Buying a home comes with plenty of important milestones, from finding the right property and arranging your mortgage to exchanging contracts. But there is one date every prospective buyer looks forward to most: completion day.
Completion day is the point when your purchase officially becomes complete. The remaining purchase funds are transferred, legal ownership of the property passes to you and, once completion has been confirmed, you can collect the keys to your new home.
If you’re buying a new-build property, there are a few differences compared with purchasing a previously owned home. In this guide, we explain what happens on completion day, how to prepare for it and what you can expect when completing on a new Beal home.
What Is Completion Day When Buying a House?
Completion day is the final legal stage of buying a property.
It’s the day ownership transfers from the seller to the buyer. Your conveyancing solicitor handles the legal and financial process, including transferring the outstanding purchase money to the seller’s solicitor. Once the money has been received and completion has been confirmed, the keys can be released, and the property is officially yours.
For many buyers, this is also moving day – the moment when months of planning finally result in opening the door to your new home for the first time.
What Is the Difference Between Exchange and Completion?
Exchange of contracts and completion are two separate stages of the home-buying process:
• Exchange of contracts is when the purchase becomes legally binding. The buyer and seller commit to the transaction under the terms of the contract.
• Completion happens later, when the remaining purchase funds are transferred and ownership of the property legally passes to the buyer.
With a typical resale property, the buyer and seller will normally agree a completion date through their solicitors. With a new-build home, the timescale between exchange and completion can depend much more heavily on the stage of construction. For Beal new-build properties, the exchange-to-completion timescale depends on the build stage of the home.
What Happens Before Completion on a New-Build Beal Home?
Buying a brand-new home is slightly different because your property may still be under construction when you reserve it or exchange contracts.
Once you have reserved your Beal home, you will appoint a solicitor to handle the legal aspects of the purchase. At Beal, we have a panel of independent solicitors who can be recommended to buyers, or you can choose your own. No matter which option you choose your solicitor will act independently of Beal Homes. Your mortgage application and other legal work will also progress ahead of exchange.
A deposit is paid, which is usually 10% of the purchase price. Once everything required for the purchase is in place, your solicitor can proceed to exchange contracts. At this point, the contract becomes legally binding.
After exchange, work continues on your new home. Your Beal Sales Executive will keep you updated on the progress of the build and provide estimated dates for legal completion as your home moves closer to being ready.
When Is the Completion Date Confirmed on a New-Build Home?
Unlike buying an existing home that is already ready for occupation, the completion date of a new-build property is closely connected to when construction is finished.
At Beal, each home is inspected throughout the construction process. Once construction and Beal’s quality-control inspections are complete, a date for the customer’s inspection can be arranged and a legal completion and handover date agreed with the buyer and their legal adviser.
That means estimated timings may be provided as construction progresses, before the final handover arrangements are confirmed.
Keeping in regular contact with your Sales Executive, solicitor and mortgage adviser during this period can help make sure you are prepared when your new home is ready.
What Is a Beal Home Demonstration?
Before legal completion, Beal buyers are invited to a Home Demonstration.
This is an opportunity to be shown around your finished new home and learn how everything works before you move in. Beal’s team will explain features including appliances, the alarm system where applicable, hot water and heating systems, ventilation, the consumer unit and stopcock, as well as providing general advice on maintaining your home.
You will also receive a personal Home Manual and Home Warranty box containing information such as appliance guarantees, warranties and user guides.
For many buyers, the Home Demonstration is when their new property really begins to feel like home.
What Happens on Completion Day?
While your solicitor takes care of much of the legal work behind the scenes, there is plenty happening on completion day:
1. Final checks are completed
Your conveyancing solicitor makes the necessary final checks and ensures everything is ready to complete. If you are buying with a mortgage, your solicitor will also have arranged for the necessary mortgage funds to be available.
2. The purchase money is transferred
Your solicitor transfers the outstanding purchase funds to the seller’s legal representative. In a standard property transaction, completion takes place once the seller’s solicitor has received those funds.
3. Legal completion is confirmed
Once the money has arrived and the legal requirements have been satisfied, completion is confirmed.
At this point, you officially own your new home.
4. You receive the keys to your Beal home
Then comes the part you have been waiting for – the handover of your new home. Once your completion has been confirmed, you can receive your keys and begin settling into your new Beal home.
For more information, see our step-by-step guide on buying a new build home.
What Time Do You Get the Keys on Completion Day?
There is no single guaranteed time for receiving keys.
In the wider housing market, completion commonly takes place from late morning into the afternoon. The Homeowners Alliance notes that completion typically occurs in the late morning or early afternoon and that key-release times can be affected by the transfer of funds and the length of a property chain.
For this reason, it is best not to assume you will have access to your home first thing in the morning.
Your solicitor and Beal team will keep you informed, and you should wait until legal completion has been confirmed before making your way to collect your keys.
Why Can Property Chains Delay Completion?
When buying and selling existing homes, property chains can make completion day more complicated.
Money may need to move through several linked transactions before each sale can complete. If there is a delay further down the chain, it can affect when later buyers receive their keys.
If you have an existing property to sell, there are ways Beal may be able to make this part of your move simpler.
Part Exchange
Our Part Exchange scheme is designed to remove many of the uncertainties associated with selling your existing home.
Subject to the scheme’s terms and suitability, Beal can purchase your existing home as part of your move. Benefits include no traditional onward chain, flexible moving dates, quick completion and the ability to remain in your existing property while your bespoke Beal home is being built. Once the new home is ready, you can move straight in.
Smooth Move
Alternatively, our Smooth Move scheme helps customers sell their existing property, with Beal managing key parts of the process and covering estate agent fees.
Both options are designed to help take some of the stress out of coordinating the sale of one home with the purchase of another.
We have other help for buyer schemes available, so head over to take a look at some of the ways we can help you find your dream home.
How Should I Prepare for Completion Day?
Most of the legal work will be handled by your solicitor, but there are still a few things you can do to make completion day easier.
Before the big day:
• Stay in contact with your solicitor and make sure they can reach you if necessary.
• Check that any money you need to provide towards completion has been transferred in good time and according to your solicitor’s instructions.
• Confirm arrangements with your removals company.
• Make sure your belongings are packed and ready if you are moving on completion day.
• Arrange buildings and contents insurance where required.
• Prepare a box of moving-day essentials, including chargers, toiletries, drinks and anything you will need immediately.
• Take final meter readings at your previous property if you are moving from another home.
• Be prepared to take meter readings at your new property when you move in.
• Avoid arranging deliveries or tradespeople too early on completion day in case the transfer of funds takes longer than expected.
The Homeowners Alliance also recommends having paperwork and funds organised in advance and remaining contactable so any last-minute issues can be dealt with quickly.
Does Completion Have to Happen on a Weekday?
Yes, as it needs solicitors to be working to complete. Most of our developments are open Thursday-Monday, so typically it is Friday, however we can do completions on Monday or Thursday, and can sometimes makes arrangements for a Tuesday or Wednesday completion day.
Traditionally, completion takes place on a working weekday because solicitors and banking systems need to be available to transfer and confirm the purchase funds. Friday is a popular choice in the wider property market because it gives homeowners the weekend to settle in, but completion does not have to take place on a Friday.
What Happens After Completion?
Getting your keys might mark the end of the buying process, but it is the beginning of life in your new home – and Beal’s support does not end when you move in.
Every new Beal home comes with a 10-year NHBC Buildmark warranty, although Beal notes that another warranty provider such as LABC may occasionally be used. Beal’s dedicated Customer Care team is also available during the first two years following legal completion to provide advice and support with qualifying service requests or defects under the builder’s warranty.
New-build buyers also benefit from the Consumer Code for Home Builders, which is designed to make the buying process fairer and more transparent. The Code sets requirements covering areas including marketing, selling and after-sales service and provides additional protection from reservation until two years after legal completion.
Every new Beal home also comes complete with a 10-year structural warranty from Premier Guarantee. This comprehensive coverage gives you total peace of mind by protecting your investment against structural defects. The policy includes an initial defects insurance period followed by long-term structural insurance, ensuring your home remains safe and secure for years to come.
So, while completion day is an important milestone, you still have support available as you settle into your new Beal home.
Completion Day FAQs
When do I legally own my new home?
You legally become the owner when completion has taken place. This happens after the necessary purchase funds have been received and the transaction has legally completed.
Can I move in on completion day?
Yes. Once legal completion has been confirmed and your keys have been released, you can move into your new home.
How long after exchange is completion?
There is no universal timeframe. For existing homes, exchange and completion may be separated by days or weeks. For a new-build home, the timeframe depends significantly on the stage of construction. Beal will keep you updated on build progress and estimated legal completion dates throughout your purchase.
What could delay completion?
Possible causes include a delay in mortgage or purchase funds reaching the solicitors, outstanding legal matters or problems elsewhere in a property chain.
For a new-build home, completion also depends on the property reaching the appropriate stage of construction and completing the necessary inspections and quality-control processes.
Do I receive my keys before the money has transferred?
No. You should wait until legal completion has been confirmed before collecting your keys. In a normal transaction, keys are released after the seller’s solicitor confirms receipt of the completion funds.
Final Thoughts
Completion day is one of the most exciting moments in your home-buying journey. It is the point when the paperwork, mortgage arrangements, build updates and months of planning finally come together, and your new home officially becomes yours.
At Beal Homes, we support our customers throughout the journey, from choosing and reserving a home through to exchange, construction updates, your Home Demonstration, legal completion and ongoing Customer Care.
Whether you’re a first-time buyer, moving into a larger home, downsizing or looking for help selling your current property through Part Exchange or Smooth Move, our team can help you understand your options and take the next step towards your new home.
Ready to start your journey? Explore our latest developments across Hull, East Yorkshire and Lincolnshire, or contact us to find a home designed around you.