The conveyancing process: Stage 5 - Completion

Our six-part step-by-step guide explains the different stages of the conveyancing process for a typical property sale and purchase transaction.

1. Instructing a conveyancer
2. Pre-contract stage
3. Conveyancing enquiry stage
4. Exchange of contracts
5. Completion
6. Post-completion

Completion stage

Whilst this can be very exciting, it can also be stressful for anyone who is not entirely familiar with the process.

You have progressed through the legal transaction, exchanged contracts, booked removals and are packing up ready to move, but what are your solicitors doing?

If you are the first purchasers at the bottom of the chain, we will be sending out the completion monies as early as possible on the day of completion. 

If you have a sale, we will be waiting for money to be received before we can send this out on a related purchase or to your chosen bank account.

When vacating the property (selling without a tenant in situ), you must, under the terms of the contract you signed, leave the property fully clear of all items that were not specifically stated as being left in the fittings and contents form. 

This includes all lofts, garages, sheds, gardens and any other areas the property may have. The purchaser may be able to seek cost from you for any clearance service required if the property is not successfully cleared.

Legal completion has occurred when the selling solicitors have received the completion monies from the purchasing solicitors. 

If you are purchasing and not yet ready to collect the keys from the estate agents, you do not need to at this stage as they will be available to you when you are ready. If you are selling and have not yet fully vacated the property, you have until the completion time recited in your contract.

This is often 2 pm, although you will have been advised of the actual time by your solicitors prior to exchange.

Once the completion monies have reached the seller's solicitors they will call their client, the buyer's solicitors and the estate agents. The buyer's solicitors will contact their client to confirm completion.

A selling solicitor will now redeem any mortgage secured on the property, pay the estate agents and send you any sale proceeds. They will also send the transfer you signed to the solicitors for the purchaser to facilitate their post-completion works.

A purchasing solicitor will submit the stamp duty land tax (SDLT) return and pay any sum due to HMRC on your behalf. 

We then await the completion papers to the solicitors for the sellers to register you as the property's new owners.

Completion has happened, and you have now received your keys or sale proceeds.

How we can help with your conveyancing

SO Legal has experienced solicitors and conveyancers in London, Brighton, Eastbourne, Hastings, and Uckfield, and we work with clients across the UK.