What happens on completion day?

germaki

From a solicitors point of view?

We're hoping to complete tomorrow, and in our contracts it's stated that completion must happen by 1pm, so wondered if there is a set time that completion happens or if it's a chain of events that happens.

Thanks

dimbo61

I love it when completion happens on a friday!!!
Why because if you have problems guess what the solicitors is shut for the weekend.
Say you move in and the central heating does not work ? Call out a plumber on friday afternoon and the same with electrics.
Panic can set in if you are sat outside your new home with a big van and removal firm and the funds have not been transferred on friday aftrenoon at 4.50pm
Should be very easy I HOPE

artbaron

It's a chain of events if there's a chain, and it can be later than 1pm, AFAIK that's just a guide. On my move date my own sale completed at 10:50am (not bad as there were 4 below in the chain) but for reasons I can't guess at, my funds weren't confirmed by my seller's solicitor (the house I was moving into) until around 2pm. Likely to do with long lunches, being that it was Friday too. Luckily the estate agents received the phone call just as I walked into the office after driving up there, otherwise I'd have had to wait for the keys and pay the hourly waiting rate for the removals.

germaki

We are first in chain, buy from a couple who are buying a reposessed property so only two involved in chain.

I was wondering if the solicitor will have the funds from the bank (ours being HSBC) ready first thing to complete? Or does he need to wait for the bank to release them first then transfer them to the seller?

artbaron

The solicitor needs the funds in 'his' own account in order to transfer them, so if you haven't transferred them across from your bank account you'll likely have to do this first thing.

G_M

Most soliciors request the funds from the mortgage lender the day before, so the money is ready. Any balance you have to make up, he will also request from you in advance.

(check out the threads from irate buyers on here who can't understand why they have to send the cash to their solicitor in advance!!)

He then transfers the purchase price to the seller's solicitor. Once they confirm receipt, the keys will be released.

In a chain, things can get delayed as money is passed up the chain. And if one solicitor is waiting for a mortgage lender to transfer funds on the day, everyone in th chain gets delayed.

Sounds like you should be OK though.

germaki

Thankfully we transferred the rest of our funds to our solicitor on Monday via chaps.

If our sellers receive the funds do we have to wait for them to transfer their funds to their seller before we get the keys?

So excited!

G_M

germaki wrote: »

if our sellers receive the funds do we have to wait for them to transfer their funds to their seller before we get the keys?

he then transfers the purchase price to the seller's solicitor. Once they confirm receipt, the keys will be released.

:t :t :t :t :t

Lavendyr

We were all completed before 10am on our completion day (FTB, bottom of the chain)! Our sellers were still moving their stuff out till about midday though.

On completion day, we got the call from our solicitors about 9.30am to say completion had taken place, then went to the estate agents to pick up the keys, dropped by the house to let the sellers know we had got the keys etc, then left them to get on and move the rest of their stuff. We went back mid-afternoon by which time they'd gone, leaving us a bottle of champagne and a "welcome to your new home" card. We then sat out in our new garden (it was a nice sunny day) with our bubbly.

Enjoy completion day

hcb42

I just sold, but didnt buy, so had the capital from my sale in my own bank account by 945am. Very swift!