Completion day, the last step in the process of your house sale/ purchase, the day you finally own your property and collect your keys from the estate agent.
Essentially it is all down to transferring the funds associated to the purchase.
On this day it is down to your conveyancing solicitor to confirm the transaction and release funds, deal with the with the associated paperwork and deeds, and also sign off on mortgage completion statements.
One of the most important pieces of a property sale, is for the buyer’s solicitor to check all mortgage conditions have been met and thereafter request funds from the lender. Meanwhile the seller solicitors will request a Redemption Certificate if there’s an existing mortgage loan on a property.
Both solicitors will then file completion statements of all payments made and received and also request for any invoices to be paid on completion.
Once final checks have been made, it is then the buyer’s solicitor who will make a same day bank transfer.
At this point the seller’s solicitor will confirm receipt of funds and release the keys from the estate agent. They also ensure any charges are paid, including the seller’s estate agent fees.
The buyer is then free to move in to the property.
If at any point on the day there are issues concerning transferring money from the lender to the buyer’s solicitor this will delay the property purchase.
Typically a cut off is given at 3pm, if the mortgage funds are not with the seller’s solicitor by the point then the sale will move on to the next working day.
Failure to pay on completion day will result in a fine, however if this is down to a lender issue then they will be liable for these costs.
There are some things you can do to prevent this happening. Obviously an internal banking system is outwith your control, but by keeping in regular contact with your conveyancing solicitor and having your funds and paperwork ready and in order you can avoid unnecessary delays.
Another thing you can prep before your completion day is a removals company, as anyone selling their property will need to be out by 12 noon that day. It can even help to move some items in to storage a few weeks in advance to avoid any stress and time constraints.
Whether you’re a first time buyer or a current home owners looking to sell your home and move on to pastures new, the Nicol Team are on hand to assist.
Visit us in person at our Newton Mearns or Clarkston office.