You've got the keys. Congratulations - genuinely. Now comes the part nobody prepared you for: the first year. Financially demanding, emotionally mixed, occasionally chaotic. This module is your survival guide.
What completion day actually looks like
Completion day is when the remaining balance of your mortgage funds are transferred from your lender to the seller via your solicitor. The seller then vacates, and the estate agent hands over the keys - usually mid-morning to early afternoon, though this varies. It is rarely a dramatic, emotional key moment. It is more often an anticlimactic phone call and a set of keys passed across an estate agent's desk.
That's not a criticism. It's just useful to know - because many people build up completion day as the finish line, and then feel oddly flat when it arrives. The feelings come later, usually when you're sitting in an empty room surrounded by boxes, and it sinks in that it's yours.
Buildings insurance must be in place from the date of exchange - not completion. If something happened to the property between exchange and completion and you weren't insured, you'd still be legally obligated to complete the purchase.
Completion day checklist
What to do on the day
Before you get the keys
Confirm with solicitor that funds have been transferredDon't leave for the estate agent until you've had this confirmation
Buildings insurance is active from today
You have ID to collect the keys from the agent
Removal company / van is booked and ready
When you get in the property
Take meter readings - gas, electricity, waterPhotograph them. You'll need these for your first bills.
Locate the stopcock (water shut-off) and test itUsually under the kitchen sink. Know where it is before you need it.
Locate the fuse box / consumer unit
Locate the boiler and check it's working
Check all locks - front door, back door, windowsConsider changing locks. Previous owners and their contacts had keys.
Check the previous owner has left everything agreed (fixtures, fittings, white goods)
Check nothing has been damaged since the viewing
First week notifications
Register with energy suppliers (or switch if you want to change)Take meter readings to supplier on day one
Register with water provider
Register for council tax at your new address
Redirect post from previous address (Royal Mail redirection service)
Update address with employer, HMRC, DVLA, bank, GP
Update address on electoral roll (gov.uk/register-to-vote)
Check if previous owner has left a forwarding address for any post
Book a locksmith to change the locks
First year finances
The financial reality of year one
Why year one is expensive
Even if you budgeted carefully for buying costs and moving costs, the first year of ownership brings its own financial demands. The property will need things. You'll want things. Some of both will be genuinely urgent.
The rule of thumb is to budget 1% of the property value per year for maintenance. On a £250,000 property, that's £2,500 per year - or about £200/month. For older properties, budget higher. This is separate from your mortgage, your bills, and your furniture spend.
Category
Budgeted (£)
Actual (£)
Notes
Essential furniture
White goods (if needed)
Decorating
Repairs (year 1)
Garden
Unexpected costs
Final reflection
We did it
The reflection exercise - for after completion
Come back to this page after you've moved in. Give yourself a week to settle, then answer these questions. They're worth writing down.
What comes next
You've bought your first home. The next chapter is building wealth inside it. The Starting Line and Build Up courses are where that journey continues.
You've completed the completion day checklist - nothing missed
Meter readings taken and photographed on day one
All address notifications sent within the first week
Locks changed
Year one budget is set with a maintenance buffer in place
Final reflection completed - written down, not just thought about
Educational worksheet only. Not financial advice. The Investing Couple is a personal finance content brand. For mortgage, legal or financial advice specific to your situation, speak to a qualified adviser.