Completion | What happens at completion?

what happens at completion

What happens at completion?

Completion day is the official date you get the keys to your new property. On this day, all of the money officially changes and the property is yours.

The date of your completion will be agreed via your solicitor with the seller and their solicitor.   The money will be released by your lender on the day they receive the Certificate of Title from your solicitor.

The Certificate of Title is a document detailing the entire history of the property you have just purchased. This includes ownership details and a complete legal description of the property.   Before they release the payment, they will do one last check of your financial circumstances. This is just to make sure you are still able to pay back repayments.

During this time, it is a good idea to put off applying for any new credit cards.   Once these final checks have been completed, the money will be transferred from your lender to your solicitor.

Your solicitor will then pass on the amount to your seller’s solicitor. You will only be able to pick up the keys the current owner has received payment.

After Completion

Once you have completed the sale on your new property and started your moving process, it is important to ensure you keep up mortgage repayments. If at any time you fail to keep up payments, your home may be repossessed.

Now your mortgage is final and you have started payments, don’t let your credit score take a hit. It may arise that you wish to apply for a second mortgage/remortgage in the future, so keep an eye on your score.

Your first mortgage payment

Your lender will notify you of how much your first payment will be and when they need it after you have moved into your property.   Typically, your first payment will be higher than the rest of your monthly payments.

This is due to the time between you pick up the keys and the beginning of the first month of payment. For example, if you move into your property on the 23rd of June, your first payment will be made in July.

This will include the standard monthly payment for July, plus payment for the 23rd – 31st June.  

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