When you instruct Wollens to act on your sale and purchase, we will be in frequent contact throughout the transaction, helping you along the way and explaining each step. A lot of work takes place in the lead up to completion of the transaction. If you are selling this is the day you hand over your keys to the buyer, and if you are buying this is the day you can collect the keys from your seller.
Tilly Davey is a Conveyancing Assistant at Wollens and writes this useful guide.
At Wollens we recognise that completion is a stressful day for all. We always try to be as organised as possible and attend to any matters that can crop up on the completion date ahead of time. While there can always be last minute items we have to arrange on the day, in general we will ensure that you sign all necessary documents well before the completion date, we will have requested any mortgage funds for the day before to make sure there is no delay with your lender, and we will have asked you to arrange transfer of any balances we require in advance. additionally we will also set up the banking payments with our accounts team ready for the big day.
On completion day, the purchaser’s conveyancer will send over the completion funds to the seller’s conveyancer. Sometimes there may be a chain, meaning that there are related sales and purchases throughout the day which cannot progress until the funds from the prior transaction are received and released. Because of this, it may take a few hours for the funds to travel up the chain and reach the purchaser’s conveyancer at the end of the line.
Under a standard residential contract of sale, it is generally specified that completion should take place by 2pm, however this time may be altered within the contract upon exchange. Often the money and banking system can move much quicker than this, meaning legal completion has taken place much earlier in the day, however the Seller will still have until this time to move out of the property and handover the keys.
Once the seller’s conveyancer receives the funds on account, they will confirm this to the purchaser conveyancer and both buyer and seller should be notified. If an estate agent is involved they will also be informed that completion has taken place, and they can release the keys once the seller has vacated the property. The keys will not be released before the funds have been received and confirmed by the seller’s conveyancer.
Once completion has taken place, the conveyancing team are still acting on your behalf tying up any loose ends. On a sale this includes sending money due back to you via bank transfer, and sending over all the paperwork to your buyers conveyancer and redeeming any mortgages that you may have on the property. On a purchase, this involves paying any stamp duty, registering your ownership with the Land Registry together with any mortgage lender, and also serving any notices that may be required as part of your title. We will then write to you a final time to confirm when all this has taken place before we close our file.
At Wollens we will do all we can to keep all parties informed via communication and to keep the situation as calm as possible. We will be on hand to answer any questions you may have, and offer support and guidance throughout the transaction, including the big day itself!
If you need help with a conveyancing matter please contact our team today.
Email us : [email protected]
call one of our offices:
South Devon 01803 213251
Exeter 01392 274006
North Devon 01271 342268
You can also complete an online enquiry form. One of the Wollens team will contact you as soon as they are available.
