The one question that all clients ask their conveyancer once contracts have been exchanged on their sale or purchase is always: what do I need to do now? Whilst the conveyancer will be taking care of the legal side of this final stage, Kausiha Baskaran explains a few matters that clients should arrange between exchange and completion:
When you are purchasing a freehold property, you will need to arrange your own Buildings’ Insurance and Contents Insurance for the property. You should make sure that the terms of your Buildings’ Insurance Policy are satisfactory and that the Insurance Company are able to place the buildings on cover on the day of exchange.
This is not applicable if you are buying a leasehold property, as the Landlord or Management Company arrange the Building Insurance of the Property so you only to arrange insurance of the Contents.
If this has not already been arranged, you will need to ensure that you have contacted and made arrangements with a removals and/or storage company in order to prevent any delays on day of completion.
As a seller, the property is usually provided to the buyers with vacant possession, unless different circumstances apply such as tenanted properties. Vacant possession requires you to remove all items that are not listed as included in the sale from the property, clear all rubbish inside and outside the house and to leave empty waste and recycle bins at the property. You will know which items from the property are included in the sale of the property as you would have completed the Fittings and Contents Form prior to exchange.
As a buyer, on the day of completion, you should let your conveyancer know if there are items left at the property that was not agreed prior to exchange of contracts or if an agreed item has not been left at the property. The conveyancer will get in touch with the seller’s solicitors and make suitable arrangements to get this removed.
You should take meter readings where applicable and start to think about transferring accounts over to the new property or where you will be moving into to avoid additional charges as a result of delay. You should inform the council that you will be moving so that you can settle any unpaid amounts in terms of council tax bills. Many broadband internet providers require time to move over the connection from one property to another, as there is equipment and engineer help required.
Whether you are buying or selling, you would want your post redirected to where you will be residing. You can go to your local post office or go online where you can complete this through the Royal Mail Redirection service.
Your conveyancer will be providing a completion statement showing you either how much money you will to send us prior to completion for your purchase, or, the amount of sale proceeds you will be receiving on the day of completion.
Where there is a linked sale and purchase, the conveyancer will check with you whether the sale proceeds will be used to fund the purchase and then prepare the completion statement accordingly.
You must ensure that the requested funds should be transferred to us at least one working day before the day of completion.
You can drop the keys off to the estate agents once the property is vacated or you can drop them off in the morning of completion. As the buyer, your conveyancer will inform you when the keys are ready for collection.
Day of Completion
On a sale, the conveyancer will be waiting for the buyer’s solicitors to send the completion funds. Once this has been received, the conveyancer will call you to confirm that completion has taken place and then call the estate agent to release the keys to the buyers.
On a purchase, the conveyancer will transfer the completion funds to the seller’s solicitors and wait for them to confirm that this has been received. The buyer’s solicitors will also confirm whether the estate agent has been instructed to release the keys to you. The conveyancer will then call you to confirm that completion has taken place and you can move in!
In terms of timings, this all depends on when the funds have been transferred and the banking system. Mostly, completion takes place by 2pm or earlier, however the time will mostly depend on the funds being transferred without any complications. Your conveyancer will confirm if completion will take place later than 2pm.
These are just a few points to remind you on what is required between exchange and completion. This will also depend on the type of transaction that will be completing. Your conveyancer will confirm if anything further will be required and how to overcome any last-minute hurdles.
If you want to know more about the Conveyancing Process between Exchange and Completion or want an informal no-obligation discussion with our Residential Property team call 01323 407555 or email firstname.lastname@example.org
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