#9 Completion - The Big Day! | 9 Step Guide To Buying & Selling Your Home
On the completion date the buyer’s solicitors will transfer to the seller’s solicitor’s sufficient money to buy the property.
All the financial transactions are conducted through the solicitor’s client accounts where money belonging to clients and the Building Society/Bank is kept entirely separate from money belonging to the solicitors.
In return for the money, the buyer’s solicitors will receive the legal transfer document, together with all the other relevant documents for the property. In return for the money, the seller’s solicitors authorise the seller or their estate agents to hand over the keys to the buyers.
It is important for the sellers to be aware that they should not authorise the release of a key until they know that we have received the money for the property. On the completion date the seller’s solicitors will pay off any mortgages on the property and provide proof of payment to the buyer’s solicitors.
Important: Another key thing to remember is to do your meter readings - gas, electric, water and any solar panels. You will also need to inform the Council that you have moved for Council Tax purposes. We always recommend re-directing your post, there will always be someone or an organisation that you have forgotten to inform!
As far as the seller and the buyers are concerned, once the completion has taken place, they will have reached their goal.
The sellers will have their money and the buyers will have the house and probably a mortgage to pay. The buyer’s solicitors however have a number of tasks to perform after completion including the payment of any stamp duty, the registration of the property at the Land Registry and notification to the owner, if the property is leasehold. This is a general guide to a basic form of transaction, which we hope you have found to be helpful.
Although the administrative and legal procedures in each transaction are similar, every single piece of property is different, and it goes without saying that all sellers or buyers have their own particular expectations and requirements. The information above is by no means exhaustive and there are a host of other points which crop up in any one transaction from time to time. If you are in doubt about any particular item, it is essential that you ask us before taking action.