What happens on completion day?
Completion day is the exciting moment all buyers and sellers await with bated breath, but what actually happens on the day you are set to exchange keys? We have all the information you require in order for a smooth and exciting day of completion.
The big day where you get to have the keys to your new home or property in your own hands. With everything processed from the moment your offer is accepted to signing those all important dotted lines, the hard bit is out of the way. What comes next?
There are a few last minute necessities to check off your list, and Sandersons UK wanted to guide you through each one, so that preparation for your own completion day can begin to take shape.
Final checks and money transferred
On completion day both solicitors make final checks, and then the buyer’s solicitor will transfer the purchase money via the banking system to the seller. This may sound nerve wracking, but it is just standard, and as long as nothing has changed since you made your offer and entered the buying process, this stage will offer no added problems.
The seller's lawyer will release the keys from the estate agent and confirm completion with the buyer once they have received the funds. They also make sure that any costs, like the seller's estate agent fees, are paid.
Mortgage Redemption Certificate
If there is a mortgage on the seller's property, the seller's lawyers will ask for a Redemption Certificate (calculated to the day of completion).
Your current mortgage lender will provide you with a mortgage redemption statement, which details the exact amount you will need to pay to redeem (pay off) your mortgage in full. Included in the redemption statement will be your: outstanding equilibrium owing interest. charges for early repayment.
Collection of keys
An exciting part of completion day will see the buyer collect the keys to their new home. This is usually the part celebrated the most, and having keys in your hands is a tangible reminder that you have travelled far to get to this point - which is definitely cause for celebration!
Cleaning your property
It goes without saying to leave your old home as you would like to find it, and most probably as you agreed to leave it for the new owners - and that is clean. Some sellers hire professional cleaners to come in and give the whole property a once over, making sure no corner is left, but this can be an added stress to the last moments leading up to it, so it can be easier to work through each room yourself as you pack your boxes up.
Ensure property is empty on the day (vacant possession)
Simply put, a property must be empty on the day you complete your purchase or sale to be considered "sold with vacant possession." This means that the house must not have any occupants or tenants still living there, and the only possessions are those that have been agreed to be left in the contract.
Although it may appear to be common practice and obvious, not all ownership transfers are as straightforward. The Standard Conditions of Sale in England and Wales permit a property to be sold either regardless of empty belonging. In the latter scenario, it typically indicates that there are occupants of the property whose tenancy agreements extend beyond the sale's completion date. This indicates that if you were the buyer, you would agree to acquire the property with existing tenants.
Completion statements
The transaction's financial transactions, both incoming and outgoing, are listed in detail on the transaction's completion statement. It also tells you whether you need to pay anything to complete the transaction or if there will be a balance due to you after it is finished.
Sandersons UK are proud to have witnessed many happy buyers collect keys from our offices all throughout the south east, and we pride ourselves in working hard to get our customers to this exciting, final hurdle. If you wish to sell your property with us, don’t hesitate to call us today on 01227 784 784.
