Friday is the day of the week that everyone looks forward to. It marks the end of a grueling workweek, and signals the start of the weekend filled with fun and relaxation. However, there’s another reason why this day is especially important to a lot of people, particularly those in the real estate industry: it’s the most common day for houses to complete. But why is that, and what’s the significance of completing on a Friday?
Firstly, it’s important to understand what completing on a house actually means. Completion is the final stage of the house buying process, where the ownership of the property is legally transferred from the seller to the buyer. This involves the exchange of contracts, finalizing the mortgage, and paying any outstanding fees and charges. While the process can be completed on any day of the week, Friday has emerged as the most popular day for completion in recent years. There are a few reasons why this is the case, and it’s not just because people are eager to start their weekend.
One reason why houses complete on a Friday is that it allows the new homeowners to take advantage of the weekend to make any necessary preparations for moving in. This could include arranging for utilities to be switched on, hiring movers, or even just unpacking some boxes. Completing earlier in the week would mean having to take time off work, which can be costly and inconvenient. Completing later in the week would mean having to postpone moving in until the following week, which is less than ideal for most people. Friday strikes a balance between these two options, giving homeowners the breathing room they need to settle into their new property seamlessly.
Legal and practical considerations for choosing completion on a Friday
When it comes to the completion date of buying a property, many people prefer to choose a Friday. While it may seem like a mere preference, there are actually legal and practical considerations to keep in mind when selecting the day of completion.
- Weekend availability: One of the practical reasons for choosing a Friday completion is that it allows for the entire weekend to sort out any outstanding issues. For example, if there are any last-minute repairs that need attention, having the weekend to deal with them can be beneficial. Plus, if there are any problems with the move-in or settling in, it leaves a couple of days to get things sorted before the return to work on Monday.
- Legal reasons: From a legal standpoint, Fridays are the most popular completion date. This is because weekdays can be busy for conveyancers and solicitors, which means that the process of finalising your property purchase can be delayed. Fridays are ideal because they give both parties enough time to deal with any last-minute issues that may arise before the weekend. This gives both the buyer and seller time to arrange for payment, move out or in, exchange the keys, and avoid any confusion or miscommunications.
- Time of day: Another consideration is the convenience of time. Many people choose a Friday completion because it allows them to move in earlier in the day and avoid the rush-hour traffic. This also means that if something goes wrong, there is still plenty of time in the day to sort it out.
Overall, choosing a Friday completion for a property purchase is not just a preference but a well-considered choice for many. It allows enough time to deal with any legal and practical issues and take advantage of the weekend to settle in or make repairs.
The history and tradition behind Friday completions
Completing the purchase of a house is an exciting moment for homebuyers and sellers. The date of completion is carefully planned, and many buyers and sellers choose to complete the transaction on a Friday. But have you ever wondered why Friday is the most popular day for house completions? Here we explore the history and tradition behind this practice.
- Ancient beliefs: According to ancient superstitions, Friday is considered to be a lucky day. In mythology, Friday is associated with the goddess Venus, who was believed to bring good fortune and prosperity. In some cultures, Friday is also associated with positive events such as weddings, new beginnings, and travel.
- Religious significance: In Christianity, Friday holds significant religious importance. It is the day on which Jesus Christ was crucified, and it is therefore considered a day of mourning and penance. However, Friday is also the day of the week preceding Easter Sunday, which is a time of joy and celebration in the Christian faith.
- Practical reasons: Friday is often seen as the most convenient day for completion because it allows buyers and sellers to settle in over the weekend and start the following week fresh. It also gives them time to deal with any administrative or practical issues that may arise, such as changing utilities and arranging removals.
Although completing on a Friday is a traditional practice, it is important to remember that buyers and sellers are free to choose any day of the week that suits them. When deciding on a completion date, it is essential to consider the practicalities and be mindful of any other events or obligations that may affect the process.
Overall, the decision to complete on a Friday is a personal one that varies from person to person. Some may choose to follow tradition and superstition, while others may prefer practicality and convenience. Whichever day you choose, completing the purchase of a house is a significant milestone that should be celebrated and enjoyed.
| Pros | Cons |
|---|---|
| Allows buyers and sellers to settle in over the weekend | May be more difficult to arrange removals and utilities over the weekend |
| Gives extra time to deal with administrative or practical issues | May cause delays if solicitors or banks are closed over the weekend |
| Can start the following week fresh | May be more expensive to hire removal companies or services on a weekend |
In conclusion, completing on a Friday has become a traditional practice for many buyers and sellers due to its practicality, religious significance, and ancient beliefs. However, it is important to be mindful of practicalities and consider other factors when choosing a completion date.
Pros and Cons of Completing on a Friday Versus Other Days of the Week
When it comes to completing on a property purchase, many people prefer to do so on a Friday. However, there are both advantages and disadvantages to this decision. Let’s dive into the pros and cons of completing on a Friday versus other days of the week.
- Pros:
- Weekend move-in: One of the biggest advantages of completing on a Friday is that it allows for a weekend move-in. This means that buyers and sellers have two full days to get settled into their new home, without having to take time off work during the week.
- Time to resolve issues: Completing on a Friday also allows for more time to resolve any issues that may pop up during the final stages of the transaction. If any last-minute problems arise, there is still time to sort them out over the weekend before the new workweek begins.
- Less disruption to work: Completing during the week can cause disruption to work schedules, especially if time off is required. Completing on a Friday allows for a smoother transition, without any disruption to the working week.
- Cons:
- Rushed completion: Completing on a Friday can often result in a rushed process due to the desire to get everything done before the weekend. This can sometimes lead to mistakes being made, which can cause unnecessary stress for both the buyer and seller.
- Bank processing times: Banks typically close earlier on a Friday, which can cause delays in the completion process. This can be particularly problematic if funds need to be transferred on the day of completion.
- Increased demand: Due to the popularity of completing on a Friday, there may be increased pressure on conveyancers and other professionals involved in the process. This could impact the quality of service provided and cause delays.
Ultimately, there are pros and cons to completing on a Friday versus other days of the week. It’s important to weigh up these factors and decide what will work best for your particular situation. Whether you choose to complete on a Friday or another day, it’s important to have a plan in place and work with professionals who can help ensure a smooth and stress-free completion process.
The role of estate agents in scheduling Friday completions
Completing on a Friday is often seen as the best option for homebuyers. It allows for a weekend to move in and get settled before the workweek starts again. However, the process of scheduling and coordinating a Friday completion is not always an easy one. This is where estate agents come in. Here are some of the ways that estate agents can help with scheduling Friday completions:
- Estate agents can liaise with the solicitors and conveyancers involved in the transaction to make sure that all necessary paperwork and funds are in place for the completion to go ahead on the agreed date.
- They can coordinate with the sellers and buyers to ensure that everyone is available on the scheduled completion date and that there are no last-minute changes or issues.
- Estate agents can also provide advice and guidance on the best time to schedule a completion, taking into account factors such as school holidays, bank holidays, and other events that may affect the moving process.
Overall, estate agents play a crucial role in ensuring that Friday completions run smoothly and that homebuyers can move into their new property without unnecessary stress or delays.
In some cases, estate agents may even offer additional services to help with the moving process, such as recommending removal companies or service providers. By providing a comprehensive range of services, estate agents can make the entire home buying process more streamlined and efficient for their clients.
| Benefits of using an estate agent for Friday completions | Drawbacks of not using an estate agent for Friday completions |
|---|---|
| Estate agents can provide expert advice and guidance on the moving process, including when to schedule a completion and how to prepare for the move. | Without an estate agent, it can be difficult to coordinate the different parties involved in a completion and ensure that everything runs smoothly. |
| Estate agents can help with paperwork and legal requirements, reducing the risk of mistakes or delays. | Without an estate agent, buyers and sellers may need to handle legal and administrative tasks on their own, which can be time-consuming and stressful. |
| Estate agents can offer additional services and recommendations to help with the moving process, such as connecting clients with reliable removal companies or service providers. | Without an estate agent, it can be difficult to find reliable service providers or ensure that everything is in place for the completion date. |
Overall, using an estate agent for a Friday completion can provide numerous benefits and help to ensure that the entire moving process runs smoothly and efficiently. By taking advantage of their expertise and services, homebuyers can reduce stress and enjoy a hassle-free transition into their new home.
Tips for a Smooth and Stress-free Friday Completion Process
If you’re buying or selling a house, the completion process can be stressful and overwhelming. With so many things to remember and tasks to complete, it’s important to have a plan in place to ensure everything goes smoothly on completion day. Here are some tips to help make your Friday completion stress-free:
- Get organized: Make a list of everything you need to do before completion day and start ticking them off one by one. This will help you stay on track and avoid any last-minute panic attacks.
- Communicate effectively: Keep in touch with your solicitor, estate agent, and mortgage lender to ensure everyone is on the same page and aware of what is expected of them. This will help ensure a smooth process on completion day.
- Prepare your finances: Make sure you have enough funds available to complete the transaction. Speak to your mortgage lender beforehand to ensure you have all the necessary paperwork in order and that your funds are readily available.
- Double check everything: Check the completion statement carefully to make sure everything is correct, including the final balance, payments received, and fees due.
- Get professional help: Hiring a conveyancing solicitor or property expert can help take the stress out of the process. They can handle the legal paperwork and ensure everything is done correctly and on time.
The Importance of a Smooth Completion Process
A smooth and stress-free completion process is essential for any buyer or seller. Not only does it help to ensure the transaction is completed without any hiccups, but it can also help to reduce stress and anxiety. This is especially important if you’re moving home at the same time as completing a property transaction.
There are many benefits to a smooth completion process, including avoiding any unnecessary delays, ensuring the funds are transferred promptly, and avoiding any potential legal issues. It can also help to avoid any negative impact on your credit rating and protect your financial investments.
By following the tips listed above, you can help to ensure a smooth and stress-free Friday completion process. With the right planning and preparation, you can enjoy the excitement of moving into your new home without any unnecessary stress or worry.
A Checklist for Completion Day
| Task | Who is responsible? |
|---|---|
| Signing of the transfer deed and mortgage deed | Buyer and seller |
| Payment of the final balance and fees | Buyer |
| Transfer of funds and exchange of deeds | Solicitors on behalf of buyer and seller |
| Notification to utility companies and local council | Buyer or seller |
| Collection of keys | Buyer |
Completion day can be hectic, so it’s important to have a checklist in place to ensure you don’t forget anything important. The above list provides an overview of the main tasks that will need to be completed on completion day, along with who is responsible for each task. By checking off each item on the list, you can help ensure a smooth and stress-free completion process.
Strategies for dealing with unexpected issues that may arise on completion day.
Completion day can be a stressful experience for both buyers and sellers. From last-minute complications in the chain to issues with the property, there are several unexpected problems that may arise on the day of completion. Therefore, it is important to have strategies in place to deal with these issues and ensure a smooth completion process.
- Communicate effectively: Communication is essential when it comes to dealing with unexpected issues on completion day. Keep in touch with all parties involved in the transaction, including estate agents, solicitors, and the lender. Be transparent about any issues and provide updates on progress towards a resolution.
- Have a contingency plan: It is essential to have a contingency plan in place in case anything goes wrong on completion day. Ensure that you have access to sufficient funds in case of unexpected expenses and have a backup plan in case of a delay in the completion process.
- Stay calm: It’s important to keep a cool head and stay calm when dealing with unexpected issues on completion day. Take a step back if you need to and take a deep breath before reacting to any issues. This will help you to think more clearly and make rational decisions.
Here is a table of some common issues that may arise on completion day and the strategies that can be used to deal with them:
| Issue | Strategy |
|---|---|
| Delay in completion | Have a backup plan and communicate effectively with all parties involved to resolve the issue |
| Issues with the property | Get an expert opinion, negotiate with the seller, and consider delaying completion until the issues are resolved |
| Funds not transferred on time | Have a contingency plan in place and communicate effectively with the lender to resolve the issue |
Overall, the best way to deal with unexpected issues on completion day is to be prepared, communicate effectively, and stay calm. By having these strategies in place, you can ensure a smoother and less stressful completion process for everyone involved.
Alternatives to Friday completions and when they may be appropriate
While Friday is the most common day for house completions, there are alternative options that may be better suited for certain situations. Below are some of the main alternatives and when they may be appropriate.
- Midweek completions: If you want to avoid the busy Friday period, or need a quicker turnaround, midweek completions can be a good option. However, it’s important to note that it may be more difficult to arrange time off work or have removal companies available on weekdays.
- End-of-month completions: Completing towards the end of the month can be useful for those who are on a tight budget, as this can help to reduce the holding costs of two properties. Additionally, many rental agreements end on the last day of the month, so this can help with coordinating moving out of rental properties and moving into the new home.
- Off-peak season completions: Summer is typically the busiest time for house completions, so it may be more difficult to secure removal companies or solicitors. If possible, consider completing during quieter times such as autumn or winter when there may be more availability.
It’s important to discuss your requirements and preferences with your solicitor and estate agent to determine the best option for you.
Closing thoughts
Completing on a Friday is certainly the most common option, but there are alternatives that may be more appropriate for certain situations. Whether you opt for a midweek completion, end-of-month completion, or off-peak season completion, make sure to communicate your needs and preferences with your solicitor and estate agent to ensure a smooth and stress-free completion process.
Remember, a completion date is just the beginning of an exciting new chapter in your life, so celebrate accordingly!
FAQs: Why do houses complete on a Friday?
1. Why is Friday the most common day for completing a house sale?
Friday is the most common day for completing a house sale because it allows time for any last-minute issues to be resolved before the weekend, and gives buyers and sellers time to move in over the weekend.
2. Does completing on a Friday affect the sale price?
No, completing on a Friday does not affect the sale price. The sale price is agreed upon before the completion date.
3. What happens if completion can’t happen on a Friday?
If completion can’t happen on a Friday, it can be rescheduled for another day, but this can cause delays and additional costs.
4. Can completion happen on a different day of the week?
Yes, completion can happen on any day of the week, but Friday is the most popular choice.
5. Who decides the completion date?
The completion date is usually agreed upon by the buyer and the seller, but it is ultimately decided by their solicitors or conveyancers.
6. Is completion the same as exchange?
No, completion is not the same as exchange. Exchange is when the contracts are signed and the sale becomes legally binding, while completion is when the money is transferred and the property officially changes hands.
7. What happens on completion day?
On completion day, the buyer’s solicitor sends the purchase money to the seller’s solicitor, who then confirms the receipt of funds. Once the funds have cleared, the keys to the property are released and the buyer can move in.
Closing Thoughts
Well, that’s all for our FAQs on why houses complete on a Friday. We hope this article has been informative and helped to answer any questions you may have had about this topic. Thanks for reading and be sure to check back soon for more real-life articles like this!