You may have been waiting a long time to finally sell your property, or get your hands on the keys for a new one, but when completion day arrives, what can you expect?
This is the end of the conveyancing process and there are a few steps to follow to ensure that all goes well, prime among these will be keeping communication channels open between yourself and your conveyancer. Details of the conveyancing process can be found online at sites such Sam Conveyancing.
Transfer of monies
As the vendor, completion takes place when your conveyancer receives monies owed from the purchaser, you leave the property and your representative hands over the documents you have signed to the purchasers conveyancer.
At this point, your mortgage, if you have one, will be paid off, estate agent’s fees will be settled, outstanding professional fees will be paid and you will receive the outstanding balance from the sale.
For the purchaser, the most important issues are the transfer of funds on the day. This will be done by your conveyancer. At this point the vendor’s representative will confirm receipt of funds to the estate agent who will be authorised to hand over the keys to the property.
Next, both the vendor and purchaser will be notified that completion has occurred and both parties can move to the next stage, vacating and occupying the property.
Although this might sound like a smooth process, there can be complications when a property chain is involved, and this is by no means unusual. There may be multiple deals involved in a chain as purchasers and vendors are dependent upon their deals being arranged on the same day.
Often, this is not possible and even if you are not involved in the chain, it could affect your completion date. If no chain is involved, a popular day for completion is a Friday, and 11am is the optional time to transfer funds, giving everyone time to arrange a convenient move. If a chain is involved, expect around a two hour delay from the first transfer of funds for the next link to be completed.
One question raised, where no chain is involved and both parties are keen to move the process along as quickly as possible, is whether exchange of contracts and completion can take place on the same day. This is not advisable, since so many things can go wrong during the 28 day period which often stretches between the dates. Remember this is one of the most important contracts you will enter into. Do not rush it to completion.
Finally, if you are buying a new build, the process may be different.