Completion

Completion is the point where the purchaser’s conveyancing  solicitor wires the purchaser’s  money from their bank to the vendor’s conveyancing solicitor’s bank account, the ownership of the property is transferred to the purchaser. The keys to the property are only  to be handed over to the purchaser on completion.   The legal completion date is agreed on exchange of contracts.   Any completion date discussed before exchange of contracts is purely tentative and should not be relied on. It is not sensible to book removals or give notice to quit rented property until exchange of contracts has taken place.