Conveyancer Processes: Understanding the Basics of Completion Day
After several months of meticulous planning, a lot of paperwork, and weeks of waiting, your completion day has arrived. The completion date is what you’ve been waiting for, but what exactly happens on this day?
You need to remember many things on completion day, whether you are the conveyance solicitor, a buyer, or a seller. Read through our guide to have a basic understanding of completion days.
What Is Completion Day?
Completion day is essentially the date stated in the buyer and seller’s contract where the transfer of ownership for the property occurs. On this day, the conveyance solicitor will process payment to officially transfer ownership of the property, finally receiving the keys to your new place. It also becomes the starting date for building insurances.
If you’re a first-time buyer, you shouldn’t worry too much on this day because your conveyance solicitor will take care of the whole legal process, including the transactions of purchase. Your conveyancer should make you feel at ease, and all you have to do is acquire the keys to your new house.
What Does Exchange Mean?
Not to confuse completion day with an exchange, the difference between the two is the latter refers to the exchange of contracts between a buyer and a seller. The contract includes the completion, the exact figure needed to purchase the property, and the payment processes.
The exchange takes the longest time to process because it also involves back and forth negotiations between the buyer and seller conveyance solicitors. It takes a lot of time before arriving at the actual exchange of contracts.
When Is Moving Day?
One might ask if completion day is synonymous with moving day. The answer is that although there’s a possibility to move in on the same day as the completion day, it’s more likely that it won’t be. Completion day is when you transfer funds to complete the purchase.
It also means there will be long waiting times, such as the bank’s opening hours, verification time after transactions, and coordinating the hand-over of property keys. The whole process may take more time, even the entire day, so many buyers schedule their moving day on the day after completion.
What Is the Completion Day Process?
Now that you have a basic understanding of the different terms, it’s time to know what happens during the completion day, so here’s a rundown.
Your conveyance solicitor will send the money to the seller’s conveyancer on the morning of the completion day. After confirming the payment, which may take several hours, the buyer’s conveyancer will ensure that the seller has received the payment. Afterwards, they will also inform the seller to release the key to the property.
After releasing the key, the property is officially yours. All you have left is to update the land registry or property manager of the new ownership and move in, your conveyancer should do this on your behalf.
Completion Day Checklist
It’s crucial to avoid missing any steps on completion day, so here is a checklist of things to remember:
- Transfer the funds for payment to the solicitor a day before completion.
- On the day of completion, ask for regular updates from your solicitor to confirm the payment.
- Once verified, activate home and building insurances.
- Coordinate with the solicitor to get the keys to the property.
- Take note of meter readings once you arrive at the property.
Completion day is one of the most exciting days in the whole process of buying a property. It’s a moment that gives you a good sense of fulfilment, and it’s essential to make this day as stress-free as possible with the help of a conveyance solicitor.
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