House completion is the exciting bit of the buying process when the property finally becomes yours.
It’s when the property legally changes hands and your money is transferred through to the seller. It’s the end of what can be a rather long process, so it’s worth knowing exactly what’s involved as sadly things can still go wrong even at this late stage. They can go wrong on the date of completion; it’s been known to happen.
Key to minimising the risk of problems on a completion day is really having a good solicitor, someone who’s thinking ahead, being proactive, and working hard on your behalf. If you need one of those, we can help. Get in touch with our panel of experts at email@example.com
Late payments are a common reason for house completion being delayed. It doesn’t happen often, but you don’t want it to happen to you. If the money transfer hasn’t started by 3pm its unlikely to have gone through by the end of the working day. Then you would have to wait until the following day in order to complete and collect the keys. That is a major headache if all your belongings are on the back of a removal lorry.
If you’re in a chain, and one of the sales either above or below you fall through at the last minute, the reality is, all proceedings may come to a shuddering halt. Make sure that you’ve calculated all of the potential costs very carefully. miscalculated budgets are another reason that house completions sometimes get delayed.
Buyer seller disputes can be another reason things don’t go to plan, if it all blows up at the last minute. So, how to avoid that? Be very clear what’s included in the price and have all queries settled before completion day. You want to understand that fixtures and fittings list.
The date for completion is usually decided between the buyer and the seller via the solicitors. That date needs to be on a normal working day so that the funds can be cleared by the bank. Remember that date has to be agreed up and down the whole chain. In theory you can exchange and complete on the same day but that certainly adds pressure to an already stressful experience, so it’s not recommended.
Leaving at least a week before exchange and completion would ensure that the move is definite, so you can book your removal men, and you can be there with confidence. Remember that the date of house completion has to suit everyone in the chain as this is where delays can be seen. There’s bound to be someone in the chain who’s having a baby, getting married, starting a new job or a new term at school – something like that.
On the actual completion day itself, make sure you know who’s going to have your keys once you get the go-ahead that the money is through. It could be your solicitor, the seller, or estate agent. You want to be able to pick the keys up as soon as the moneys through.
Finally, at long last the moneys through, you’ve picked up the keys, you’ve opened the door, you’re there! The house is yours. This is a really special moment so stop and enjoy it, savour it, crack open the champagne.