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All of the financial and legal work that comes with selling your property on the day of completion will be fulfilled by your solicitor. However, there are two principal things you need to do on the day of completion:
The day of completion is the final step of selling a house and is the day that money is transferred. This date will have already been selected and confirmed by yourself and the buyer.
You will need to move out of the property by the time of completion, which is traditionally 12pm on a weekday, but can change depending on your, or the buyer’s, specifications.
Your solicitor will look after the main bulk of responsibilities, which includes:
There can sometimes be various issues that may arise on the buyer’s side which could delay the day of completion. One primary complication is when the buyer’s finances are being sent from their mortgage provider, to their solicitor, and then to your solicitor. If money is not in your solicitors account by 3pm, you will have to wait until the next day for everything to go through.
Proceedings may also be delayed if you are in a chain of buyers and sellers – one link in the chain can cause the day of completion to come to a halt for everyone involved, so it’s not just the buyer or yourself that can affect moving day.
Call and talk to your solicitor on the morning of the day of completion. Although your solicitor will know what she/he is doing, they can make mistakes, so it is important to keep on top of proceedings and ensure everything will be running to schedule.
Again, call your solicitor mid-morning to midday so you know exactly where things stand.
Most of what happens on the day is out of your hands, but it is good to act as a mediator. It is useful to:
The buyer is legally obligated to buy your property as soon as you exchange contracts. Likewise, you are obligated to sell the property. If the buyer chooses to back out of the sale, you will get the keep their deposit (usually 10% of the property price), and be liable to sue if you choose.
The buyer will be fined if they have the finances but cannot fulfil their payments on the day of completion. This does not mean the sale falls through, it just means that your moving process is waylaid.
Technically, yes. However, this can be a lot riskier than the traditional approach. This is because:
That said, doing so significantly speeds up the selling process. Exchanging contracts on the same day as completing the sale is usually good if:
Where to leave your keys will depend on the requirements of your estate agent. Some agents will be happy enough with you leaving your sets at the property (if they already have a set of keys to give to the new owners). Other agents will require you to drop keys off at their branch, which can be done in transit to your new location.
Last updated on Monday 13th November 2017