On completion day, this is when the property changes ownership. The sellers accept the payment from the buyers in exchange for the deeds and the keys to the property.
If you are buying
Your conveyancing solicitor will take care of any Stamp Duty (if required) and register the change of ownership with the Land Registry.
If you are selling
Your conveyancing solicitor will transfer ownership with the Land Registry on your behalf. You will also pay any outstanding money on your mortgage, any conveyancing fees and any stamp duty to your solicitor.
It is essential that you have moved out before the completion date. It is recommended to allow yourself more time to move out before agreeing on a completion date with your solicitor and the parties involved.