The short answer: in Scotland, completion day is called the date of entry. You get the keys once the seller's solicitor has received the full price, which is usually around the middle of the day. It can be earlier if there is no chain, and later if there is a long chain or a delay with the mortgage funds.
The end is in sight. The missives have been concluded, the date of entry has been agreed, and you are counting down the days. But what actually happens on the day, and when do you get the keys? This guide explains how completion day works in Scotland, for buyers and for sellers.
When does the day of completion occur?
In England and Wales, the day ownership changes hands is called completion day. In Scotland, it is called the date of entry, and the process that happens on it is called settlement. The date is agreed between the buyer and seller and written into the missives, the letters that form the contract. Our guide to concluding missives explains how that is agreed.
On the date of entry, the buyer's solicitor pays the price, the seller's solicitor hands over the signed disposition, which is the deed that transfers ownership, and the buyer gets the keys.
What happens on completion day?
Completion day has three main parts: the money, the paperwork and the keys.
The money. Your mortgage lender sends the loan to your solicitor, usually the day before or on the morning of the date of entry. Our guide to how long it takes to release mortgage funds explains the lender's timetable. Your own contribution, your deposit and the costs, must already be with your solicitor. Under the Scottish Standard Clauses, the price has to be paid in full on the date of entry by same-day bank transfer.
The paperwork. Once the price arrives, the seller's solicitor sends the signed disposition, and any other documents promised in the missives, to the buyer's solicitor. If the seller has a mortgage, their solicitor pays it off from the price and arranges the discharge of the lender's security.
The keys. When the seller's solicitor has confirmed that the full price has arrived, they tell the estate agent, or the seller, to release the keys. That is the moment you can collect them and move in.
Do I get keys on the completion date?
Yes, in almost every case. The keys are released on the date of entry as soon as the price has been received. The only common reason for not getting keys on the day is that the money has not arrived, usually because mortgage funds were released late or a transaction further up the chain was delayed.
When do you receive your keys on completion day?
There is no fixed time, but in practice:
- With no chain, for example a first-time buyer buying from someone who is not buying another home, keys are often released in the morning.
- In a typical chain, where money has to pass along several transactions, midday to early afternoon is common.
- In a long chain, or if funds are delayed, it can be mid to late afternoon before the keys are released.
Your solicitor will tell you when to expect the call, and the estate agent will usually phone you when the keys are ready. Book your removal company with that in mind, and avoid planning to be in the new property first thing in the morning.
Who can collect keys on completion day?
The keys are normally collected by the buyer, from the estate agent. If you cannot collect them yourself, you can usually arrange for someone else to collect them, such as your partner, a family member or someone acting under a power of attorney. Tell your solicitor and the estate agent in advance, so they know who to expect and what identification to ask for.
Where do you collect keys from on completion day?
Usually from the estate agent's office. If the seller sold privately, or the agent does not hold keys, they may be with the seller's solicitor, handed over by the seller at the property, or left in a key safe. Your solicitor will confirm the arrangements before the date of entry, so check them a few days beforehand.
How long does it take for the money to transfer on completion day?
Bank transfers between UK accounts on the same day usually arrive within a couple of hours. The time it takes on the day depends mainly on when the mortgage funds reach the buyer's solicitor and how many transactions are in the chain. If you are selling and buying on the same day, the money from your sale is normally used towards your purchase, so your purchase cannot settle until your sale has.
How soon after completion do you pay the mortgage?
If you are selling and have a mortgage, your solicitor pays it off on the date of entry, as soon as the price arrives, using the redemption figure from your lender. The balance, after the estate agent's fee and our fee, is then sent to you or used for your onward purchase. Our residential sale service explains the seller's side in more detail.
Can missives be concluded and the purchase settled on the same day?
Scotland does not have an exchange of contracts, but the equivalent question is whether missives can be concluded on the date of entry itself. They can, and it does sometimes happen, but it leaves no room for error, because the mortgage funds and everything else must be ready at the same time. Most solicitors aim to conclude well before. If you are using a mortgage, your lender will need your solicitor's request for funds several working days before the date of entry.
What can go wrong on completion day?
Most problems on the day come down to timing:
- Late mortgage funds. If the lender releases the loan late, the whole chain waits.
- Chain delays. If a transaction further up the chain settles late, every link below it is delayed too.
- Missing money. If a buyer's own contribution is short, or arrives late, settlement cannot go ahead.
- Removals. A removal company that is late, or a seller who is not ready to leave, can hold up the handover of keys.
If the price is not paid on the date of entry, the Scottish Standard Clauses give the seller remedies, including interest on the unpaid price and, after 14 days, the right to cancel the contract. Our missives guide explains what happens if the date of entry is delayed.
What is my role on completion day?
The solicitors do most of the work, so for buyers the day is mostly about waiting for the call. Make sure your buildings insurance starts from the date of entry, because the property becomes your responsibility once the price is paid.
For sellers, the property must be empty and ready by the time the price is paid, with everything that is included in the sale left behind. When you move in as a buyer, test the central heating, plumbing and electrics straight away. Under the Scottish Standard Clauses, the seller promises they will be in working order, allowing for their age, at the date of entry, but any defect must be reported to your solicitor within five working days.
How can I make completion day easier?
- Keep everyone updated. Tell your solicitor and the estate agent early if anything might affect the day.
- Check your removals twice. Make sure the removal company has the right address and a realistic arrival time, and ask for flexibility in case the keys are released later than hoped.
- Have your money ready. As a buyer, send your contribution to your solicitor a few days before the date of entry, not on the day. Our guide to how much deposit you need explains what to budget for.
- Take meter readings. Buyers and sellers should both note the gas, electricity and water readings on the day, and tell suppliers and the council about the change for council tax.
What happens after completion day?
Your solicitor still has work to do. They submit your Land and Buildings Transaction Tax return to Revenue Scotland within 30 days, and register the disposition and your lender's standard security in the Land Register of Scotland. Our guide to what a solicitor does after completion explains each step.
Talk to our Scottish conveyancing team
Our purchase and sale conveyancing solicitors handle settlement for buyers and sellers across Scotland on a fixed fee, and we keep you updated on the day so you know exactly when to expect your keys. Use our instant quote calculator or call us on 0141 471 9166.
Frequently asked questions
What time do you get the keys on completion day?
There is no fixed time, but in Scotland most buyers get their keys around the middle of the day on the date of entry. The keys are released once the seller's solicitor has received the full price. Where there is no chain, it can be earlier in the morning; in a long chain, or if mortgage funds arrive late, it can be mid to late afternoon.
Do you have to pick up the keys on completion day?
No. Once the price has been paid on the date of entry, the property is yours, whether or not you collect the keys that day. You can arrange to collect them the next day or later. Remember that the property is your responsibility from settlement, so your buildings insurance should start on the date of entry.
Where do you collect the keys from on completion day?
Usually from the estate agent who sold the property. If the seller sold privately, or the agent does not hold keys, they may be left with the seller's solicitor, handed over by the seller, or left in a key safe at the property. Your solicitor will confirm the arrangements before the date of entry.
How long after completion do you get the keys?
Normally within an hour or so. Once the seller's solicitor confirms the money has arrived, they tell the estate agent to release the keys, and the agent will usually call you to say they are ready.
What time do you get the keys if there is no chain?
Often earlier. If you are a first-time buyer or a cash buyer and the seller is not buying another home on the same day, the money only has to move once, so the keys can be released in the morning, provided your mortgage funds have arrived.
