Completion
Completion is the moment 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. This is also the time when you can move in and are
responsible for the new property.
Click for more mortgage glossary terms relating to remortgaging.