How to get ready for completion day
You may have been patiently awaiting this day for a few months, if not longer, but finally completion day has arrived! This day should be exciting because you are moving into a new home and starting a new chapter in your life. It is the day that money for the property is transferred and that you should be picking up the keys. It is completely normal to wonder what completion day actually entails so here is a handy little guide which will give you a good overview of what to expect.
Whilst completion day, in the majority of cases, goes without a hitch, unfortunately there are certain situations when things may go wrong. Sometimes for example, your mortgage provider may not transfer the money in time to your Solicitor (usually by 3pm) which means you will need to wait until the next day. Another stumbling block is being in a ‘chain’. If a chain somehow breaks, which can often be down to a plethora of reasons, such as someone backing out, you could be back to square one. Although this is rare, this type of pitfall is more likely to happen if you are in a chain. Sadly, there is little that can be done if one party backs out before completion.
Keeping in Touch With your Conveyancer
Conveyancers should keep you informed regarding completion and that means updating you every step of the way. Keeping in close contact with your conveyancer means that you shouldn’t get any nasty surprises. However, you also have a duty to call your conveyancer for an update. On completion day, make a call to your conveyancer and ask what time the transfer is expected to take place. Don’t be afraid to follow up on this call early afternoon to check that everything is on track. You want the funds to go through before 3pm otherwise you will have to start again the following day! Communication is key in this situation – by keeping up regular contact with your conveyancer you can also be assured that everything is running smoothly and nip any potential pitfalls in the bud.
Picking up the Keys
After successful completion, you will want to pick up the keys to your new home. You should normally plan for this in advance of completion day. You can usually collect keys from your estate agent or you may make arrangements with the previous owner to collect them at a mutually agreed time.
Completion day should normally be stress free, but always be mindful of the potential stumbling blocks and do as much as you can to mitigate any potential issues by being proactive and keeping in contact with your conveyancer. If you do this, you should find it’s fairly hassle-free.
HS Lawyers are property law experts and licensed conveyancers based in West Bromwich Birmingham, Wolverhampton and Peterborough. Our experienced property lawyers are readily available to guide you through the process of all the legal aspects involved when buying a property. If you are looking to buy a property and require legal assistance please feel free to contact our property law expert team based in West Bromwich Birmingham, Wolverhampton and Peterborough. You can contact us by calling on 0121 525 2555/3100 or fill in the contact us form and we shall be happy to assist.