Completion Of Sale / Purchase
Selling or purchasing a property can be feel like a lengthy and complicated process, but following the exchange of contracts, the final steps to completion usually happen in quick succession.
Once we have swapped signed copies of the contract with the other party’s solicitor on your behalf the contract is legally binding.
In addition to the exchange of contracts, we will provide you with a completion statement. This statement will detail all of the costs involved, including Stamp Duty and land tax, outstanding deposit and other fees.
Prior to completion, it is our role to confirm that the seller still owns the property you intend to purchase and also that you have not been declared bankrupt since during the time between your mortgage offer being made and your completion.
The next step is the transfer deed confirming that you are to take ownership of the property, which must be signed and witnessed before being passed to the seller’s solicitor.
Once this is complete, we will then request your mortgage money from the lender and forward the payment to the seller’s solicitor in exchange for their title deeds and the keys to your new home.
The sale of your old property and the purchase of your new property will usually be completed on the same day, meaning you will need to move out of the property you are selling and into the property you are purchasing.
The completion of a sale or purchase can only be completed on a working week day and therefore cannot be completed on a Saturday or Bank Holiday.