The completion date is the date you collect your keys and move into your new home. On this date, the outstanding balance of money for your property sale or purchase will be transfer to the other party’s solicitor. On receipt of the funds in other party’s the solicitor’s account, completion will be confirmed. If you are selling a property as well as purchasing another property, you will need to await receipt of the funds from your buyer. Once your solicitor has the funds from your buyer, this can be transferred to your related purchase to complete the transaction.
The completion date when selling or purchasing a property needs to be agreed between all parties within the chain. This needs to be a convenient day for all, so coming to an agreed completion date requires a lot of communication between parties, often with assistance from estate agents to mediate between parties where there is a disagreement on a date.
There are several factors to consider when choosing a completion date, this will come down to personal preferences and commitments. Someone who doesn’t work the typical Monday-Friday job and works shifts, may prefer not to complete on a Friday. There are several factors to consider when agreeing a date:
- Are your buyers purchasing with a mortgage? Most lenders require at least 5 working days’ notice to release mortgage funds, so this needs to be considered when agreeing a completion date.
- Does someone within the chain need a specific amount of time between exchange and completion? In some chains, seller’s will be moving abroad or into rented accommodation, so they will require a longer period of time between exchange and completion. This needs to be considered when agreeing a date between parties.
- Do you need to find a rental property once you sell your home?
The most popular day to move house tends to be on a Friday. Home movers prefer this day as it allows them to have the weekend to unpack and settle in, ready to return to work on the following Monday. Doing this usually requires them to take just one day of annual leave on the Friday. If you are within a chain, you usually have less freedom on choosing a completion date and this is likely result in your completion date being agreed on a Friday.
