What happens on completion day?
Completion Day marks the end of a long journey for both parties. On this day, the buyer and seller’s solicitors exchange contracts and money, making the transaction complete
Completion Day marks the end of a long journey for both parties. On this day, the buyer and seller’s solicitors exchange contracts and money, making the transaction complete
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On this day, the money changes hands between the buyer and seller, and ownership of the property is officially transferred from one party to another.
A solicitor will be required to handle all of the paperwork involved in completing the transaction, including transferring funds and deeds, signing contracts, and other legal documents. They will also prepare any Stamp Duty Land Tax (SDLT) forms for submission to HMRC if necessary. The seller's solicitor must ensure that any mortgage on the property has been redeemed before completion takes place.
Once all of these matters have been taken care of, it’s time for exchange of contracts. At this point, both the buyer and seller are legally obligated to proceed with the purchase or sale, respectively.
Finally, after all of these steps have been taken care of, it's time for completion day – when the keys can finally be handed over! The solicitor will transfer the funds from the buyer to the seller and make sure that all paperwork is in order before transferring ownership of the property. This is a cause for celebration as it means that you have officially bought or sold your house!
