Here at John Fowlers Solicitors, we’re proud to be a leading law firm in Colchester and across Essex. Our firm has provided conveyancing services for more than 97 years. Every property transaction is different but there are some steps that you can take to ensure that the process runs smoothly. It’s also a good idea to familiarise yourself with the processes involved with completion day and some of the terminology that may be used. Your conveyancing solicitor should walk you through all of this information but it’s useful to be prepared in advance too. So, our team has compiled some information on everything you need to know about completion day…
What is Completion Day?
Completion day is the final step in the home buying and selling process. It’s the day that funds are transferred, the buyer receives the keys to their new home and can move in. Completion day is decided between the buyer and seller via their solicitors. Your conveyancing solicitor will guide you through the entire process and ensure that you’re kept informed on the progress.
What happens on completion day?
On completion day, your conveyancing solicitor will be responsible for confirming the transaction, dealing with all paperwork and deeds, and liaising with you and any relevant parties.
A few days before the sale is due to go ahead, your mortgage provider will release the funds on your solicitor’s request. Your solicitor will transfer the funds to the seller on completion day. This process can take a few hours and will be confirmed by your solicitor when this is finalised. Once the money has arrived to the seller, the transaction is deemed complete. At this stage, you’ll be able to collect your keys and begin the moving process! The last task for your solicitor is to update the land registry.
Can I complete on a weekend?
No, you cannot complete a property sale on a Saturday, Sunday or bank holiday. This is because money can only be exchanged on working days.
Can I exchange and complete on the same day?
In some cases, you may be able to exchange and complete on the same day. This can increase the amount of pressure and stress on a transaction and isn’t always advisable. Exchanging and completing on the same day is rare and usually only happens in some simple transactions where there is no chain.
How to get the keys?
It’s a good idea to find out who will have the keys to the property and where you’ll be required to collect them from. In some cases, the keys might be at your solicitors office, with the seller, or from the estate agent who sold the property.
How to prepare for completion day?
Planning ahead is always important. As soon as your completion day has been confirmed, it’s a good idea to get organised and book your removals company. It’s important to be packed up and ready to go before completion day arrives, this will prevent any extra stress. As well as keeping organised, it’s important to keep in regular contact with your conveyancing solicitor. If any issues arise, your solicitor will be able to inform you of these straight away and you can work together to resolve them.
Searching for a reliable and experienced conveyancing solicitor in Essex? Contact us today and speak with one of our experienced conveyancing solicitors in Colchester, Essex, and find out how we can help you.