Why is this important?
This is the day you will legally own or sell a property. You will only receive the keys to your new home once the seller’s solicitor has confirmed all the funds have been transferred successfully. There is usually a gap between the exchange of contracts and completion day – on rare occasions, this can happen on the same day, but this gap can be anything from one day to one month (or more) depending on the completion date agreed between buyer and seller. This is the period of time where you ensure all the funds are in the correct places in preparation for completion.
The Land Registry will be contacted to ensure there have been no changes to the legal title of the property since the initial query. When you are selling, your solicitor will liaise with the buyer’s solicitor over the transfer of funds and arrange for any outstanding mortgage to be repaid. When you are buying, your solicitor will calculate the balance of financing required to purchase the property, deducting the deposit that has already been paid and arranging the electronic transfer of the remaining funds from your lender to the seller’s solicitor. You will also be asked to provide any outstanding deposit to your solicitor.
What we do
For a purchase, your solicitor will:
• Transfer the outstanding funds to buy the property to the seller’s solicitor
• Arrange how you will collect the keys on completion
For a sale, your solicitor will:
• Confirm receipt of the transferred funds from the sellers solicitor
• Arrange with you how to drop off the keys on completion