Completion date

pipscat

I was just wondering about completion dates - is it usually a weekday or can completion happen on a weekend? Can you complete on one day and then move a few days later? Or does everyone have to move and hand keys over on the same day?


Thanks in advance for replies....

Noneforit999

No, completion is during the week as solicitors and banks are often closed on weekends so obtaining the funds is often not possible, assuming your solicitor wanted to work a weekend.

Yes, completion is same day for everyone in the chain. You can't complete and then handover keys later, you no longer own the house once completion occurs. 

canaldumidi

Weekend is unlikely unless your solicitor (and all other solicitors in the chain) work weekends.

Friday is common. The advantage is that everyone then has Sa & Sun to clean and sort out their new home.

The risk is that any last-minute delay cannot be resolved the next day - it has to wait till Monday.

On Completion day the ownershipof the property transfers. If you are selling you must vacate as the property is no longer yours.

As a buyer, you don't have to move in immediately if you don't want to, though the property is yours and you'll have to start paying Council Tax, gas etc whether you move in or not.

Of course, if you are selling AND buying, you have to vacate your sold property, so eiter move in to your purcase same day, or move to a hotel, parents, somewhere else!

So yes, usually "everyone have to move and hand keys over on the same day?"

pipscat

Thanks for the replies - this is what I thought - I last purchased a house 15 years ago and couldn't remember this part we were hoping for a weekend as it's when we can get a van (family member helping) but we can sort something else no worries! 

livdawsonn

Completion is the day you actually get the keys - this would need to be a working day due to banks and EA needing to be open.

You can however exchange contracts before completing, so for eg. if your chain is ready to exchange now but you all agreed next Wed was preferred for completion you would add this date into the contract ready for exchange. 

Members of the chain can decide to exchange on their sale and choose to break the chain (not wait for their purchase) if their onward purchase is not ready to complete at the same stage, for example maybe they decide move in with family/temporary accom in order to allow the rest of the chain to progress and complete.

canaldumidi

livdawsonn said:

Completion is the day you actually get the keys - this would need to be a working day due to banks and EA needing to be open.

EAs are often open at weekends, but as they are irrelevant at this point it makes no difference. Their only possible role on the day is to hand over the keys, but it is a simple matter to arrange an alternative mechanism for the keys to be handed over.

saajan_12

pipscat said:

I was just wondering about completion dates - is it usually a weekday or can completion happen on a weekend? - weekday, as solicitors and banks need to be able to process payments, which can't happen on weekends. 
Can you complete on one day and then move a few days later? - on a purchase, yes. On a sale, no - you have to be out on or before completion day. If you're doing both, then practically that means you do both on the day. 
Or does everyone have to move and hand keys ovr on the same day? - if in a chain, then yes everyone hands over keys on the same day. I suppose you could move out of a property you're selling on a weekend before completion to a storage / family /  hotel, and then move in to the purchased home on a weekend after completion.. but if not then yes move on the same day. 


Thanks in advance for replies....

Comments in line - usually complete and move on the same day, with exceptions if 
- not selling & buying at the same time
- have options and want to move out to a temporary place eg storage / family / rental. 

pipscat

Thanks all, we've agreed a completion date with all parties