What happens on my moving day?

On behalf of Attwaters Jameson Hill posted in Residential Property on Wednesday, November 9th, 2016

You’ll remember this day, probably forever, especially if it’s your first purchase. It will undoubtedly be a bit stressful, but what will keep you going is the thought that, if everything goes according to plan, by the end of the day you will have the keys to your new property. Just remember to have a kettle handy so that you can keep everyone happy with cups of tea.

 

Completion day

On exchange of contracts we’ll agree a moving date with you and the other parties to the transaction. This is referred to as completion day.

While it is possible to exchange contracts and complete the transaction on the same day, it’s more common to have a gap between the two, anywhere between seven and 28 days. For most people the time is a welcome opportunity to organise and pack, and means a less stressful moving day.

On completion day, if we are acting as your solicitor, we will be responsible for transferring the money needed for your purchase on to the seller’s solicitor. This can typically include the money you are contributing yourself, plus the funds due from your mortgage lender (if appropriate), and the proceeds on any existing property you may be selling.

All the money usually has to be transferred by 3.30pm (that’s the time that the CHAPS payment system operated by banks closes for the day) to ensure completion takes place that day. As you can imagine, if you are involved in a chain involving several buyers and sellers this can mean that if there are any hiccups, the process can grind to a halt. If this happens, then completion day will have to be postponed.

Delays in completion can happen for a variety of reasons. For instance, if somewhere in the chain the mortgage money hasn’t been received, or the completion money (including amounts for fees payable and items like stamp duty) hasn’t arrived, or one of the transfer documents hasn’t been signed or has been lost in the post.

 

Getting the keys

Once we have confirmed that your transaction is complete then you can collect your keys either from your estate agent or directly from the seller. The timing of this will often depend on where you are in the chain, and we’ll be able to give you a better indication as the day approaches.

You’ll be pleased to know that we pride ourselves on being well-prepared and ready to act on your behalf ahead of this important date. We have considerable experience in dealing with all types of residential property transactions, and have a reputation for making things as stress-free as possible for our clients.

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