What Happens on Completion Day When Selling a Property

Completion day is the final stage of the selling process and the point at which legal ownership of your property transfers to the buyer. It is an exciting moment and a significant milestone, but it can also feel stressful if you are unsure what happens on completion day, how the completion process works, or what timings to expect. Understanding the completion day timeline helps sellers prepare properly, avoid delays and ensure the day runs smoothly.

This guide explains what happens on completion day when selling a property in England and Wales, from early morning fund transfers to key collection and confirmation of completion.

What completion day actually means

Completion day is the working weekday agreed as the completion date when contracts are exchanged. Once exchanged and contracts are in place, the transaction becomes legally binding. On completion day, the purchase money is transferred from the buyer to the seller through their respective solicitors, legal ownership changes hands, and the buyer becomes the legal owner of the property.

In most cases, exchange and completion are separate dates, although same-day exchange and completion can happen for chain free or cash buyer transactions. Regardless of structure, completion is the final step in the conveyancing process.

The role of solicitors on completion day

The seller’s solicitor and the buyer’s conveyancing solicitor manage the legal transfer of ownership and all fund transfers. The buyer’s solicitor requests the required funds from mortgage lenders or confirms cleared funds from a cash buyer before completion day. These funds include the remaining balance of the purchase price after the deposit already paid at the exchange.

The seller’s solicitor prepares completion statements in advance. These statements show the sale price, outstanding mortgage redemption figures, estate agent fees, legal costs and any remaining funds due to the seller. Where a mortgage exists, the seller’s solicitor also requests a redemption certificate from the mortgage provider to confirm the exact amount needed to repay the loan on completion.

What happens on the morning of completion day

Completion day usually begins with final checks by both the buyer’s and seller’s solicitors. The buyer’s conveyancer ensures mortgage completion statements are correct and that the banking system is ready for transferring money. The seller’s solicitor confirms completion statements and outstanding invoices.

Fund transfers normally begin in the morning. The buyer’s solicitor sends the purchase money by same-day electronic transfer to the seller’s solicitor. These transfers move through the UK banking system and can take a few hours, particularly where there is a property chain involving other parties such as a first buyer, third buyer or onwards purchase.

How long the completion takes and expected timings

Most completions happen between late morning and early afternoon, with early afternoon being common for confirming completion. Delays can occur if multiple transactions rely on each other in a property chain, if a mortgage lender releases funds late, or if the banking system experiences slow processing.

There is no fixed minimum period for fund transfers on completion day, but sellers should be prepared for completion to happen at any point during normal banking hours. This is why removal services are often booked with flexibility rather than a fixed collection time.

Confirming completion and legal ownership

Completion is confirmed when the seller’s solicitor confirms receipt of the purchase money. Once receipt is confirmed, both the buyer and seller are notified that completion has happened. At this point, legal ownership transfers to the buyer, and the seller must vacate the old property.

The buyer’s solicitor then deals with post-completion matters such as submitting the Stamp Duty Land Tax return and registering the buyer as the new legal owner with HM Land Registry, in line with guidance published by HM Land Registry.

Keys, moving out and practical arrangements

Keys are released once completion is confirmed. If an estate agent is involved, key collection is usually arranged through them. Sellers should ensure the property is fully vacated, cleaned and ready for handover, with all important documents left as agreed.

Removal companies should be booked with awareness that completion confirmation may come later than expected. Building insurance responsibility transfers to the buyer on completion.

What happens to the seller’s money after completion

After completion, the seller’s solicitor uses the purchase money to repay the mortgage provider using the redemption certificate, settle estate agent fees and pay outstanding invoices. Any remaining balance is then transferred to the seller, usually on the same day or shortly after.

If the seller is buying a new property on the same day, these remaining funds may be used as part of a simultaneous exchange and completion or onwards purchase within the same property transaction.

Completion day when there is a chain

In a property chain, completion happens sequentially. Funds move from the first-time buyer or cash buyer up the chain, with each solicitor confirming receipt before releasing funds onwards. This is why chain falls can cause delays and why completion day timelines vary. Clear communication between solicitors, estate agents and buyers is essential to prevent issues.

Completion day for sellers

Many sellers ask what happens on completion day if funds are delayed. If money arrives late in the afternoon, completion can still happen provided funds clear before banks close. If completion does not happen, the buyer may be in breach of contract.

Another common concern is whether sellers can stay in the property after completion. Once completion happens, the buyer owns the property, and the sellers must vacate unless a formal agreement exists.

For first-time sellers, it is also important to understand that completion is separate from exchange and that ownership only changes on completion, not when contracts are exchanged. Detailed guidance on the legal stages is available from the Law Society.

Why expert support matters on completion day

Completion is the final stage of the selling process, but it depends on accurate legal work, timely fund transfers and coordination between multiple parties. An experienced estate agent plays a vital role in managing communication, confirming completion and ensuring keys are released smoothly.

Parkgate Property Group is recognised for guiding sellers through every stage of completion day, working closely with solicitors and other parties to reduce risk and ensure a successful outcome. For more advice on selling your home and navigating completion with confidence, speak to Parkgate Property Group.

Conclusion

Understanding what happens on completion day when selling a property removes uncertainty and allows sellers to plan effectively. From fund transfers and mortgage redemption to key collection and legal transfer, completion is the final milestone in the conveyancing process. With the right preparation and expert support, completion day can be a smooth and rewarding conclusion to your property sale.

Disclaimer

This article is provided for general information only and does not constitute legal or financial advice. Property transactions are subject to UK regulations, and individual circumstances may vary. Sellers should always seek advice from a qualified conveyancing solicitor or regulated property professional before making decisions.