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What happens on completion day? Posted: 23rd March 2023

What happens on completion day?

Completion day, the last step in the process of your house sale/ purchase, the day you finally own your property and collect your keys from the estate agent.

Essentially it is all down to transferring the funds associated to the purchase.

On this day it is down to your conveyancing solicitor to confirm the transaction and release funds, deal with the with the associated paperwork and deeds, and also sign off on mortgage completion statements.


what happens on completion day explanation of paperwork

Sign off on mortgage and money transfer

One of the most important pieces of a property sale, is for the buyer’s solicitor to check all mortgage conditions have been met and thereafter request funds from the lender. Meanwhile the seller solicitors will request a Redemption Certificate if there’s an existing mortgage loan on a property.

Both solicitors will then file completion statements of all payments made and received and also request for any invoices to be paid on completion.

Once final checks have been made, it is then the buyer’s solicitor who will make a same day bank transfer.

At this point the seller’s solicitor will confirm receipt of funds and release the keys from the estate agent. They also ensure any charges are paid, including the seller’s estate agent fees.

The buyer is then free to move in to the property.


explanation of mortgage lenders on completion day

What if there are issues with the purchase funds?

If at any point on the day there are issues concerning transferring money from the lender to the buyer’s solicitor this will delay the property purchase.

Typically a cut off is given at 3pm, if the mortgage funds are not with the seller’s solicitor by the point then the sale will move on to the next working day.

Failure to pay on completion day will result in a fine, however if this is down to a lender issue then they will be liable for these costs.


make sure everything runs smoothly on completion day for your new home

How can I prevent any issues with my completion deadline?

There are some things you can do to prevent this happening. Obviously an internal banking system is outwith your control, but by keeping in regular contact with your conveyancing solicitor and having your funds and paperwork ready and in order you can avoid unnecessary delays.


Have a removals company ready for your completion day

How can I prepare for moving day?

Another thing you can prep before your completion day is a removals company, as anyone selling their property will need to be out by 12 noon that day. It can even help to move some items in to storage a few weeks in advance to avoid any stress and time constraints.


Find a new house and begin moving with Nicol estate agents

Interested in finding your new dream home

Whether you’re a first time buyer or a current home owners looking to sell your home and move on to pastures new, the Nicol Team are on hand to assist.

Get in touch via [email protected] or call us on 0141 616 3960, we are available Monday – Tuesday (9am til 6pm), Wednesday – Thursday (9am til 7pm), Friday (9am til 5pm) and Saturday (10am til 1pm).

Visit us in person at our Newton Mearns or Clarkston office.

Whatever your reason for moving; whether it's for extra space, to downsize or you may simply have found your dream home, Nicol can help. Our knowledge of the local property market helps us develop a marketing plan that's right for you and your property.
We want our clients to be delighted with the service we provide. Listening to your needs and understanding your requirements is our starting point. To find out more about our approach to selling homes, download our comprehensive Guide to Selling your Property here.
If you are planning on selling your home, contact Nicol Estate Agents today for an appraisal of your property. Our Managing Director Douglas Nicol and Sales Manager Daniel Cohen carry out hundreds of market appraisals every year, giving them an intimate and unparalleled knowledge of the property market in Glasgow, from city centre apartments to family homes and building plots. We will talk to you about the property market in your area, compare sales evidence, local demand for similar properties, outline our tailored marketing plan and provide details of our sales support strategy right through to completion.