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What to Expect on Completion Day
Completion day is the conclusion of the intricate property selling process. It’s an exciting day when ownership officially transfers, keys are handed over, and the property changes hands. At Readings, with our 85 years of expertise in the property market, we are dedicated to ensuring that your completion day goes smoothly.
If you’re considering selling your property in Leicester, this guide is designed to provide you with a comprehensive understanding of what to expect. For more help with selling your property in Leicestershire, please get in touch with us here.
What is Completion Day?
Completion day is the day when the final steps of a property sale are completed. It’s the moment when the buyer officially takes ownership of the property, and the seller receives the agreed-upon funds. Completion typically takes place several weeks after the exchange of contracts, giving both parties time to prepare. For more information on the process of buying and selling a house, read our blog here.
Completion vs Exchange
Often people get confused about the difference between exchange and completion. The exchange of contracts and completion are two distinct phases in the process of selling a property. Exchange of contracts is the moment when both the buyer and seller enter into a legally binding agreement. This agreement includes essential details like the purchase price, the agreed-upon completion date, and any other relevant terms.
At this stage, a deposit is typically paid by the buyer, often 5-10% of the property’s purchase price, and the terms of the contract are locked in. It’s crucial to understand that the actual transfer of ownership and handing over of keys do not take place during the exchange of contracts. These events occur on completion day.
Preparing for Completion Day
Preparing for completion day is crucial for a seamless property sale. Start by confirming the agreed-upon completion date and ensuring all legal paperwork is in order. Coordinate with your solicitor to settle any outstanding costs, such as your mortgage and utility bills.
Additionally, address any lingering property issues promptly with the assistance of your solicitor. A well-organised and proactive approach will help ensure that completion day proceeds smoothly and successfully.
What happens on the day?
The Transfer of Funds
Completion day begins with the transfer of funds from the buyer’s solicitor to your solicitor. Once the funds are received, your solicitor will inform you, signalling that the transaction is progressing.
Handing Over the Keys
Traditionally, completion day involves handing over the keys to the buyer. This symbolic moment signifies the official transfer of ownership. At Readings we would be happy to hold a set of keys and hand them over to the buyer or representative.
It is also always nice to leave a note for the new owners, such as informing them of any alarm codes, how to use the heating and hot water system, when the bins are collected, recommend a gardener or window cleaner for them to use, or a great takeaway restaurant to try for their first night.
Vacating the Property
As the seller, you should plan to vacate the property on or before completion day. This ensures a smooth transition for the new owners. Ensure the property is in the agreed-upon condition, and all personal belongings are removed by this point.
Settlement of Outstanding Costs
Before completion day, you should address any outstanding costs related to the property. This may include discussions with your solicitor regarding your mortgage, clearing utility bills, and ensuring any issues that were highlighted in the new buyers surveyors report have been resolved.
Post-Completion Responsibilities
After completion day, some important post-completion responsibilities await, for example:
- Notifying Utility Companies: After completion day, you should inform utility companies of the change in ownership. This ensures that bills are redirected to the new owner’s name, preventing any unnecessary expenses on your part.
- Informing Local Authorities: Notify the local council of the change in ownership to update the council tax records. Failure to do so could result in you being billed for a property you no longer own.
At Readings, we leverage our 85 years of expertise in Leicester’s property market to guide you through this process seamlessly. If you’re considering selling your Leicester property, trust us to make your completion day a smooth and stress-free experience. Contact us here or give us a call at 0116 222 7575. To view our recent property sales, click here.
