What To Expect On Completion Day – How To Prepare For Completion, Get the Keys & Start Moving In To Your New Home

Getting through the completion stage and the legal loop holes can be a stressful experience when waiting for the solicitors and conveyancer to nail down the deal and forward moneys into your account so that the completion of a property can go ahead. The completion process is the final process of buying a new home and getting on to the property ladder. Completion day is a massive and exciting day for home buyers and home movers as this is the day money is transferred and you can get the keys and finally move into your new home.

Buying Or Selling A House? What Happens On Completion Day? How To Prepare For Completion Day On Your New Home?

The exchange of properties and the completion stage of buying a new home is handled and managed by an appointed solicitor and conveyancer who will be acting on behalf of the buyer and seller.

The seller is responsible for drawing up contracts to transfer onto the buyers agents. The contract should include information regarding:

  • The price you want for the property
  • The essentials that are included (like carpets, kitchen and bathroom fittings)
  • Planning restrictions
  • The services on the property, (new foot path or walls etc)
  • When the sale should be completed by

Your solicitor or conveyancer will deal with all the negotiations on your behalf, liaising with the buyer & seller.

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Exchanging Contracts When Buying or Selling A House

Once all terms and conditions have been approved, agreed and signed by both parties is the contract legally binding and the exchange can go through. When the exchange takes place the new homeowner will be added to the land registry.

Once the contacts have exchanged the buyer must pay a deposit which is usually 10% of the purchase price of the property. If the buyer pulls out they stand the chance of losing their 10% deposit. If the seller pull out the buyer could sue for compensation and time wasted.

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What Are The Best Days For Completion To Go Ahead

Many people tend to complete on Friday’s as they get the weekend to unpack and settle into their new home. There are many issues and reason why you should avoid moving on a Friday at all costs. As every one wants to move home on Fridays removal companies often charge more money for moving on Fridays. Solicitors and estate agents are so busy dealing with every one else who wants to move home on a Friday that when you call you can never get through to an agent. Many banks close their CHAPS banking transferring system early on a Friday which means that if there is a delay in transferring your money, the move might have to be put off until the next working day. Problem is banks, solicitors and estate agents are normally close over the week-end. There are many hiccups that can occur on the run up to completion, be prepared and gather as much information in writing from your solicitor, estate agents and conveyancer as possible.

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Issues That Can Cause Delays On Completion Day

The most common problems for delays on completion day include:

  • No Mortgage Money
  • No Completion Money
  • Unsigned Documentation
  • No Money Received From Buyers

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How Soon After Completion Will The New House Keys Be Released

The actual time it takes for your new house keys to be released, will depend on how many people are in the moving chain and where you are positioned within the moving chain. For example if you at the front of the chain you may receive your keys right away as you would be the first person to complete and the process goes on till the final person in the moving chain has completed. If you have a solicitor and estate agents that are on the ball you may receive your new house keys all in good time. Usually 10:30 am for the 1st person in the moving chain and about 14: 30 pm for the 4th person in the moving chain.

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