Completion Day FAQs for shared ownership: what you need to know
Completing on your first home through Shared Ownership is an exciting milestone. It’s the day you officially become the legal owner of your share, the funds are transferred, and you get the keys to your new home. But one of the most common questions buyers ask is: “What happens on completion day?” Whether you’re a first-time buyer or moving into a new shared ownership property, understanding completion day is key to making the process as stress-free as possible. We’ve answered the most frequently asked questions about completion day for shared ownership buyers.
What is completion day in shared ownership?
Completion day is the final step in the shared ownership buying process. It’s when all the legal, financial, and administrative parts of your home purchase are finalised.
For shared ownership buyers, completion is a major milestone, and having an experienced solicitor is crucial to avoid delays.
Understanding completion day helps you prepare for what happens next, from collecting your keys to setting up your rent and service charge payments. It’s the day your shared ownership dream officially becomes a reality.
What happens on completion day?
On completion day, several important things happen behind the scenes:
- Your solicitor transfers the funds (deposit and mortgage) to the housing association.
- The seller’s solicitor confirms receipt of funds.
- You will usually receive a call from your solicitor confirming completion.
- You can then collect the keys.
For shared ownership, you may also need to set up:
- Your first month’s rent and service charge payments. These are normally collected in advance.
- Your standing orders or direct debits, so that your rent and service charges are paid on time every month.
This ensures a smooth transition into buying a home and helps you avoid unexpected costs later.
Do I need to pay rent and service charges on completion day?
Yes, you’ll need to pay your first month’s rent and service charges on or just before completion day.
Service charges typically cover:
- Building insurance
- Maintenance of communal areas
- Cleaning and gardening services
- Repairs to shared facilities
Why rent and service charges are important
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Rent: Even though you only buy part of your home, you live in 100% of it, which is why you pay rent on the share you don’t own. This rent is usually set at an affordable level compared to private renting, making shared ownership a more cost-effective way to get onto the property ladder.
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Service charges: These are contributions towards the running costs of your building or development. They help cover vital communal services.
How should I prepare for completion day?
The best way to make completion day stress-free is to be well-prepared. Here are some tips:
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Make sure your deposit funds are cleared and ready.
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Double-check that your mortgage offer is valid and up to date.
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Confirm with your solicitor that all your documents and ID checks are complete.
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Arrange your removals or moving services in advance to avoid last-minute stress.
Being organised ensures you can collect your keys and move into your new shared ownership home without unnecessary delays.
Budgeting for completion day
It’s important to budget for these costs early in your shared ownership journey, as your solicitor will confirm the exact amount you’ll need to pay on completion. Setting up your direct debit or standing order for rent and service charges at this stage also ensures smooth payments going forward.
What if my completion is delayed?
Sometimes, completion can be delayed if mortgage funds don’t arrive on time or if there are issues with legal checks. If this happens:
- Your solicitor will keep you updated.
- The handover of keys may move to the following day.
- In some cases, you may need to pay compensation (known as daily interest) if your funds are late.
The best way to minimise the risk of delays is to use a solicitor who is familiar with shared ownership transactions.
What time of day does completion usually happen?
This depends on when funds are received and confirmed by solicitors. Once confirmation is given, you’ll be able to collect your keys.
Can I move in on completion day?
Yes, in most cases, you can move in as soon as your solicitor confirms that completion has taken place. However, it’s best to:
- Wait for written confirmation from your solicitor before starting removals.
- Allow for some flexibility, as delays can sometimes occur.
- Have essentials packed separately so you can move in comfortably even if there are small delays.
Is completion day stressful?
It can feel stressful because of the legal and financial processes involved, but with the right preparation, it should be a smooth experience.
Additional FAQs people ask:
- Do I need to be present on completion day?
No. Your solicitor will handle everything. You just need to be available by phone or email to confirm details and arrange key collection. - What’s the difference between exchange and completion?
Exchange is when contracts are legally signed, and you’re committed to the purchase. Completion is when funds are transferred, and you can move in. - How long is it between exchange and completion for Shared Ownership?
Typically 7–28 days, depending on your circumstances and solicitor. Exchange and completion can also happen on the same day in some circumstances. - What documents do I need on completion day?
Most paperwork will already be with your solicitor, but keep your ID, signed contracts, and mortgage documents handy in case of last checks.
Summary: Shared ownership and completion day
Completion day is the exciting final step in your shared ownership journey. From transferring funds and paying your first rent to picking up your keys, it’s the moment you have a place to call home. With Aster shared ownership, we make the process as smooth as possible, guiding you every step of the way.
Who are Aster?
At Aster, we're proud to offer shared ownership homes across the South and South West, including London. Our homes are perfect for those looking to make a great start on the property ladder and take advantage of all that this incredible area has to offer.
Our aim at Aster is to find you a home, not just a house – and with shared ownership, you can find a home in a lovely location that may otherwise be out of your reach, just get in touch!
Finding your dream home
Finding your shared ownership home is as simple as giving us a call and letting us walk you through the steps you need to take. With this guide and guidance from the team at Aster, we can try and make the process as simple as possible.
At Aster, we’re committed to making the process as smooth and stress-free as possible. We feature a range of shared ownership properties, each with its own unique characteristics and features. Our knowledgeable and friendly sales team are always on hand to provide expert advice and guidance, helping you to find your perfect shared ownership home.
Whether you’re a first-time buyer or a seasoned home owner, we’re here to help you every step of the way.
