Completion Day: What to Expect!
Posted on 2nd May 2018 at 09:09
The day has arrived; it’s the day you are moving into your new home. Your conveyancing solicitor Lancaster will refer to this as the Completion day. The legal Completion date, essentially, is the agreed date on which the parties involved will move.
It is likely that Contracts have already been Exchanged, known as ‘the point of no return’, which makes the transaction legally binding. In some cases, however, Exchange of Contracts and Completion can take place simultaneously on the same day.
On the day of Completion itself, your solicitor Lancaster will firstly ensure that all monies are available in order to Complete the matter. This includes the balance required from you and, if you are purchasing with the assistance of a mortgage, the mortgage advance. The funds will have already have been requested by your conveyancing solicitor Lancaster, usually to arrive the day prior to Completion in readiness.
Once all monies are available, your solicitor Lancaster will then prepare the appropriate instructions to the accounts department who will make the payment of the purchase monies to the seller’s solicitors’ client account. Once the seller’s solicitor has received the monies, this is then confirmed to all parties and the keys to the property can be officially released. These are usually held by the agents who will hand over the keys to the new owners of the property.
Dependent on the length of the chain involved, and all monies being available, Completion usually takes place around midday. There is a specific Special Condition within the Contract which can be varied, for example, if there is a long chain of parties involved, may be set to an earlier time of 12:00pm in order to allow all parties up the chain to be able to Complete on the same day.
Although you now have the keys to your new home, this is not the end of the work for your Conveyancing solicitor Lancaster. At this point, Completion is confirmed between the buyer and seller’s solicitors, exchanging the relevant documentation required to formalise the matter.
Within 30 days of legal Completion your Lancaster solicitor is required to submit the Stamp Duty Land Tax return on your behalf. Even if no SDLT is payable, your conveyancing solicitor Lancaster is still required to submit a return form.
It is then time to have the property registered in the names of the new legal owners of the property. Your conveyancing solicitor Lancaster will collate the required documentation which includes: the Transfer Deed (TR1), the SDLT5 Certificate – confirming the SDLT return has been completed, the executed Mortgage Deed (if applicable) and an Application to Change the Register Form (AP1). The documents are submitted to the Land Registry who will review the same and attend to the registration formalities. This usually takes 5-7 days, however, if the property is subject to First Registration, this can take up to 16 weeks to complete.
Upon completion of the Registration, the up to date Official Copy Entries will be forwarded to your conveyancing solicitor Lancaster, showing the property as being registered in the names of the new property owners. Your solicitor Lancaster will then forward the same to the new owners to keep for their records, together with any title deeds that relate to the property. It is important to keep the deeds in a safe place as they will come in use if the property is ever sold.
This then concludes the matter, the work of your Lancaster solicitor is complete and, at MG Legal, we wish you every happiness in your new home.
For more information on Completion of your conveyance, or any other conveyancing query, contact our specialist team of Lancaster solicitors today on 01524 581 306 or email them at email@example.com.
Tagged as: Conveyancing, Conveyancing Solicitors Preston, First Time Buyers, Garstang Solicitors, Lancaster, Lancaster Law, Lancaster Property Law, MG Legal, Purchase, Sale, Solicitors Preston
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