What happens on completion when buying a house?

[househousehousefox]

Just that really, solicitors use lots of jargon and also never are available so what will we be doing? is this the end of the process? I'm so confused I think it means completed the process but do we get the keys?
When do you give notice on rented property? before or after completion?
Please give us a hand! so scared

bump

Completion means its complete and you should get the keys then.

You tend to get advised to give notice on tenancy when you exchange as then you've got a set date to move and then you may want to leave yourselves a few weeks leeway to decorate etc.

Oh thank you so much
so what is exchange then? when you exchange the money for the keys?

Once you have ‘exchanged’ (so swapped signed contracts with the seller), you should have a completion date so you’ll know when you can give notice on a rental. I would have a bit of an overlap if you can afford it so you can go back and clean the rental once you’ve moved out.

On completion day, the solicitor will let the estate agent know when the money has been received and the agent can give you the keys. Then the property is yours, yay!

Exchange = contracts are swapped
Completion = money changing hands

I set my completion date as the date both parties were packed and vacated the property.

On the day itself I spent the day waiting to for the estate agent to call me and say I could pick up the keys from them.

At 5pm I picked up the keys from their offices and unlocked the door into my new house.

The best day and my biggest achievement 😊😊

On the same day my solicitor was arranging for transfer of my deposit to the estate agents. This was arranged between them a few days in advance so not much for me to do except prod my solicitor to get it done as early as possible.

Exchange means exchange of contracts, not exchange of keys.

On completion day you wait for a call from (?) estate agent who says the money has gone through, come and collect the keys. So the 2x we have sold and bought at the same time, DH has stayed at the old house to finish up with the removal men, I’ve got the keys and opened up the new house and the van and DH follow behind. It is confusing though and I’m still not clear even though the last time we did it was only a year ago 😄

Oh god this this is so exciting so if we compete on Monday we will be moving in Monday? Thats mad!
Thanks for clearing that up, it gets so confusing and I feel so silly asking official smart solicitors

just so everyone knows we are jumping around the living room screaming!

Exchange is the exchange of signed contracts, the point at which the sale is agreed. You can’t pull out without penalties after this point.

You agree a date for completion. This is the date when the money is transferred for your purchase, and you take possession of the house. Once the vendors’ solicitors get confirmation that your vendors’ bank has received your payment, you’ll be advised that you can collect the keys to your new home from the estate agent.

I’m assuming from your questions that you’re a first time buyer so it will be this simple for you.

@househousehousefox do you know if you have exchanged? Your solicitor would normally double check you are still happy to exchange just prior to doing it as you can’t really change your mind afterwards.

The money is paid and the house is yours. The seller should be moved out before completion though they may be delayed a bit, but should certainly be out the same day even if they have to leave belongings behind. You would normally get the keys from the seller or the estate agent. But if there's some screwup and you don't have the keys, well, it's your house so just force entry.

Have you exchanged yet?

On completion, from your side, not much happen really, you get your keys and depending whether you're ready on not, you can move in.

Its quite anticlimactic to be honest.

I was expecting fireworks a fanfare and cute kids giving me flowers then a white horse takes me to my new home, but no, just an estate agent in a terribly lit office being like "well let me check in that drawer...yep, here are your keys, have a nice day"