Process Stage 4: Completion

Process / Flow Chart of Buying
a Home in the UK

Stage 4: Completion

What
happens		 What
you pay
Between exchange and completion your mortgage lender will transfer the amount of your mortgage into your solicitor’s account which will be sent to the seller’s solicitor on completion day. The solicitor does the necessary paperwork to register you as owner. Your solicitor’s bill – normally about £850 but more if you are buying a leasehold property and about twice as much if you are also selling a property.
Your solicitor pays stamp duty on your behalf. Stamp duty rates change frequently – they are a favourite plaything of Chancellors of the Exchequer at Budget time. See Latest Stamp duty rates.
Your mortgage is up and running Monthly payments from now on – for 25 years or whatever term you agreed with the lender.
Your broker’s work is done The broker’s fee – sometimes free, sometimes a flat rate or a percentage of the loan amount.
You hire a removal van to move your stuff to your new house. Anything from £200 upwards depending on how much stuff you want to move and how far.