The Final Straight: A Guide to the Completion Process in Property Sales

As we approach the final stages of getting a property sale across the line, there’s a sense of relief knowing that the hard work of nurturing a lead into a successful sale is nearing fruition. Once contracts have been exchanged, the property is almost guaranteed to complete, meaning it’s time to take a breath and prepare for the final steps.

Completion is the next phase in the property transaction, where the legal ownership of the property transfers from the seller to the buyer. This is when the property becomes the legal possession of the buyer, and it marks the culmination of the sale process. At this stage, the seller’s solicitor will typically request a copy of your invoice, as most agent fees are paid from the proceeds of the sale. This ensures that all the finances, including your share of the deal, are properly allocated before completion day arrives.

Typically, completion is set to occur a week after the exchange of contracts. This allows enough time for the funds to be transferred from the bank or building society that is lending the buyer the money. However, there are a few variations on this timing. A simultaneous exchange and completion is when the exchange of contracts and the completion happen on the same day. While it sounds straightforward, this can be incredibly stressful, as the buyer is ready to take possession of the property immediately after the exchange. Simultaneous exchange and completion are less common but can be a necessity in certain situations. On the other hand, open-ended completion is common in new-build sales, where an agreement allows the exchange of contracts before the property is finished. Once the property is ready, the completion date is set. Outside of new-builds, this is less common, as most buyers prefer a clear and predictable completion date.

In general, however, a week between exchange and completion is the norm for most property transactions, though occasionally it might be shorter or longer.

On the day of completion, the key moment arrives when the property officially changes hands. But here's an important thing to remember: you cannot hand over the keys to the buyer until you’ve received confirmation from the seller's solicitor that the sale has gone through. This call can come at any time during the day, often as early as 10 a.m., but it can also be as late as 3-4 p.m. It’s a waiting game, and patience is key. Until that call comes through, handing over the keys prematurely is a big no-no and can cause serious complications.

Once you’ve received confirmation from the seller's solicitor, it’s time to notify the seller that the sale has been successfully completed. Congratulations are in order! You’ll also want to check in with them to find out how long they’ll need to vacate the property. Some sellers will already be on their way out, while others may still be in the process of moving. Either way, you’ll need this information to help coordinate the next steps.

Next, contact the buyers and share the good news that the sale has gone through. Let them know approximately when they can expect to move in based on how quickly the sellers can vacate the property. If they’ve already moved out, great! If not, arrange a time that works for everyone to hand over the keys.

While many estate agents will ask the buyer to come to their office to collect the keys, providing a more personal service can make a big difference. Meeting the buyer at the property and handing over the keys in person adds a thoughtful touch that will be appreciated. Imagine the difference it makes: the buyer gets to step into their new home with a smile, feeling supported and valued throughout the entire process. It’s a small gesture that can have a big impact on customer satisfaction.

Completing a property sale is an exciting and sometimes stressful process, but with clear communication, patience, and attention to detail, you can ensure a smooth transition from contract exchange to handing over the keys. And remember, that personal touch can turn a transaction into a lasting, positive experience for both buyer and seller.