Having an offer accepted on a house is an exciting prospect, but it is just the start of the house buying journey – a process that can be incredibly stressful, right up to completion day, particularly if it is a complicated purchase.

There are many factors that can cause a house purchase to fall through before exchange day – which is the day that you and the seller sign contracts. However, generally speaking, once you’ve exchanged, it is highly unlikely that the purchase will then fall through, so you can relax in the knowledge that the property will soon be yours.

 

Read below to find more about completion day:

 

What is Completion Day?

 

Completion day is the day that the house becomes yours. The agreed upon sums of money will be transferred, keys exchanged, and you could begin moving into your new home.

 

Normally, the date of completion will be agreed after contracts are exchanged and can be anywhere between 7 to 30 days after exchange – it is usually done during the week due to banks and solicitors not being open on a weekend.

 

Your breadth of choice will largely depend on how many properties there are in the chain and each buyer’s and seller’s circumstances. The longer the chain, the less flexibility there’s likely to be.

 

Once the date is set, it’s common to expect everything to happen before 3.30 pm. This is the cut off time when the CHAPS banking system, used by solicitors, closes down. If both solicitors for the seller and buyer bank at the same bank, then the buyer’s solicitor can send over the completion monies up until 5 pm.

 

Most people choose Friday as their completion day so they can tie in moving in with the weekend; maximising the time to unpack and get their life in order.

 

Can I exchange and complete on the same day?

 

  • It is possible to exchange and complete on the same day, although it does make the transaction more stressful as a lot has to be organised with no guarantee that the sale/purchase will go ahead.
  • A same day (or simultaneous) exchange and completion is most common where there is a cash buyer, no chain and both parties are looking for a quick transaction.

 

What happens on completion day?

 

  1. Usually, you will have packed all your belongings in the few days before completion day, meaning that you are ready to move quickly – particularly if you are selling your home and have a buyer waiting to move in
  2. If you require a mortgage, your solicitor will ensure that your mortgage conditions have been satisfied. If so, they will then request the money from the lender.
  3. Once all final checks have been made and the money has been drawn down, your solicitor will transfer the money to the seller’s solicitor.
  4. The seller’s solicitor will confirm receipt of the funds and confirm completion.
  5. The keys to your property will then be available for you to collect from the estate agent.
  6. You can now commence removals! It is courtesy to be as quick as you can if you are in a chain, meaning that your buyer can access the property you are selling. The further down the purchase chain you are, the later that you are likely to move in.

How KB Mortgage Services can help:

If you are house-hunting in Huddersfield, Halifax or Brighouse and require mortgage advice, please contact us for your free, no-obligation consultation today:

Call 07834 818805 or email info@kbmortgageservices.co.uk.

Your home may be repossessed if you do not keep up repayments on your mortgage.

Fees may be payable at a later stage.

Approval no. Sol10529

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