Last reviewed: June 2026
TL;DR- Completion is the final legal step in a property purchase - ownership transfers, funds move and the buyer receives the keys.
- Mortgage funds are released by the lender to the buyer's solicitor in the morning of completion day and are transferred to the seller's solicitor to complete the purchase.
- Completion typically occurs 1-4 weeks after exchange of contracts, on a date agreed by both parties.
- The buyer cannot access the property until completion has legally occurred - the time this happens depends on when the seller's solicitor confirms receipt of funds.
What Happens on Completion Day
Completion day is when the property purchase becomes final. The sequence of events is as follows:
- Morning: the buyer's solicitor requests the mortgage funds from the lender (drawdown request). The lender releases the funds to the solicitor's client account.
- The buyer transfers their remaining funds (deposit balance, minus the exchange deposit already paid, plus any adjustment for completion statement items) to the solicitor's account.
- The solicitor transfers the total completion sum to the seller's solicitor's account via the banking system (typically via CHAPS - the same-day high-value payment system).
- The seller's solicitor confirms receipt of funds to the seller's estate agent.
- The estate agent releases the keys to the buyer.
The practical time keys are released depends on when funds are received by the seller's solicitor - this is typically mid-morning to early afternoon on completion day. Buyers are advised not to book removal companies to arrive at the property early in the morning, as delays in the funds transfer chain can push key release later in the day.
What the Buyer Must Have in Place by Completion
By completion day, the buyer must have: buildings insurance in force from completion date (or from exchange, as required by the mortgage offer); confirmed buildings insurance to the lender in advance; the completion statement signed; all required funds in the solicitor's client account in advance of the completion date; and buildings insurance certificate details provided to the lender and solicitor.
After Completion
Following completion, the buyer's solicitor registers the change of ownership and the new mortgage charge at HM Land Registry. This registration confirms the buyer as the registered proprietor of the property and the lender's charge as a registered burden on the title. Registration is not instantaneous - it may take several weeks. The solicitor provides the buyer with confirmation of registration (office copies of the registered title) once complete.
Stamp duty land tax must be paid within 14 days of completion - the solicitor typically handles the SDLT return and payment on the buyer's behalf as part of the conveyancing service.
Frequently Asked Questions
What time will I get the keys on completion day?
There is no guaranteed time. Keys are released when the seller's solicitor confirms receipt of the completion funds. This depends on the time funds are transferred from the buyer's solicitor and the speed of the banking system. In practice, keys are typically released between mid-morning and early afternoon on a normal completion day. In chains where multiple transactions must complete sequentially, keys at the end of the chain may not be released until later in the day.
What if something goes wrong on completion day?
If funds are delayed or a problem arises on completion day, the solicitors should communicate immediately. If completion cannot occur on the agreed date, the consequences depend on whether the buyer or seller is at fault: the defaulting party typically pays contractual interest (at a rate specified in the contract) on the completion sum for each day of delay, plus any additional costs. Both parties have the right to serve a notice to complete, which gives the other party a fixed period (typically 10 working days) to complete before the contract can be rescinded.
Can completion be moved to a different day after exchange?
Yes, in most cases, with agreement from both parties. Completion dates can be amended after exchange if both buyer and seller agree. The date change must be agreed in writing between the solicitors. Both parties' convenience and any third-party dependencies (removal companies, rental arrangements, chain transactions) must be considered. Some changes to completion dates trigger renegotiation of other contract terms.
When does the mortgage start?
The mortgage technically starts on the date of completion - from that date, interest begins to accrue on the outstanding balance. The first monthly payment is typically due approximately one month after completion, though the exact payment date depends on the mortgage product terms. Some lenders charge an initial interest payment covering the period from completion to the first standard payment date.
