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What happens on completion day?
KareenaMukherjee
Posts: 50 Forumite
We've exchanged, and are scheduled to complete in a few days time. Can someone run me through the process of what happens?
I've paid 10% deposit, and the remaining will be on the completion day, along with my mortgage coming though. I was quite excited, but my partner isn't prepared to celebrate just yet, saying things can still go wrong.
I'm aware if the owners pull out, we can sue. But can there be problems with the mortgage? We've been accepted for a mortgage, and they have agreed to the money, and my solicitor has checked everything, and they've written back and forth on a few matters. When does the bank send the money? Can anything go wrong with that side?
What happens on the day?? My solicitor has been a little vague at the moment.
Nervous !
I've paid 10% deposit, and the remaining will be on the completion day, along with my mortgage coming though. I was quite excited, but my partner isn't prepared to celebrate just yet, saying things can still go wrong.
I'm aware if the owners pull out, we can sue. But can there be problems with the mortgage? We've been accepted for a mortgage, and they have agreed to the money, and my solicitor has checked everything, and they've written back and forth on a few matters. When does the bank send the money? Can anything go wrong with that side?
What happens on the day?? My solicitor has been a little vague at the moment.
Nervous !
0
Comments
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KareenaMukherjee wrote: »We've exchanged, and are scheduled to complete in a few days time. Can someone run me through the process of what happens?
I've paid 10% deposit, and the remaining will be on the completion day, along with my mortgage coming though. I was quite excited, but my partner isn't prepared to celebrate just yet, saying things can still go wrong.
I'm aware if the owners pull out, we can sue. But can there be problems with the mortgage? We've been accepted for a mortgage, and they have agreed to the money, and my solicitor has checked everything, and they've written back and forth on a few matters. When does the bank send the money? Can anything go wrong with that side?
What happens on the day?? My solicitor has been a little vague at the moment.
Nervous !
your lawyer hands over all the money to the sellers lawyer, having collccted what he needs from you and the mortgage money from the lender. once seller's lawyer receives money they authorise agents to release keys, job done.
conveyancers should not exchange without first making sure the lender will release on the completion date. i.e your solicitor asks for the money before exchnage...and your lawyer makes sure they get it a day before completion so they can send all your money at 8am on the morning of completion...then once seller is out the keys will be released...usually about noon it all happens, but often at 9.30am if the seller is out fast.
rare for seller to pull out, as they face nasty and expensive law suit, so don think about that. not had one in my career eitherMy posts are just my opinions and are not offered as legal advice - though I consider them darn fine opinions none the less.:cool2:
My bad spelling...well I rush type these opinions on my own time, so sorry, but they are free.:o0
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