Completion Day – a complete guide
Completion Day: You’re almost there. After a seemingly endless procession of surveys and searches, today is the day where you finally move in to your new home!
The kids are ready, everything is bubble wrapped and packed neatly into the van and you are chomping at the bit to get into your new home and put the kettle on.
But there is still one last obstacle for you to overcome before your are given your new set of keys…completion day.
In theory, completion day is the easy bit, with both sides committed to the sale and the paperwork done. 99 times out of 100, this goes well.
Completion must take place on a weekday – when the banks are open! When buyers (and their mortgage companies) pay over their money they must have the keys.
On completion, the monies are transferred and the contents of your home loaded and delivered and somehow this all has to come together for the ‘completion time’ of 1:00 pm.
Everyone in the chain aims to do the same thing, they all need to complete on the same day so that funds from the sale can be used for the purchase. Each link in the chain has to wait until the one below it has completed before they too can complete.
Usually the money will be moving faster than the furniture and this only causes a problem if the person moving out is taking too long. The buyer must have sufficient daylight hours to move in. If you are moving yourselves please bear this in mind.
We advise our clients that they should aim to vacate their property by midday and anticipate access to the new property by 1:00 pm (and to go to lunch in the meantime!)
Once the money is received by the sellers’ solicitors, they call the agents and authorise them to release the keys. Provided the agents have the keys all is fine but they can only release keys if the sellers have moved out.
The monies are sent by CHAPS – same day cleared funds – but the only guarantee the banks give is that the monies will be with the recipient bank by close of business that day. It is therefore imperative that the buyer’s own monies and those of their mortgage lender are sent to their solicitor at least one working day before completion, to ensure that everything can happen smoothly on completion day.
Wheelers Solicitors specialise in residential conveyancing on the Isle of Wight. If you would like an online quote for your sale and/or purchase please click here. Alternatively, please call us to discuss your requirements on (01983) 533938 or contact us here.