What is House Completion? | Advice from Phil Spencer

If you've already exchanged contracts on your new home, you are very close to completion day. In this video, Phil Spencer shares his top tips for what happens on completion day - the day you finally get the keys to your new, dream property.

House completion marks the exciting and final stage of the conveyancing process, at which point the property finally becomes legally yours and your money is transferred across to the seller.

Unfortunately, even on the day of completion, things can still go wrong and result in delayed completion, which will be stressful for everyone involved. So, here are my top tips to preventing a delayed completion and ensure you get to move in on the date you have all agreed upon.

TIPS FOR A SUCCESSFUL COMPLETION DAY
- Have a good solicitor in place. They can ensure you avoid any unexpected last-minute surprises on the day. They will also ensure that the money is transferred to the seller in time on the day. Note: money transfer needs to start by 3pm on the day of house completion to ensure you can collect keys to your new property on the same day. We can connect you with a solicitor here: https://www.moveiq.co.uk/resources/buying/conveyancing-quote/

- Ensure you have enough budget available to cover all the fees required on this final day. Your solicitor should be able to advise you of what that sum will be.
- Settle all outstanding queries and disputes, if any, before house completion. Be clear on what's included (refer back to the Fixtures & Fittings if needed).
- Ensure all parties, up and down the chain, have agreed upon the same date for completion - remember this should be a normal working day, not a weekend.
- It is generally advised not to exchange and complete on the same day. You should leave at least one week between exchange and completion, and the standard period is usually one month.

FIND OUT MORE
Read our completion day checklist: https://www.moveiq.co.uk/buying-a-property/doing-a-deal/legal-completion/pre-completion-checklist
Understand what a delayed completion is: https://www.moveiq.co.uk/buying-a-property/doing-a-deal/legal-completion/what-is-delayed-completion
Make sure you're well prepared for completion by reading our how-to guide: https://www.moveiq.co.uk/buying-a-property/doing-a-deal/legal-completion/prepare-for-completion
Connect with a good solicitor here: https://www.moveiq.co.uk/resources/buying/conveyancing-quote/

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Find all of our property advice and top tips over on our site: https://www.moveiq.co.uk/

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