What happens on completion day?
Completion day is the final stage of the property transaction — the moment when ownership of the property officially transfers from the seller to the buyer. For auction purchases, completion usually takes place 14 or 28 days after the auction, depending on the contract. It’s a legally significant day that comes with strict obligations, especially if you’re the buyer.
WHAT HAPPENS BEHIND THE SCENES?
On the day of completion, your solicitor will:
- Send the balance of the purchase money to the seller’s solicitor by bank transfer — usually by CHAPS payment.
- Confirm receipt of signed documents, including the TR1 transfer deed.
- Ensure that any undertakings (e.g. mortgage redemption) are in place from the seller’s side.
- Once funds are received, the seller’s solicitor will confirm legal completion.
- You will now legally own the property — even if keys haven’t been handed over yet.
WHAT YOU NEED TO DO AS THE BUYER
- Ensure your funds are with your solicitor in advance — ideally the day before.
Be available to sign final documents (if not already done). - Arrange insurance (if not already in place).
- Confirm key collection arrangements — this may not be automatic.
- Be prepared to deal with utilities, security, or cleaning if the property is vacant.
WHAT IF THERE’S A PROBLEM?
If completion is delayed due to late funds or missing paperwork:
- You may be charged daily interest (as set out in the contract).
- After a certain point, the seller may serve a Notice to Complete, giving you 10 working days to remedy the breach.
- If you still don’t complete, the seller may terminate the contract, keep your deposit, and sue for losses.
These are standard risks in any property purchase, but in auctions, they are strictly enforced due to the short deadlines.
SUMMARY
Completion day is when you become the legal owner of the property. Make sure your solicitor is fully instructed and your funds are in place well in advance. At Versus Law, we carefully manage the completion process to ensure funds are sent securely, deadlines are met, and legal ownership is transferred without delays.










