What happens on completion day?
Completion day is when all the legal and financial work associated with buying or selling a house is finalised by a conveyancing solicitor. This transfers the ownership of the property from the seller to the buyer; however, there are several things to complete to ensure a straightforward and smooth process.
The completion day
The first step is to maintain contact with your conveyancer and to act as a mediator to ensure completion day goes to plan. It is your responsibility to understand what occurs throughout the day.
If you are the seller, you must move out of the home, as completion day marks when the property legally changes ownership. Ensure that you vacate the home within the pre-agreed time stated in the contract, which is usually between 7 and 28 days.
Completion day is the final step in the conveyancing process for both the seller and the buyer of a property. The conveyancer for the buyer will transfer funds to the conveyancer for the seller, with the buyer receiving the keys and able to move in.
There are many conveyancing solicitors London, such as https://www.samconveyancing.co.uk/conveyancing-solicitors/conveyancing-solicitors-London.
The completion day process
With the completion date agreed between the buyer and their conveyancer and the seller and their conveyancer, here is a breakdown of what actually occurs on completion day:
1. The buyer becomes the registered owner of the property, with the documents and transfer deed signed by the seller.
2. Contact is maintained between both conveyancing solicitors throughout completion day.
3. The buyer’s conveyancer pays any outstanding invoices and bills from the move.
4. The conveyancer is responsible for transferring the final funds to the seller from the buyer.
5. The conveyancer for the buyer will fill out a transfer form that changes the ownership information held by Land Registry to the buyer from the seller.
6. Finally, the conveyancer for the buyer will speak to the estate agent to release the property’s keys to the buyer when the seller has moved out of the property.
Money transfer on completion day
The transfer of the final funds from the buyer to the seller is the main activity on completion day; however, the seller’s conveyancer pays disbursements, including fees to the buyer’s conveyancer and estate agent fees, before the final funds can be transferred. The seller’s conveyancer will then transfer the final funds.