What to expect on Completion Day?

moneyistooshorttomention

It's been many years since I bought my current house, so wouldn't know how things are normally these days in this respect.

I have an idea that Completion is due to happen at around 12 noon on Completion Day. Also, that at the very latest, it will definitely have happened by 2pm that day. Am I correct in thinking that?

I am currently taking the several weeks I decided to have at the outset in between Exchange and Completion....so there wont be any of the "big rush and hurry" and try to cram too much work into available time scenario of the Exchange to Completion in less than 2 weeks (or worse!:eek:) scenario.

So, given that I am having that reasonable length gap between Exchange and Completion, do you reckon I can absolutely guarantee I will definitely have the keys to my new house by 2pm that day at the latest?

Has anyone who has done this all the "traditional way" (as I have) had any problems in getting the keys later than they were due to?

G_M

No.

Many things can delay Completion.

The most likely is if there is a long chain (depending where you are in the chain).

Say the FTB at the bottom of the chain transfers their funds totheir seller at 9.30. Their solicitor is busy, so does not deal with this at once (after all, it's early-plenty of time!) but at 10.30 he pays the seller of HIS clients, who receive the funds at 11.30.

THIS solicitor is in a meeting. At 12.30, he sends the money on tothe next seller in the chain, but there's a bank hiccough, so it does not arrive till 2.00.

See where this is going....?

Now, add in to this just ONE person who has a last-minute issue with their mortgage, or who was contributing £1000 personal savings which they forgot to sort out with their bank.......

It is not uncommon, even in the best-planned move, for the removal van to be sitting outside the new house at 5.00pm waiting for keys to be released!

Having a long gap between Exchange and Completion can reduce the stress, but I decided years ago that next time I move I will Complete on my purchase days or weeks before Completing on my sale.

Unlinking these transactions makes themboth easier, ANDremoves the need to physically move everything in a single day(or rather, half-day).

Of course, it is only possible if you have funds somehow to buy, without first selling.....

moneyistooshorttomention

Errrr...thank you...ummm...I think...

Thank goodness my chain personally is only 3 long. My buyer, then me and then my vendor at top of chain and my own solicitors firm is one of those that is linked into that computer system where everyone else can have a "look in" and see what they are up to at any given point.

My buyer is using a firm of conveyancers though, but I think they are one of the okay ones...(not the well-known C one!).

I presume that, in the worst case analysis, solicitors (and conveyancers as well) just do that solicitor equivalent of "giving their word of honour" that the money WILL come over up the chain and it all proceeds at some point or other on Completion Day (if not at 2pm on the exact dot)?

I've got my locksmith coming in at 6pm on Completion Day to change the locks on my house-to-be for me.....and my removal firm will have a long drive to get back home again and will be getting back here well into the evening anyway (so obviously I would charge my buyer any extra costs incurred if her conveyancers hold things up....).

WellKnownSid

moneyistooshorttomention wrote: »

Errrr...thank you...ummm...I think...

Well, you're asking for trouble when you ask an Internet forum to tell you what could go wrong on completion day!

Seriously - it'll be fine, and if it isn't 99.999 times out of 100 it will be sorted by your solicitor, probably without you even being aware of it.

mail2z

Pick the phone and do not be afraid to call anyone and everyone (estate agents, solicitors, vendors, buyers etc...) to progress. The may consider you as a !!!!!! but you will be done with them by the end of the day.

moneyistooshorttomention

Don't think I need to hassle buyer somehows out of that lot...she's far from backward about coming forward...


So she isn't at all backwards about coming forwards...but I am keeping track of my vendors EA:) (think my own solicitors firm has already got me summed-up as "Seems to have a very good sense of timing as to when we might have taken our eye off the ball....darn her").

G_M

moneyistooshorttomention wrote: »

..
I've got my locksmith coming in at 6pm on Completion Day to change the locks on my house-to-be for me.....

As this is a moneysaving forum I have to ask:

Why on earth are you paying a locksmith to come out?!!

As long as you have a screwdriver, 10 spare minutes, and a replacement lock, this is about the simplest DIY job imaginable!

To ensure the replacement lock fits, take the old one out and take it TO a locksmith who will sell you a matching size.

Or to save even more money (though it takes a few days), measure the old lock and order a replacement online

http://www.youtube.com/watch?v=Rmw3IQMl3Ts

http://www.youtube.com/watch?v=VXAo7zSN-9o

http://www.lockandkey.co.uk/

http://www.discountlocks.co.uk/

moneyistooshorttomention

G_M wrote: »

As this is a moneysaving forum I have to ask:

Why on earth are you paying a locksmith to come out?!!

As long as you have a screwdriver, 10 spare minutes, and a replacement lock, this is about the simplest DIY job imaginable!

To ensure the replacement lock fits, take the old one out and take it TO a locksmith who will sell you a matching size.

Or to save even more money (though it takes a few days), measure the old lock and order a replacement online

http://www.youtube.com/watch?v=Rmw3IQMl3Ts

http://www.youtube.com/watch?v=VXAo7zSN-9o

http://www.lockandkey.co.uk/

http://www.discountlocks.co.uk/

Thanks for the thoughts...but errrm...my DIY skills (or lack thereof) have to be seen to be believed.....ahem...:o

mummyroysof3

Just out of interest as I would have never thought about changing the locks...why do you need to?

Davesnave

mummyroysof3 wrote: »

Just out of interest as I would have never thought about changing the locks...why do you need to?

Because you don't know who else may have a spare key.

Mind you, depends where you are going as to how urgent it is. When we moved in here, we found that some outside doors (it has 7!) had no capacity to be locked anyway, and that hadn't bothered the previous owners. :rotfl:

Rodders53

mummyroysof3 wrote: »

Just out of interest as I would have never thought about changing the locks...why do you need to?

You don't but...

The previous owner / their estate agent may have a 'spare set' they forget to hand over?

A neighbour or nearby family member may have a spare key they used to check on the house that is forgotten about.

As you are uninsured for theft where a key is used to gain entry.... :eek: