Completion will take place on a weekday. Your solicitor will liaise with the seller’s solicitor to arrange a completion date that will need to be agreed upon by all parties. If the property chain is long, moving times may differ to suit all parties.

It is possible to exchange and complete on the same day, however it isn’t usually advised, as you will not have a binding contract in place until the day that you are due to move in. This is risky as it means that the buyer or seller can pull out right up until the last minute.

Moving home on the same day as exchanging contracts is also risky as it means that you may end up wasting time and money on a hiring removal company, clearing rubbish and taking meter readings, which could be delayed if the exchange doesn’t go ahead.

A fixed completion date isn’t possible when buying a new build property. This is because the house may still be being built so it isn’t possible to give an exact date – as the build may be subject to delays. This means that there can sometimes be an extended period between exchanging contracts and the date of completion. The developer will usually give 10 days notice of completion once the property is structurally complete.

Some of the issues that can cause problems on completion day include:

• Delay of purchase funds: Most people will buy property using a combination of their own funds and through a mortgage. If the buyer or mortgage lender is late in releasing the funds to their solicitor, this will cause a delay and completion will not happen on the planned day.
• Missing banking deadlines: Funds will need to be transferred to the seller’s solicitor’s bank account by close of business in order for completion to happen. If the money is not received the transaction will need to wait until the next working day.
• Delay in the chain: If just one link in the property chain delays payment this will cause a hold up for everyone in the chain.

In order to avoid any issues on completion day, it is a good idea to:

• Be prepared: This includes having all your household items packed up and removal services booked in time to move.
• Be contactable: Make sure you have your phone with you at all times as your solicitor and estate agent will need to be able to speak to you to confirm completion.
• Have paperwork to hand: Have all paperwork available in case you need to check anything prior to moving in to the new property.
• Ensure that funds are available: Make sure that you have the money ready to transfer to your solicitor.