This is the final stage in the conveyance procedure that will see both the vendor and vendee on the home straight in house buying terms. Mention the words completion date and to many people this will mean the handing over of the keys to the new property owner and the seller having to vacate that property, but there's a lot more going on behind the scenes to allow the hole process to come together by the time the keys are handed over.

Solicitors for both sides should be hard at work ensuring that all the final details of the conveyance procedure are completed with due diligents, this is the day that the balance of the final agreed on price of the property less the deposit will need to be paid, the buyer's solicitor or conveyancer should arrange for the balance for the outstanding amount to be transferred into the sellers account. The buyer should now receive the title deeds and all of the transfer documents for the property, this now meaning that the buyer is now the legal owner of the new property.

The seller's solicitor should have arranged that on this day that any owing mortgage on the property should be transferred to the seller’s mortgage provider to repay any outstanding mortgage in full. The buyer will need to pay all extra costs incurred, this would include any taxes due the government for example stamp duty and any land registry fees will need to be paid or arrangements made to be paid, dependent on the arrangement the buyer or seller had with their solicitor, the solicitor's fees is normally paid on this day.

The third and final stage will see both the buyer and the seller's solicitors having many loose ends to tie up this is widely known as the final administration, within the remitt of the final administration would be informing any and all life insurance companies, the person or company that holds the freehold for the property and the mortgage lender that finalization of the sale of the property in question has gone through, transferred if necessary any stamp duty payments, the land Registry office will need to be apprised that there has been a transfer of ownership for the property, once this has been completed the forwarding of the title deeds to the mortgage lender where they will be kept until the property is resold or the buyer manages to pay off the outstanding mortgage.

The solicitors final duty would be to send you a document known as the statement of completion, contained within this document should be a summery of all the financial transactions that has taken place, this statement is your effectively your receipt which should be kept in case needed at a later date.