Completion day is the day a UK property sale finishes. The buyer’s solicitor transfers the purchase money to the seller’s solicitor, the seller releases the keys (usually via the estate agent), the title is transferred, and ownership officially changes hands.
It’s the last day of a transaction that typically started months earlier. And it’s the moment the seller’s money actually arrives.
What happens on completion day
- Morning: buyer’s solicitor sends the balance of purchase money (after deducting the deposit paid at exchange) to seller’s solicitor via CHAPS or Faster Payments.
- On receipt of funds: seller’s solicitor notifies the estate agent that the buyer can collect the keys.
- Same day: the seller must vacate the property (typically by midday or whatever time is agreed in the contract).
- Within days: seller’s solicitor pays off any remaining mortgage from the sale proceeds and transfers the balance (minus legal fees) to the seller’s bank account.
- Within weeks: HM Land Registry is notified and the title is formally updated to show the new owner.
When does completion happen?
Completion is set at exchange of contracts. The gap between exchange and completion is negotiable but most common:
- Simultaneous exchange and completion (same day) — most common in auction sales and some cash sales.
- 1 week — quicker than typical open-market but possible when both parties push.
- 2–4 weeks — standard for open-market sales where the buyer needs time to move, clear their own sale, or organise finances.
- Longer — possible if both sides agree. Leasehold enfranchisement, probate waiting periods, or life events can justify delays of several months.
Common completion-day problems
- Funds don’t arrive on time. Bank delays, usually resolved the same day but occasionally pushing completion to the next working day. If the seller has an onward purchase, this can cause a chain-wide cascade.
- Seller hasn’t vacated. The buyer can’t take possession. Most contracts give the seller until midday; after that the buyer’s solicitor may invoke penalty clauses.
- Last-minute issues with the property. Damage between exchange and completion is the buyer’s risk (which is why buildings insurance is required from exchange). Missing fixtures or fittings can reduce trust but rarely delay completion.
Completion in a cash sale
A principal cash buyer can often complete within 7 days of offer acceptance — sometimes on the same day as exchange. With no mortgage lender, no chain, and minimal legal dependencies, the completion timeline is effectively set by how quickly solicitors can get the paperwork ready.
At RPJ, funds arrive by secure transfer on the morning of the agreed completion date. The figure that was agreed in our written offer is the figure that completes — we don’t reduce at the last moment.
Related
- Exchange of contracts — the binding legal commitment that sets the completion date.
- Conveyancing — the legal process leading up to completion.
- Cash buyer — why cash sales can complete dramatically faster.