What happens on completion day?
Completion is the culmination of your home-buying journey, but what does it involve and what do you need to know? Our guide has all the answers.
Completion is a big day and it’s perfectly normal if you’re feeling overwhelmed and unsure what to expect. We’ve put together all the information you need to know and answered the questions we’re often asked so that you can concentrate on looking forward to getting the keys to your new home.
What is completion day?
Completion day is when your buying process has officially ended and you can move into your new home. All outstanding funds will be transferred to the seller, and ownership of the property will be transferred to you. It takes place after the contracts have been exchanged and the sale becomes legally binding.
How long from signing contracts to completion in the UK?
The time between signing contracts (also known as exchanging contracts, see our jargon buster guide for clear explanations of other terms you’ll encounter during your home-buying journey) and completion varies, but it’s usually 1-4 weeks later. It ultimately depends on the size of the buying chain and when funds can be transferred.
Exchange vs completion
Both are different stages in the home-buying journey. Exchange is when you sign the contract and put the deposit down on the house. At this stage, you’re legally bound to buy the property. Completion is when ownership is officially transferred to the buyer. This is when you’ll get the keys to the property and can move into your new home.
How does completion day work?
You’ve settled on a date - what next? How does it work and what do you need to do on the day?
Completion is the final stage of your buying journey. At this stage, everything will be in motion and you just have to sit back and wait for confirmation that the transaction has been completed. Your solicitor and our solicitor will be working in the background to ensure the money has been sent and received, and that all the conditions of the sale have been met.
While the official process will be handled in the background, there are some things you can do to ensure everything runs smoothly.
Your pre completion visit
You’ll have the opportunity to visit your new home before legal completion to attend a New Home Demonstration. We’ll talk you through how everything works in your home and complete your New Home Quality Board Pre Completion Inspection.
The Pre Completion Inspection is an opportunity for you to inspect your new home with your site manager and usually takes place 9 days before completion. You can either do this yourself or instruct your own suitably qualified professional to complete the inspection on your behalf.
The New Home Demonstration can be completed at the same time or separately depending on your preference and availability. We’ll send you an invitation to attend your inspection six weeks prior to legal completion, and a reminder a couple of weeks later to make sure you don’t miss out.
Completion day timeline
We know you’ll be eager to get your hands on the keys to your new home as soon as possible, but some things need to be confirmed before ownership is transferred. Completion always happens on a working weekday, as the solicitors need to ensure all payments have been transferred and received for the process to be deemed complete. Your solicitor will transfer the money, and our solicitor will confirm that it’s been received, at which point the sale is finalised. What happens next depends on if you’re buying as part of a chain.
What happens with no chain?
There is no hard and fast rule of when completion takes place. It can happen at any time, but when there’s no chain, it’s most commonly between 11 am and 1 pm. Once complete, the keys will be released and your new home is officially yours.
What happens with a chain
What time everything happens can vary hugely if you’re part of a chain. Depending on how many people are in the chain, your completion time may be staggered after the first buyer collects their keys.
Buying as part of a chain adds extra stress and uncertainty. Avoid this with Persimmon’s Part Exchange scheme - we’ll organise the sale of your existing home from start to finish with a fair and realistic price based on independent valuations.
Completion day checklist
We’ve compiled a handy checklist to make sure you’ve got everything in place so the day can go as smoothly as possible.
1. Arrange removal
If you’re part of a chain, you need to ensure that the house you’re selling is empty for the new buyers at a reasonable time, usually 1 or 2 pm. If you’re a first-time buyer, you may be able to move things in gradually if you don’t have to move out of the property you’re living in, but most buyers are eager to get settled into their new home as soon as possible. So it’s important to arrange a removal service early to ensure they’re available for the date and time you need. See our guide for more advice about preparing for your moving-in day and our top tips for moving house.
2. Insurance
When you exchange, you should have arranged building insurance on your new home. You’ll also need to arrange home and contents insurance from the completion date. It’s worth checking to ensure your cover is in order, as mortgage companies may require the building to be covered for completion to go ahead.
3. Keeping in touch
Hopefully, everything will go smoothly on the day. But if there’s an issue or a last-minute change, you’ll want to know as soon as possible. You’ll also get a phone call to tell you that you can collect your new keys. Make sure that your phone is charged and switched on so your solicitor can reach you if they need to.
4. Meter readings
You need to take meter readings when you move out of your old property and when you move into your new property. This ensures you’re paying the right amount for your energy.
5. Where do you collect keys from?
You should receive a call when the keys are ready to collect. When you buy a Persimmon home, our sales advisor will be waiting for you at our marketing suite, ready for you to collect your keys. You’ll also be given a Homemove box as a moving-in gift.
Completion day checklist
We’ve compiled a handy checklist to make sure you’ve got everything in place so the day can go as smoothly as possible.
1. Arrange removal
If you’re part of a chain, you need to ensure that the house you’re selling is empty for the new buyers at a reasonable time, usually 1 or 2 pm. If you’re a first-time buyer, you may be able to move things in gradually if you don’t have to move out of the property you’re living in, but most buyers are eager to get settled into their new home as soon as possible. So it’s important to arrange a removal service early to ensure they’re available for the date and time you need. See our guide for more advice about preparing for your moving-in day and our top tips for moving house.
2. Insurance
When you exchange, you should have arranged building insurance on your new home. You’ll also need to arrange home and contents insurance from the completion date. It’s worth checking to ensure your cover is in order, as mortgage companies may require the building to be covered for completion to go ahead.
3. Keeping in touch
Hopefully, everything will go smoothly on the day. But if there’s an issue or a last-minute change, you’ll want to know as soon as possible. You’ll also get a phone call to tell you that you can collect your new keys. Make sure that your phone is charged and switched on so your solicitor can reach you if they need to.
4. Meter readings
You need to take meter readings when you move out of your old property and when you move into your new property. This ensures you’re paying the right amount for your energy.
5. Where do you collect keys from?
You should receive a call when the keys are ready to collect. When you buy a Persimmon home, our sales advisor will be waiting for you at our marketing suite, ready for you to collect your keys. You’ll also be given a Homemove box as a moving-in gift.
What can go wrong?
Don’t worry, things normally go smoothly. But being such an important event, it’s worth being aware of the things that can go wrong on the big day.
Payment delays: The process is finalised when the money has been transferred and received. If you’re part of a big chain, there’s a chance that payments won’t be received by the close of day. Consequently, you won’t be able to complete. If this happens on a Friday, you’ll need to wait until Monday.
Removal company problems: Most people rely on a removal company to move things from their old property into their new one. Issues could arise from the removal company cancelling at short notice or not turning up. If completion is delayed, you may also be charged a fee by the removal company for storing your possessions.
It’s normal to be stressed on the day, and if something does go wrong, it can feel like the end of the world. Don’t panic, they’re just temporary delays before you achieve the end goal of owning your home.
Completing with Persimmon
When you buy with Persimmon, we’ll be on hand to make sure there are no hiccups on your completion day so you can settle into your new home quickly and easily. You can collect your keys at the marketing suite, where we’ll run through everything you need to know. We’ll also check the quality of your new home with you to ensure you’re satisfied.
After you’ve moved in, we’ll be there to support you. Our site management team will agree on a date at your convenience to chat through your new home, so any issues can be reviewed and fixed.
Completion day FAQs
What is the difference between exchange and completion: Exchange is when you sign the contracts, and you’re legally bound to buy the property. Completion is when ownership is transferred to you and you collect the keys to your new home.
Is completion the day you move? It’s normally the day you move. It’s the day that ownership of the property is transferred to you, and you collect the keys.
What time do you get the keys? There’s no set time for collecting keys. If you’re not part of a chain, it’s normally between 11 am and 1 pm.
What do solicitors do on the day? Solicitors on both sides of the transaction ensure the funds are transferred and received to ensure the sale is completed.
Do you have to move on completion day? You don’t have to move on the day. Most people are keen to move into their new home as soon as possible, but if you have somewhere else you can stay, you can move in whenever you like.
How long does completion take on the day? Every completion can take a different amount of time, but you should plan to set aside the whole day. You’ll need to wait for confirmation, collect the keys and then begin the process of moving into your new home.
Do I need to be present on the day? You don’t have to be present if you’re not planning to move into your new home on the day. You can arrange to collect the keys at your convenience from the Persimmon marketing suite.
Check out these guides to taking care of your new home and making it your own:
Check out these guides to taking care of your new home and making it your own: