Completion in United Kingdom

Definition of Completion

In accordance with the work A Dictionary of Law, this is a description of Completion :

(in land law)

The point at which ownership of land that is the subject of a contract for its sale changes hands. The purchaser hands over any unpaid balance of the price in exchange for the title deeds and a valid conveyance of the land to him if the land is unregistered. If the land is registered, the purchaser receives a simple form of transfer that must be lodged at the appropriate District *Land Registry with the *land certificate.

Definition of Completion

The formal transfer of ownership or when property or land changes hands after signing a contract.

Completion in the Context of Mortgages

This is the date when the buyer’s solicitor forwards the funds for the purchase of the house to the seller’s solicitor. Once the seller’s solicitor has received the funds, the buyer legally becomes the owner of the property and can move in. The mortgage must be effective before this date in order for the funds to be transferred. The buyer must also pay stamp duty, if applicable, and register their name with the Land Registry.

Similar Terms

Completion date

Completion date

The point at which contracts have been exchanged and legal transfer of the property from the seller to the buyer is finalised. The buyer can take possession of the property from this day.

Completion statement

Completion statement

A statement, prepared by the seller, stating exactly how much the buyer should be paying on completion.