We'd like to remind Forumites to please avoid political debate on the Forum... Read More »
PLEASE READ BEFORE POSTING: Hello Forumites! In order to help keep the Forum a useful, safe and friendly place for our users, discussions around non-MoneySaving matters are not permitted per the Forum rules. While we understand that mentioning house prices may sometimes be relevant to a user's specific MoneySaving situation, we ask that you please avoid veering into broad, general debates about the market, the economy and politics, as these can unfortunately lead to abusive or hateful behaviour. Threads that are found to have derailed into wider discussions may be removed. Users who repeatedly disregard this may have their Forum account banned. Please also avoid posting personally identifiable information, including links to your own online property listing which may reveal your address. Thank you for your understanding.
📨 Have you signed up to the Forum's new Email Digest yet? Get a selection of trending threads sent straight to your inbox daily, weekly or monthly!
Completion Date.
bandofbrothers
Posts: 442 Forumite
Hello,
Could you please advise me on the following.
On the agreed completion date what are the protocols ?
Will my solicotor tell me the funds from the sale are received in their account before or on the agreed completion date ?
Do I hand my keys to the estate agent on the morning of the completion date.
When is it good practice to then ask for the solicitor to pay the fee's such as solicitors and estate agent's and then telegraphly transfer the funds to my account. The completion date is a Friday, which im told is the prefered day of week ! Ie: When would I be able to have access to the money !
Could you please advise me on the following.
On the agreed completion date what are the protocols ?
Will my solicotor tell me the funds from the sale are received in their account before or on the agreed completion date ?
Do I hand my keys to the estate agent on the morning of the completion date.
When is it good practice to then ask for the solicitor to pay the fee's such as solicitors and estate agent's and then telegraphly transfer the funds to my account. The completion date is a Friday, which im told is the prefered day of week ! Ie: When would I be able to have access to the money !
0
Comments
-
*** bump ***0
-
On the completion date your solicitor will phone you to tell you they've received the funds. He will automatically settle your existing mortgage and pay any fees (e.g. his and the EAs) out of the money. You don't have to do anything except:
- pack and be ready to be out of the house the minute you get that call
- get the keys immediately over to the EA so they can hand them to the new owner (who will be on their way over to pick them up as they'll have had a call too)
- go pick up your new house keys (if applicable)
I'd suggest that a likely time for this to happen is 1-2pm, but it could be at any time of the day.0 -
No existing mortgage so no cost there !
Will i need to sign anything at my solicitors or ea office ?0 -
Will i need to sign anything at my solicitors or ea office ?
This shouldn't be necessary unless the transfer deed (TR1) prepared by the buyer's solicitors did not arrive until the last minute. Normally these are signed in advance to avoid last minute panics.
If there is any length of chain below you the money may take a time to get through the system to your solicitors and if this happens they may not have time to send it out to you that day. If sellers want an electronic transfer to their account then i only commit myself to doing it by the next working day although very often we can do it on the day of completion.RICHARD WEBSTER
As a retired conveyancing solicitor I believe the information given in the post to be useful assuming any properties concerned are in England/Wales but I accept no liability for it.0 -
Hi richard,
No chain.
All the paperwork has been signed by the buyer.
At least I wont need to make a journey to my solicitors then !
Just to ea to hand the keys in.0
This discussion has been closed.
Confirm your email address to Create Threads and Reply
Categories
- All Categories
- 351.6K Banking & Borrowing
- 253.3K Reduce Debt & Boost Income
- 453.9K Spending & Discounts
- 244.6K Work, Benefits & Business
- 599.9K Mortgages, Homes & Bills
- 177.2K Life & Family
- 258.2K Travel & Transport
- 1.5M Hobbies & Leisure
- 16.2K Discuss & Feedback
- 37.6K Read-Only Boards