The moment at which all the legal formalities of the purchase or mortgage are finalised and the funds are drawn down from the lender, and usually into the solicitor's account.
Completetions of remortgages are generally a more simple process than mortgages. This means that remortgaes can complete faster and they can be at completion stage within a few weeks.
To complete fast takes efficiency. Unless it is a cut and dry case the mortgage lender may well want additional information to clarify the borrowers personal, finacial, living or employment situation. The better the application at the start the smoother the process will be.
It can be useful for a an intemediary that has experience of packaging cases to submit the application for the applicant. Experience will inform the broker as to what paperwork and evidence specific lenders tend to query. They will chase solicitors, valuers and lenders to get the completion through asap.
Completion Date
The official date for completion of a sale of a house, when keys are actually transferred.
