How is a Completion Date Agreed?

The completion date or day of completion is the day of moving. It is the day on which the vendors must vacate the property of any occupiers and contents, unless otherwise agreed. The buyer via their solicitor is expected to forward the remaining monies due to the vendors to complete. It is important that the date for completion can be achievable by all parties and there is ample time for the property to be cleared and for the purchaser’s solicitors to request the funds from their client and lender, if necessary.

Upon completion, ownership of the property is transferred to the purchasers. A date is usually set in advance and the purchasers will have full enjoyment of the property upon confirmation of completion.

Reaching the point of exchange is usually the hardest part of the transaction, the time to reach exchange is usually dependent upon the transaction and can vary from a few weeks to a few months. Sometimes longer if the property being purchased is troublesome.

Once contracts have been exchanged, the transaction becomes legally binding and the date of the transaction inserted into the contract will become effective. A completion date will be agreed before exchange of contracts.

Unless it is a simultaneous exchange and completion on the same day, a date will be agreed for which all parties are working towards. However, if contracts have not been exchanged there is no legal requirement for contracts to be exchanged on the date.

Completion usually follows a week post-exchange to ensure that the final few matters can be satisfied with regards to obtaining funds from a lender and arranging removals.

Estate agents do try and take the lead with arranging completion dates, you should await confirmation from your solicitor to ensure it is correct. Your solicitor is far more involved in the transaction and will have a more realistic view of when the date should be.

The purchaser’s solicitors tend to take responsibility for suggesting a date, but they will have to take certain factors into consideration such as the time to obtain lender funds, mortgage expiry date and to provide the vendors ample time to arrange removals.

Your solicitor will of course take into consideration any dates of preference or any specific dates to avoid. This will have to be mutually agreed with the other party’s solicitors so as to ensure that it is achievable. If there are issues with the dates, the solicitors will liaise until a mutual date can be agreed by all parties.

The conveyancing process can be a difficult process to understand, please contact us if you require any further assistance.