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Completion Day Checklist

If you are moving home, there is much to consider on the day of completion. Property solicitor Claire Simmons has some tips.

If you are buying a property and obtaining a mortgage, your solicitor will most likely advise you to that they should put in their request for the mortgage advance for the day before completion to ensure things go smoothly on completion day.

Although you will be charged interest on the mortgage from the day the funds are received through the banking system, you will be contractually obliged following an exchange of contracts to complete your purchase on the completion day by a specified time in the contract for the sale of the property. This will usually be 2pm.

However, if you are a long chain it is likely that the time specified for completion to take place in the Contract will be earlier.

If you do not complete your purchase by the time specified in the Contract then you would be liable for any financial losses incurred by the seller and ultimately any other party in the chain. For example, removal costs, temporary accommodation, etc.

If you have any balance of funds to pay to complete your purchase transaction, your solicitor will usually also advise you to send these to their firm’s client account to arrive with them the day before completion at the latest.

On the completion day, your solicitor will send the purchase monies less any deposit which has already been paid on exchange of contracts to the seller’s solicitors by way of bank transfer. It can sometimes take a few hours for the funds to move through the banking system. If you are in a long chain or there is a delay then you may not move until late in the day.

Once the seller’s solicitors have received the funds from your solicitor, the seller’s solicitor will contact your solicitor and also the estate agent to advise that keys can be released. You will then be able to go to the estate agents to collect the keys. If it is a private sale, you will need to make separate arrangements with the seller to collect the keys then you can move in.

If you have a related sale transaction you will need to drop the keys off with the estate agent. You are under an obligation to hand over all of the keys relating to the property so if other family members or friends have the keys, then you will need to inform them to hand the keys over to the estate agents.

You will also need to ensure that you have taken a note of all of the meter readings for the relevant utility suppliers such as gas, electricity and water and notified the relevant providers accordingly. In addition, you will also need to inform the Local Authority that you no longer own the property for Council Tax purposes so that they can contact the buyer.

If there is a mortgage on the property you are selling, your solicitor will repay the mortgage from the sale proceeds on completion. Once completion takes place, you will need to ensure that you have cancelled your direct debit for the mortgage payment for the old mortgage and you will need to cancel the buildings insurance on the property you are selling.

For more information on the issues raised by this article, please get in touch.

Please note that this briefing is designed to be informative, not advisory and represents our understanding of English law and practice as at the date indicated. We would always recommend that you should seek specific guidance on any particular legal issue.

This page may contain links that direct you to third party websites. We have no control over and are not responsible for the content, use by you or availability of those third party websites, for any products or services you buy through those sites or for the treatment of any personal information you provide to the third party.

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