The Completion Stage is the fifth part of our in-depth look at the various stages of the conveyancing process. Part 5 follows on from Parts 1-4, where we covered the initial steps, the early stages to any conveyancing transaction, the enquiry stage and exchange of contracts.
Today is the day when the keys and the money change hands; the day eagerly awaited since you agreed the transaction. Whilst this can be very exciting it can also be worrying and bewildering for anyone who is not entirely familiar with the process.
You have progressed through the legal transaction, exchanged contracts, booked removals and are packing up ready to move; so what are your solicitors doing?
If you are the first purchasers in the bottom of the chain we will be sending out the completion monies as early as possible on the day of completion. If you have a sale we will be waiting for money to be received before we can send this out on a related purchase or to your chosen bank account.
When vacating the property (selling without a tenant in situ) you are required, under the terms of the contract you signed, to leave the property fully clear of all items which were not specifically stated as being left in the Fittings and Contents form. This includes all lofts, garages, sheds, gardens and any other areas the property may have. The purchaser may be able to seek cost from you for any clearance service required if the property is not successfully cleared.
Legal completion has occurred when the selling solicitors have received the completion monies from the purchasing solicitors. If you are purchasing and not yet ready to collect the keys from the Estate Agents you do not need to at this stage; they will be available to you when you are ready. If you are selling and have not yet fully vacated the property you have until the completion time recited in your contract. This is often 2pm although you will have been advised of the actual time by your solicitors prior to exchange.
Once the completion monies have reached the sellers’ solicitors they will call their client, the buyers’ solicitors and the Estate Agents. The buyers’ solicitors will call their client to confirm completion.
A selling solicitor will now redeem any mortgage secured on the property, pay the Estate Agents and send you any sale proceeds. They will also send the transfer you signed to the solicitors for the purchaser to facilitate their post completion works.
A purchasing solicitor will submit the Stamp Duty Land Tax return and pay any sum due to HMRC on your behalf. We then await the completion papers to the solicitors for the sellers in order to register you as the new owners of the property.
Completion has happened and you have now received your keys or sale proceeds – Congratulations!
At SO Legal our Eastbourne, Brighton and Uckfield Conveyancing lawyers provide swift, efficient and cost effective legal solutions for all your conveyancing needs. Call us TODAY on 01323 407555