A. Completion usually happens around one or two weeks following exchange of contracts. On the day of the completion if you have financed the purchase with a lender, those funds should have been drawn down from the lender by being requested by your solicitor. The funds will then be transferred from your solicitor to your seller’s solicitor. On arrival at the seller’s solicitor, they will then call your solicitor and confirm that they are now in funds and completion has now taken place. The seller’s solicitor will then call the estate agent to confirm to them that they are now in funds and completion has taken place, and most importantly confirm that they are now able to release the keys to the buyer.
This usually happens as a rough guide sometime between mid-day and 2pm depending on the length of the chain. Once completion has taken place the buyer then becomes the legal owner of the property and the seller will then need to make sure all the keys are with the estate agent for the handover.