What does completion mean?
This is arguably the most emotive word in the whole process of buying or selling a property. The word relates to the end of the purchase process. Many people find buying and selling properties stressful and uncertain. It is not surprising, therefore, that completion marks a sense of relief.
Completion day is the day when the money for the purchase of the property is paid to the seller. When payment is received, the ownership of the property officially passes from the seller to the buyer. At this point, the buyer can collect the keys and begin the moving in process. The estate agent will usually have the keys ready.
By this point, the contracts have already been exchanged between the parties. This means there is far less chance of things going wrong. If someone was to back out of the transaction after exchanging contracts, it would likely be very expensive for them.
Is completion day the same as moving day?
Very often, yes, but there are scenarios where it may be delayed. Typically speaking, house moves occur in chains. The shorter the chain, the fewer properties and people are involved. The longer the chain, the more likely it is there could be delays in moving somewhere along the line.
It is possible that you could complete your purchase prior to the person selling that property, if they are held up by the next person in the chain. In such cases, there can be a short delay in completing that part of the chain to allow everyone to move in good time.