Advice for First Time Buyer on completion definition

[YeBroshae]

Any advice would be greatly appreciated
I am buying a flat and I am close to signing completion paperwork. There has been some delays on both sides but now I am in a position to move in. The seller said from the start that they could move out immediately but now the sellers is now being vague about their position on when they can move into their new home. Recently they mentioned living with family temporarily but now it seems the only option is straight into their new home. They have given an exact completion date and the legal teams are saying they are all working to this date.
My question is- does completion mean that they also have to move out by completion date or could they continue living in the flat until they can move into their new one? Also do I have any protection as a buyer if I sign and pay for the flat but they then make excuses about not being able to move on? Thank you in advance.

Have you exchanged yet? If so, they'll need to vacate on completion (and the date for this will be set on exchange).

Once you complete they cannot live there and have to move out.

Completion date is set when you exchange contracts. The vendor has to be out of the property on completion date, generally by 2pm - it's when the monies are with the vendors.

I'd make sure that it isn't a simultaneous exchange and completion myself!

The second you complete you own the property and they have to be out. This is concerning that they are making excuses.

Your solicitor and their solicitor knows this but I would make my solicitor be crystal clear that they have to be out and the property left clean and clear.

Once your solicitors have exchanged contracts, then the sale can be completed. Exchange means that the sale is locked in and no-one can pull out without serious financial consequences. Completion is usually around a week later, but it can vary and is a matter for negotiation and agreement. Once you have completed, the house is entirely yours. They have no rights to be in it at all.

In your position I would be pressing the estate agent for a timeline. Solicitors too but it’s the agent who should be pushing this along.

exchange is when the contracts are signed and the completion dates agreed by all. You probably have to pay a deposit then

if they fail to complete after that on the agreed date they have a financial penalty

completion is when all the money has changed hands and the property is then yours and they have to be out by then

it is normal to exchange a couple of weeks before the completion date. It’s horrid if they want to exchange and complete on the same day as nothing is guaranteed until exchange

The paperwork should say that the property you are buying is empty and unoccupied so you can exchange contracts (signing to say you are legally committing to buying) at any point but the completion date (the date the property transfers legally from them to you) means you own that property at that point.

Their solicitor should be ensuring that when they sign their contract that they are aware they have to leave the property and take all their items with them. Your solicitor can raise that with their solicitor.

As for the legalities of what happens if they don't leave your solicitor can advise you as to what steps you can take, but you need this information before you sign the paperwork.

Completion day means they sign the flat over to you. Once the agreed completion day has come and they sign, they will have a few hours to move out. After that the house is yours. They can push the moving time, but after that they will be squatting, and can be moved on by the police if they don't go willingly.

Thank you very much for all your replies and support. It has been very helpful to see the terminology laid out as exchange and completion have been blurred together. I was concerned because a few weeks ago they said they might have to stay in the flat until they could move on or at least leave the remainder of their belongings there and collect later - but they still wanted the sale to go through asap.

Are you exchanging and completing simultaneously? If so, this provides you with a little less certainty. Usually, you would exchange and then complete a week later.

So far only completion date has been discussed but at the same time the seller has asked for money and signing of contracts but I didn’t want to sign anything or pay any money until I was sure that the seller would be leaving the property and taking their belongings. But after reading this thread I will proceed with exchange before the completion date

In very basic terms, exchange is when you pay a deposit to your solicitor. They hold these funds and if you pull out then they are transferred to the vendor minus costs. eg you lose your deposit.
Completion is when the full funds are transferred and their solicitor confirms they are received. The keys are then released. This normally happens around midday giving the vendor time to pack a van/lorry (and clean) in the morning and be out in time for you to move in that afternoon.
If you are moving from rented it would be less stressful for you to give your self a week of overlap so you can clean your new home 😁 before moving in. And then clean your rental well before handing it back.
it is possible to exchange and complete on the same day but I would not advise it in this situation.

It’s in your interests to exchange as soon as possible. It locks them in, and they won’t be able to delay exchange for long. It’s an absolute no to them leaving their stuff behind. Anything in the property is yours on completion.

Twenty years ago it was a full 24 hours after completion before the seller had fully moved out. Still grates on me. He told the estate agent we'd agreed to him handing over the keys late. Fortunately we were in temporary accommodation having sold our property but I can't imagine what would have happened if we hadn't.