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Completion Day in England and Wales: What Happens and What Overseas Buyers Should Prepare
UK Property · Overseas Buyers

Completion Day in England and Wales: What Happens and What Overseas Buyers Should Prepare

Completion is the day the money reaches the seller's solicitor and you get the right to the keys. For an overseas buyer it is also the day when delays in international transfers cause the most trouble.

This Banke UK guide explains the sequence on completion day in England and Wales and what to have ready so it does not slip.

The Short Answer

On completion day your solicitor sends the balance of the purchase money to the seller's solicitor. When the seller's side confirms receipt, you are free to collect the keys. Funds sent from abroad can take longer than expected, so send them early and tell your solicitor when they have left your account.

What Happens Before

  • Exchange of contracts. The contract becomes binding and a completion date is fixed. If you are unsure how it works, see our guide to making an offer from abroad.
  • Completion statement. Your solicitor sends a statement showing the balance due, including any taxes and fees.
  • Funds in the client account. Money is usually due with your solicitor before completion day, not on it.
  • Searches and mortgage funds. If you have a lender, they release funds to your solicitor on or before the day.

On Completion Day

  • Your solicitor confirms they hold all the funds and instructs the transfer to the seller's solicitor.
  • The seller's solicitor confirms the money has arrived.
  • The agent is told that completion has happened and keys can be released.
  • You collect keys from the agent or arrange for them to be sent.

Why Overseas Buyers Need Extra Time

  • International transfers may pass through intermediary banks and can be delayed or queried.
  • Banks may ask you for source-of-funds evidence. See proof of funds for UK property.
  • Time-zone differences and bank holidays can push a transfer past the cut-off.
  • Currency movements can change the amount you need. Read about GBP exchange rate risk.

After Completion

  • Your solicitor pays Stamp Duty Land Tax where due and registers the purchase with HM Land Registry.
  • Arrange buildings insurance to start from exchange, as risk usually passes to you then.
  • Set up council tax, utilities and any property management.
  • Keep the completion statement and keys receipt.

Delays and What to Do

If funds do not arrive on time, contact your solicitor straight away. Ask whether the contract allows delayed completion and what the interest or cost would be. Do not send money to new bank details given by email without checking by phone with the solicitor.

Talk to Banke UK

If you are planning a UK purchase from abroad, contact Banke UK. This article is general information, not legal, tax or financial advice. Rules, fees and procedures change, so confirm the current position with the relevant authority or a licensed professional before you act.