What happens on completion day when selling a house?

Exchange of contracts is the moment a sale becomes legally binding, when neither side can pull out without penalty. Completion is the later day when the rest of the money is paid and ownership of the home passes to the buyer.

What is the difference between exchange and completion?

They are two separate milestones, often a week or two apart. Exchange locks the deal in; completion is the day the deal actually happens.

How long is it between exchange and completion?

The gap is agreed between buyer and seller and is typically 7 to 28 days, though it can be as little as the same day. The time is often used to arrange removals, transfer money up and down the chain, and give everyone a fixed date to plan around.

What happens on completion day, step by step?

1. 1. Funds arrive with your solicitor

   The buyer's solicitor transfers the balance of the purchase price to your solicitor on the morning of completion.

2. 2. Your solicitor confirms the money

   Once the funds have cleared, your solicitor completes the legal transfer of ownership to the buyer.

3. 3. Your mortgage is repaid

   Your solicitor uses the proceeds to pay off any outstanding mortgage on the property.

4. 4. Keys are released

   Your solicitor authorises the estate agent to hand the keys to the buyer.

5. 5. You give vacant possession

   You must be moved out and have left the home empty and clean by the agreed time, often 1pm.

6. 6. You receive your proceeds

   Your solicitor sends you the net sale proceeds after fees and any mortgage payoff, usually the same or next working day.

When do I get my money on completion day?

You receive the net proceeds, which is the sale price minus your remaining mortgage, the estate agent's fee and conveyancing costs. The money normally reaches your account on completion day or the next working day, depending on when the funds clear.

When do I hand over the keys?

Keys are the last part of the sale to move, and only after your solicitor confirms the money has landed. In practice you leave the keys with your estate agent, who passes them to the buyer once given the go-ahead. Vacant possession means the home is empty of people and belongings, except anything agreed to stay, and is reasonably clean.

What can go wrong on completion day?

Most completions are smooth, but a few snags are worth planning around.

• Bank transfers arriving late, which can push the key handover into the afternoon.
• A delay further up or down the chain holding up everyone's completion.
• Items left behind, which can breach vacant possession and cause a dispute.
• Removals overrunning, so it helps to be packed and ready the night before.

Completion day rewards preparation. Be packed early, leave the home as you would want to find it, and let your solicitor confirm the money before you let go of the keys.

ValuQ is a platform that gives UK homeowners free, side-by-side property valuations from competing local estate agents, so you start the journey to completion day with the right agent and a price grounded in real local evidence.