What Happens on Completion Day?
Completion runs on bank transfers and chain sequencing. Here is how the day actually unfolds, what can go wrong, and the one check that protects your money.
The Short Version
- Completion is when money reaches the seller's solicitor and ownership transfers
- Chains complete bottom-up: each link depends on the one below
- Send your completion balance so it is cleared one to two working days ahead
- Keys are released only once the seller's solicitor confirms funds received
- In England and Wales you need buildings insurance from exchange, not completion
- Always verify bank details by phone: completion day is a fraud target
What completion actually is
Completion is the moment ownership transfers. The purchase money reaches the seller's solicitor, the seller's mortgage is redeemed, keys are released, and the buyer becomes the legal owner: subject to registration, which follows afterwards.
In England and Wales, completion follows exchange of contracts, typically by one to four weeks. In Scotland the equivalent is settlement, which follows conclusion of missives and takes place on the agreed date of entry.
The morning: money moves
Completion runs on bank transfers, and the order matters. In a chain, each transaction depends on the one below it. The bottom of the chain, usually a first-time buyer with no property to sell, sends funds first. That money moves up the chain, one link at a time.
Your solicitor will have requested your completion balance several days earlier. This is why cleared funds must be with them before the day: a transfer arriving on the morning itself may not clear in time, and can stall an entire chain.
Most solicitors aim to complete before the mid-afternoon banking deadline. Transfers sent too late in the day may not arrive, which is the single most common cause of a completion running over.
Midday: the seller's solicitor confirms receipt
Once funds arrive, the seller's solicitor checks the amount is correct, confirms completion to the buyer's solicitor, and authorises the estate agent to release keys. Simultaneously they redeem the seller's mortgage, sending the redemption figure to the lender.
Until that confirmation comes through, keys are not released: regardless of what has been agreed informally. Removal vans waiting outside a property whose completion has not yet confirmed is a familiar and avoidable stress.
Afternoon: keys and possession
Keys are usually collected from the estate agent, though sometimes they are left with the seller's solicitor or handed over directly. The contract normally requires vacant possession by a set time, commonly 1pm or 2pm.
If the seller has not vacated by the contractual time, they are in breach and may be liable for your costs. In practice this is usually resolved by negotiation on the day.
What happens after keys change hands
Your solicitor's work does not end at completion. Over the following days and weeks they will:
- File and pay the property tax. SDLT returns are due within 14 days of completion in England and Northern Ireland; LBTT returns within 30 days in Scotland; LTT within 30 days in Wales.
- Register the title. With HM Land Registry, or Registers of Scotland. This can take weeks or, on some applications, considerably longer.
- Serve notices on the freeholder and managing agent if the property is leasehold, and pay any notice fees.
- Send you the completion statement and, in due course, confirmation of registration.
That last item is worth chasing. Registration failures are rare but they do happen, and they typically surface years later when you come to sell. Ask your solicitor to confirm in writing once registration is complete.
What can go wrong on the day
- Late funds. A transfer sent after the banking deadline, or a buyer's balance arriving on the morning rather than in advance.
- Chain delay. One slow link stalls everyone above it.
- Bank system failure. Rare, but it happens, and nobody can do anything about it.
- Incorrect redemption figure. The seller's lender quotes a different sum than expected.
- Property not vacated. Or left in a condition inconsistent with the contract.
- Fittings removed. Items listed as included on the fixtures and fittings form having gone.
If completion fails entirely, the party at fault may be served with a notice to complete, typically giving ten working days, and becomes liable for interest and costs.
How to make the day go smoothly
- Send your completion balance so it is cleared at least one working day before, ideally two
- Book removals with flexibility, and do not schedule anything immovable for the afternoon
- Keep your phone on and available: your solicitor may need you quickly
- Arrange buildings insurance from exchange, not completion: you carry the risk from exchange in England and Wales
- Take meter readings when you get in, and photograph them
- Do not book tradespeople for completion day itself
A note on fraud
Completion day is a target for conveyancing fraud, where criminals intercept email and send fraudulent bank details for the transfer of your funds. Sums are large and often unrecoverable.
Verify your solicitor's bank details by telephone, using a number you have obtained independently, not one taken from the email. Be suspicious of any late notification that account details have changed. A reputable firm will expect and welcome the check.
A Note on Jurisdiction
In Scotland the equivalent event is settlement, taking place on the date of entry agreed in the missives. The mechanics are broadly similar, but the binding contract was formed earlier at conclusion of missives rather than at exchange, and LBTT returns are due to Revenue Scotland within 30 days rather than the 14-day SDLT deadline.
Common Questions
Frequently Asked Questions
What time does completion usually happen?
Most completions take place between late morning and mid-afternoon, driven by banking transfer deadlines. Keys are typically released once the seller's solicitor confirms receipt of funds. Contracts commonly require vacant possession by 1pm or 2pm, though the actual moment of completion depends on how quickly money moves through the chain.
What happens if completion is delayed?
Short delays of a few hours are common and usually resolved the same day. If completion cannot happen at all, the transaction moves to the next working day and the party at fault may be liable for the other side's costs and interest. Where delay continues, a notice to complete can be served, typically giving ten working days, after which the contract may be rescinded and the deposit forfeited.
When do I need buildings insurance from?
In England and Wales, from exchange of contracts rather than completion. Risk in the property passes to the buyer at exchange under a standard contract, meaning you are responsible if it is damaged in the interim. In Scotland, risk usually passes at settlement, but check the missives, as terms vary. Your lender will require insurance in place regardless.
How do I protect myself from conveyancing fraud on completion day?
Verify bank details by telephone using a number sourced independently of any email, from the firm's letterhead or its website, typed in directly. Treat any late change to account details as suspicious. Consider sending a small test payment first and confirming receipt by phone before transferring the balance. Reputable firms expect these checks.
Keep Reading
Related Guides and Pages
Exchange of Contracts
The point of no return, and what changes the moment it happens.
How Long It Takes
Where the weeks go before you reach completion day.
Document Checklist
Everything your solicitor will need, and when.