It’s National Conveyancing Week this week, a week long campaign designed to help people better understand the conveyancing process. Today, in collaboration with Mike Dobson Estate Agency, we help you understand a little better what to expect when you are completing on a property purchase.
So, you’ve exchanged contracts and completion day has finally arrived! But what is completion and what should you expect?
What is Completion?
Completion is arguably one of the most important stages of the conveyancing process after exchange of contracts. Legally, it is the final part of the buying process, when the property ownership is transferred from the seller to the buyer.
This is the day that the seller must vacate the property. The contract which both the seller and buyer sign, has certain provisions called “special conditions”. These conditions contain information such as what time the property has to be empty by. Your solicitor will make you aware when sending documents for signing, what time you need to vacate by.
Practically, completion is the day you receive your keys to your new home and move in to the property.
When is Completion Day?
When exchange of contracts takes place, the contract is dated with the completion date agreed by the chain. Your solicitor will have discussed this date with you in advance and you will have agreed that date is suitable for you. Completion is always on a weekday, so the money is transferred and the transaction confirmed on the same day.
Friday is usually a popular option, giving the buyers enough time to move in and unpack over the weekend. You can usually find us lawyers having a very busy Friday!
One Week Count Down To Completion!
Mike Dobson Estate Agent recommends that if you choose them as your agent for your move, you can be assured of top quality service. A week before your move, we will send you a handy check list with tips and things to remember, such as:
- Who you need to notify that you have moved home (banks, doctors, post office etc);
- Ensuring you have arranged a mail redirect;
- Paying all outstanding home bills, including milk, window cleaner and gardener;
- Making arrangements for young children for the day of completion – no one wants an overly tired toddler whilst trying to juggle boxes;
- Look after your pets by using proper pet carriers for them to travel in.
Mike Dobson also advise to touch base with the seller a few days before completion to discuss the keys and when to hand them over. Similarly, they also speak with the buyer to advise them that on completion day, they will let them know once they have heard from the sellers solicitors releasing the keys.
What Happens on Completion Day?
Step 1 – Funds are sent from the buyers solicitor to the sellers solicitor. We are in the hands of the banking system, so unfortunately we cant provide a time completion will take place.
If you have just a purchase, then funds are sent to the sellers solicitors early morning, as we already have your mortgage funds. Where we can, we ask for the lender to send the mortgage funds to us the day before. So we can send the purchase monies out as early as possible on completion day.
Step 2 – Once the Funds are received it is the sellers solicitors job to then call the buyers solicitor and advise them that money has landed. They also then call their client to let them know and check how they are getting on with vacating the property. The sellers solicitor will then call the agent to advise that keys can be released.
Step 3 – Key collection & paperwork. Mike Dobson Estate Agency advises that on completion, once we get the call from the sellers solicitors, that’s when we give the buyers a call and advise either that we have the keys and they can collect or that the seller is still packing up and the keys will be dropped off shortly.
So, we’ve advised you that completion has taken place. In the background, we will also be dealing with repaying your existing mortgage lender and paying agents fees. If you are buying, submitting your stamp duty form and putting in place any indemnity polices.
What Happens After Completion?
After completion takes place, your solicitor is then tasked with updating the Land Registry. This is when the property register changes from seller to buyer. This can take a significant amount of time depending on the transaction type, as we have to wait for Land Registry to process the application.
Contact us
☎️ Call our Wakefield office on 01924 290 029
☎️ Call our Garforth office on 0113 246 4423
☎️ Call our Sherburn in Elmet office on 01977 350 500
☎️ Call our Mapplewell office on 01226 339 009
☎️ Call our Ossett office on 01924 586 466
The content of this blog post is for information only and does not constitute formal legal advice and should not be relied upon as advice. Thornton Jones Solicitors Limited accepts no liability for any such reliance upon this content. Where the post includes links to external websites, Thornton Jones Solicitors Limited accepts no responsibility for the content of such sites. Any link to a third-party website should not be construed as endorsement by Thornton Jones Solicitors Limited of any content, products or services which are outside our direct control.
