Completion day questions answered
Completion day is the final step for both the seller and the buyer of a property in the conveyance process. With the buyer obtaining the keys and able to move in the conveyancer for the buyer will pass funds to the conveyancer for the seller.
You must move out of the home if you are the seller, as completion day marks when the house legally changes ownership. Ensure that within the pre-agreed period defined in the contract, which is typically between 7 and 28 days, you vacate the house. Conveyancing can be covered by https://www.samconveyancing.co.uk/news/conveyancing.
Here is a breakdown of what actually happens on the completion day with the completion date decided between the buyer and their conveyancer and the seller and their conveyancer:
The buyer, with the documentation and transfer deed signed by the seller, becomes the registered owner of the land.
Throughout the day of completion, contact is maintained between all conveyancing solicitors.
Any pending invoices and bills from the transfer are paid by the buyer’s transporter.
The conveyancer is responsible for moving from the purchaser the final funds to the seller.
A transfer form that transfers the ownership details held by the Land Registry to the buyer from the seller will be filled out by the conveyor for the purchaser.
Finally, after the vendor has driven out of the house, the conveyor for the buyer will talk to the estate agent to release the property’s keys to the buyer.