Completion

Completion is the stage at which a property purchase is legally finalised. The buyer's solicitor transfers the purchase funds to the vendor's solicitor, the vendor's solicitor confirms receipt, and legal ownership transfers to the buyer. The estate agent then releases the keys.

Completion typically follows exchange of contracts by 2-4 weeks, though this can vary by agreement. On the day of completion, both solicitors must be available as the funds transfer typically happens before midday.

Following completion, the buyer's solicitor: - Reports to the lender confirming completion (if applicable) - Submits the SDLT return and payment to HMRC within 14 days - Registers the change of ownership and any new mortgage at HM Land Registry

For auction purchases, completion typically occurs within 28 days of exchange (which itself happened on the day of the auction). The timeline is fixed and non-negotiable.

Problems on completion day are rare but can include: a party's solicitor not being available to release funds, a banking system delay in fund transfers, or a dispute arising at the last moment. Most are resolved within hours.