Whether you’re in the process of selling your home or on the hunt for a new one, Completion Day is the crucial moment in the property exchange process. This day is often filled with anticipation, a certain level of stress, and undoubtedly, an overwhelming sense of excitement.
In this article, we will provide you with a thorough guide to Completion Day. We’ll explain what it involves, offer tips on how to prepare, and set out what you can expect.
So, let’s dive straight in and equip you with all the knowledge you need!
Understanding Completion Day
The completion date is a significant milestone when buying or selling a house. Essentially, it’s the day the buyer receives the keys and can rightfully consider the house their property. Let’s simplify this to understand what it entails.
Completion Day marks the conclusion of the process where all the paperwork and financial transactions are finalised, and ownership of the house is officially transferred.
It is the same day the buyer can start moving in!
1. Timeline and Key Dates
So, how do we reach this thrilling day? Firstly, there’s a crucial phase known as ‘exchange contracts’. This is when the buyer and seller both legally binding commit to proceeding with the sale by swapping contracts.
Typically, after contracts have been exchanged, there’s roughly a two-week wait before Completion Day arrives. However, sometimes, especially if the deal is uncomplicated and everyone is eager to proceed, the completion phase and the exchanging contracts can occur on the next business day or even on the same day. It’s worth noting that this isn’t always the case, and timelines can differ.
2. The Role of the Estate Agent & The Solicitor
Now, there are two individuals who play a pivotal role in the completion process, ensuring that everything runs seamlessly – the estate agent and the solicitor.
The estate agent acts as a coordinator. They are responsible for maintaining communication with both the buyer and seller, organising key dates, and ensuring that everyone is informed about the progress. They keep the whole process moving forward.
The buyer’s solicitor, on the other hand, deals with most buyers the legal aspects of the house sale. They ensure that contracts are in order, handle financial transactions, and confirm that the deal abides by the law. They liaise with banks and also inform the Land Registry about the change of ownership.
For a trouble-free Completion Day, it’s essential that everyone – the buyer, seller, estate agent, and solicitor – communicates effectively and collaborates. It’s imperative to choose great estate agents and solicitors who are knowledgeable and can manage the process efficiently.
Having shed light on what Completion Day entails, let’s now delve into how to adeptly navigate it with some invaluable advice!
Preparing for Completion Day – Essential Tips
Okay, we’ve explained what Completion Day is. Now let’s focus on ensuring that everything is arranged perfectly for a complete seamless experience on the big day.
Let’s break down the preparation for both buyers and sellers.
1. For the Buyer
So, you’re buying a new house now. Fantastic! However, there’s some groundwork needed before you can relax and relish your new home.
Here are a few tips to save you from any unforeseen issues:
Double-check if your solicitor has access to the funds:
It’s not only about ensuring that your solicitor has the money but also about timing. Have a word with them to double-check that everything is set for the funds to be transferred on Completion Day. Delays due to the banking system or issues are something you would want to avoid.
Double-check the insurance coverage
It’s essential to have home insurance in place from the first day. Additionally, scrutinise what it includes. Does it cover flood damage? Is the garden shed protected? Double-check that with your insurance company.
Consider childcare
Completion Day can be hectic, with multiple tasks that require your attention. The last thing you need is to be anxious about your children amidst the chaos. Moreover, it can be stressful for them as well. Thus, arranging childcare for them on this day is advisable.
Check out this article if you are moving house with children!
Considering a moving company
Whether you have numerous boxes or delicate items, employing a moving company can be highly beneficial. They possess the expertise to pack, load, and transport your belongings safely. Furthermore, it relieves you of additional stress.
BONUS: Start doing research for a reliable broadband provider
Even though it’s not directly related to Completion Day, we live in a digital world, so everyone needs good reliable broadband. It’s wise to commence your research early for a reliable broadband provider. Compare different services for speeds and deals, and check if there’s a waiting period for installation. Scheduling the installation date well in advance can save you unnecessary hassles.
2. For Sellers
Now, for the folks waving goodbye to their home, there are things you need to sort out too:
Ensuring the property is cleared and cleaned
First and foremost, consider giving the house a thorough clean, and if necessary, hire professionals to ensure that it’s spotless. Once the cleaning is done, don’t forget to check hidden areas such as the attic, basement, or garden shed for any items that might have been left behind.
Dealing with last-minute queries
Be ready to tackle some last-minute questions from the buyer. Keep your mobile phone within reach and don’t hesitate to contact your estate agent for assistance if necessary.
Arranging key handover
Plan how and where the keys will be handed over. If the estate agent is facilitating this, make sure they have all the necessary sets of keys. If you’re handing them over personally to the buyer, consider including a thoughtful card for a personal touch.
Providing essential documents and information
Compile all the essential documents when selling a house, such as house manuals, warranties, and any necessary codes. Leave behind a list of helpful contacts, such as the local plumber or electrician, which could be beneficial for the new homeowner.
The Big Day – What Happens On Completion Day
Here we are, at the eagerly awaited Completion Day. This day marks the finale of all your diligent planning and preparations.
Let’s delve into the events of this pivotal day!
1. Morning Activities
The morning of Completion Day calls for concerted efforts, laying the groundwork for the rest of the day.
Ensuring the smooth transfer of funds: As a priority, it is vital that the funds are transferred without a hitch. If you are the buyer, keep in touch with your solicitor to ensure the funds are en route.
Sellers vacating the property: For sellers, this is the time to ensure that you have packed everything and that the property is ready for its new occupants. It’s crucial to leave the property in the condition agreed upon.
Having addressed these morning tasks with care, you pave the way for a seamless Completion Day. As the day progresses, let’s continue with unwavering focus and attention to detail.
2. Afternoon Activities
As the afternoon approaches, the pieces start to fall into place.
Confirmation from the solicitor regarding the transfer of money: This is critical. It’s imperative to ensure that the money has been transferred as intended. The solicitor should confirm that everything is in order.
Handover of keys: This is the moment everyone has been waiting for. The keys are exchanged, and the transaction becomes tangible. Ensure that all the keys are accounted for, including the front door, back door, and any outbuildings.
Settling estate agent and solicitor fees: Before everyone concludes the day, there are payments to be made. The estate agent and solicitor need to be compensated for their services.
With the conclusion of the afternoon activities, Completion Day draws to a close. With keys exchanged and all crucial elements addressed, it’s time to embark on the next chapter. Whether you’re moving into your dream home or bidding it farewell, it’s been a day to recollect.
Conclusion
As Completion Day winds down, it’s time to take a breather and reflect on the day’s events. Whether you’ve just handed over the keys to your former house or set foot in your new one, you’ve navigated through a significant landmark. Completion Day, with all its nuances and formalities, is much like a journey – it has its highs and lows, exhilarating moments and tense intervals, but in the end, it’s an experience to cherish.
