Completion
This content applies to England only.
Housing laws vary between England and Scotland. Get advice relating to Scotland
Completion is the date when the buyer becomes the legal owner of a property. It's usually no more than a month after contracts have been exchanged and could be as little as 24 hours. This is when you get the remainder of the sale price and pay for any outstanding costs involved in the sale. The seller can't enter the property after the completion date without the new owner's permission.
Full payment
You should be paid in full for your home on the completion date. This includes the deposit and any interest that it has earned since contracts were exchanged. You may have to ask your solicitor or conveyancer if you don't automatically get the interest payments. If s/he refuses to give it to you, you can contact the Legal Complaints Service, or the Council for Licensed Conveyancers which may be able to take action.
Handing over the keys
In most cases, you give all the keys to the property to your solicitor. S/he will give them to the buyer's solicitor when the agreed price has been paid. However, you can arrange to give the keys to the buyer or the estate agent if that's easier.
Paying off any secured debts
If you used a mortgage to buy your home, all or part of the money from the sale will go to your lender to pay off the amount you still owe. Many lenders charge penalty fees for paying off a mortgage early, but if you are taking out a new mortgage with the same lender, you don't normally have to pay the penalty. Check your mortgage agreement to see what it says.
You will also have to repay any other loans that were taken out using your home as collateral. Any money left over will be yours. If your home is sold for less than you owe (leaving you in negative equity), you will still have to pay back everything you originally borrowed.
Leaving the property
You have to remove all of your furniture and belongings before the completion date. You should only leave behind fittings and fixtures that were part of the sale. If you leave any unwanted items behind, the buyer can ask you to remove them. S/he may be able to take legal action against you if you refuse, but this is unusual.
If you haven't done so already, you should inform your bank and other important contacts of your new address and/or arrange for your post to be redirected. The iammoving.com website provides a free service to inform utility companies and other important contacts of your new address.
If the property is damaged while you are moving out, you may have to pay to put things right if this was agreed as part of the sale contract.
