At this final stage, all you need to do is keep calm and be contactable. Congratulations – you’re officially a home owner! 🎉
What is completion day?
Completion day is the day you collect the keys to your new home. Completion usually takes place seven to 28 days after you exchange contracts. You can move in whenever you’re ready – either on or after completion day. However, the seller is legally bound to move out of the property on this day – usually by 12pm, depending on how long the chain is.
Can I complete on the weekend?
Completion usually takes place during the week, as most lenders and solicitors are closed for business at the weekend. Friday is the most popular day to complete!
What happens on completion day?
On completion day, there’s a lot going on behind the scenes. As a first-time buyer, your role is simple – all you need to do is wait for an exciting phone call from your solicitor. They will confirm once funds have been transferred to the seller’s solicitor, meaning completion has officially taken place. You can then collect the keys from the estate agent (or the seller, in some cases) and move into your new home!
Review your completion statement in detail to confirm it reflects your solicitor’s initial quote. Your completion statement will also include fees for disbursements, including searches, stamp duty and other items.
Top tips to make completion day go smoothly
- Settle your completion statement with your solicitor beforehand – Waiting until completion day to make payments can lead to delays for everyone in the chain. Ideally, you should do this a day or two before you complete.
- Organise removals in advance – If you’re using a removals company, make sure you’ve got them lined up and you’re all packed. It’s a good idea to do this as soon as your completion date is set in stone at the point of exchange.
- Be contactable – Keep in contact with your solicitor and have your phone nearby for any exciting updates!
- Know your (rough) timings – Understanding the schedule of events and what’s happening when will help you keep track of progress.
Your first mortgage repayment
You’ll receive a letter from your lender soon after you complete, confirming your first mortgage repayment amount and when it’s payable. Your first mortgage repayment will usually be higher than your standard monthly repayment. The reason for this is that you’ll pay interest charges from your completion date to the end of the current month, plus your standard monthly repayment for the upcoming month.
Finally, take a moment to breathe and congratulate yourself – you’re no longer a first-time buyer, you’re a home owner! 🏡
Moneybox Mortgage Advice is provided by Moneybox Mortgages Ltd.
Your home may be repossessed if you do not keep up repayments on your mortgage.