What is exchange and completion?
Posted on 5th January 2019
A guide for the time in between exchange and completion: -
How long have you got?
Historically; people used to have approximately a month between exchange and completion. Now its normal to have a week but sometimes turn around can be as quick…same day kind of quick! The good news is that you have a say in the time you leave between exchange and completion so think about how long you want. You will need to decide this before the exchange takes place.
If you want to remain calm, sane and organised we advise avoiding an exchange and completion taking place of the same day. Despite the massive temptation we at MG Legal, Lancaster law firm, recommend that you avoid at all costs!
Packing is a pain! So as soon as the house goes on the market. Start to declutter. We also recommend packing up any spare rooms, box rooms, garden sheds and any other room that you do not use regularly. Then the second you get confirmation of exchange; start packing! Packing will be harder and take longer than you would ever believe so crack on with this as quickly as you can. Remember to leave the important things somewhere handy in a clearly labelled box, you know like the tea, coffee, sugar and mugs!
You have to be out of your home on the day of completion, usually by 1pm in order to give “vacant possession” that means all rubbish must be moved, all pets rehomed, and keys handed to the new buyers otherwise you risk being in breach of contract. We recommend telling yourself that you must be packed the night before!
If you need to send money to your property Solicitors, make sure it is all there and ready a week before. Make sure that you have the right account details. Another useful tip is to speak to your bank about how much money you can transfer over in one payment. Some banks have limits on the amount of money you can send in one transaction. You don’t want to get to completion day and find that you are in breach of contract because the money can not be sent or that it has not been sent to the right place!
This is not just a handy “make moving easier tip” this is imperative as you could be sued by the other parties in the chain for their moving costs and breach of contract if you haven’t got the funds sorted.
“No milk today”
Don’t forget to cancel the milkman, the paper boy, tell the gas company, the electricity company, the window cleaning company. We will let you decide whether or not you want to tell your in-laws! The TV licensing, the DVLA, Royal Mail, Amazon, your Credit Card Companies, your bank, Santa Claus, the dentist, the doctor….you get the drift.
Leave one set of keys with the Estate Agents. Don’t worry they won’t give them out until they are told that they can do by the Solicitors. Then leave all of the other keys in a clearly marked envelope. By all the other keys I mean keys for the windows, internal doors, the garage, the shed (unfortunately you will have to make sure that your other half is out of the shed before you lock it and leave the keys for the new buyers!).
If you are purchasing or there is no Estate Agent involved, we will give you a call when you can collect the keys or hand the keys over to the otherside Solicitors.
Before you leave the property make sure you give it a final clean, hoover, check you haven’t left anything in the fridge or oven. Look through the Fixtures and Fittings form and carefully check you have only taken what you said you would take and you have left the items you said you would leave. This is important as it does form part of the contract.
It is not just a case of good manners; you have to take the rubbish otherwise the Buyer’s could sue for breach of contract!
For more help and guidance with moving into your dream home contact MG Legal, Conveyancing Solicitors Preston. MG Legal are based in Garstang, Longridge and Lancaster but we really do cover the whole of England and Wales, and our expert team are highly trained property solicitors and accident compensation solicitors. For enquiries contact Property Solicitors Preston contact firstname.lastname@example.org or phone the office on 01995 602 129.
MG Legal - Your Local Solicitors
Tagged as: Buyers, Contracts, Conveyancing, Garstang Solicitors, Lancaster Law, Lancaster Property Law, Lancaster Solicitors, Longridge, Preston Law, Preston Property Law, Preston Solicitors, Solicitors, Solicitors in Garstang, Solicitors in Lancaster, Solicitors in Longridge, Your Local Solicitors
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