you to sign an authority.

Dates must be agreed for completion. The important thing is that all matters must be agreed by now. We then exchange and this is done over the telephone with the other parties solicitors. You are now legally bound to buy or sell the property.

c. Exchange of contracts by Campions other issues.

Insurance: Make sure you have buildings insurance from the date of exchange when buying. You are responsible for the property from then even though the seller has insurance. (This does not apply to flats in cases where; the majority, the landlord insurers.)
How does exchange work where there is a chain.

You might worry about this. The question you could ask is this:

“If my solicitor exchanges on my purchase but does not do so on my sale will I end up with two properties?”


“If my solicitor exchanges on my sale but not my purchase will I be homeless”

The answer is that there is a formula whereby in these cases one does not take place without the other.

So do not worry!

Do I get informed when Campions Solicitors exchange?
Yes Campions do this always.

How long does it take to complete after exchange?
a. The conventional time was 28 days

Matters have moved on though since then. Now it can be a few days or actually the same time as completion.

For reasons sometimes a date is set and no exchange takes place until the date of completion. The date is not legally binding so that will not happen if there is a chain.

b. Exchange cannot also take place until the buyer has paid a deposit to the solicitors.

How much money is paid on exchange of contracts?
The buyer should provide 10% of the purchase price. There may be exceptions:

On a new build less might be accepted.
If the buyer is getting a mortgage which is in excess of 90%, rare these days, then a lesser deposit may be payable.
Please note though that if the buyer does not complete he/she will be liable for the full 10% deposit (amongst other liability) even though that sum was not paid out initially.

What happens if I exchange but do not complete?
Not a good idea.

You may have the following liability:

Loss of deposit (after time.)
Costs of service of a notice on you.
Liable for loss if the sellers later sell to another buyer for less money and sue you for the difference.
Not to be recommended under any circumstances!

For a payment of £50.00 including VAT upon instruction, you can rest assured that should your conveyancing transaction fall through, for whatever reason, you will not be charged any solicitors fees. This fee is payable per transaction and therefore if you had a sale and purchase with us you would need to pay £50.00 for each.

Should your sale or purchase fall through without having taken the No Move/No Fee option we will charge a fee as is reasonable for the amount of work done by that stage.

A discount of £20.00 plus VAT (£24.00) is available on all transactions if you are one of the following:

First Time Buyer
Cash Buyer
Buy to let Landlord
Previous client (where we acted for over the last 3 years)
If you qualify for this discount, simply deduct this amount from your total online quote and advise us of your circumstances on instruction.

Terms and Conditions

Only one deduction per transaction (e.g if both cash buyer and buy to let landlord we deduct £24.00).

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