Glossary · UK
What is Completion Date (Property)?
The date on which the remaining balance of a property's purchase price is transferred, legal ownership passes to the buyer, and the buyer collects the keys to move in.
Full Definition
The completion date is the day on which a property sale is finalised: the buyer's solicitor transfers the remaining balance of the purchase price (the total price minus the deposit already paid at exchange of contracts) to the seller's solicitor, legal title to the property formally passes to the buyer, and the estate agent or seller's solicitor releases the keys, allowing the buyer to move in. Completion is agreed between the parties as part of the contract at exchange, and can be immediate (completing on the same day as exchange, common for cash buyers or simple chain-free transactions) or, more typically, set for a date some days, weeks or occasionally months after exchange, to give both sides time to arrange removals, final mortgage drawdown and, where relevant, coordinate with other transactions in a property chain. On completion day itself, funds usually move through the banking system via CHAPS transfer between solicitors' client accounts, and because bank transfers can occasionally be delayed by administrative issues at any point in the chain, completion can sometimes slip later in the day than planned, which is why many buyers are advised not to book removal vans or handover appointments for first thing in the morning. If the seller fails to vacate or complete on the agreed date, the buyer's solicitor can serve a notice to complete, giving a further short period (commonly ten working days) to complete, after which the buyer may be able to claim interest, damages, or in serious cases pursue a claim for specific performance to force the sale through.