What happens on completion day?
So the day as arrived! What happens on completion day?
The legal work is now all done. The next step is also done by solicitors.
They start moving money, slowly. The solicitor of the buyer at the bottom of the chain sends money to the solicitor acting for first house being sold. When that money arrives, the sale completes.
The next step is that this solicitor sends money to the next house sale in the chain and when it’s received that sale is also complete.
If there are more house sales in the chain, this movement of money goes on up through the sellers and buyers and buyers and sellers until the last house is in new ownership.
In chains of five or even seven properties, the first person is likely to move in around midday and the last person can end up moving in at 5pm!
Completion means that ownership of the property has been transferred and that I can release keys to the new owner.
What happens on completion day in other agencies is the buyers collect keys from the agent’s office. I think that makes the day more complicated and stressful than it needs to be. I don’t make you come to me, I go to the house to meet you.
Here I am waiting to do just that. The door was open because I had taken meter readings but it was closed when the buyers arrived.