Completion Process

TJParsons

Hello,

We are due to complete on our purchase this Friday, and have already requested the funds from our lending bank (means some extra interest, but worth it for the piece of mind to be honest). We had issues at exchange where certain members of the chain couldn't be contacted, and therefore couldn't give their authorization, meaning that the actual exchanging of contracts took a week longer than it should have.

Does the completion process work the same way (i.e. everyone in the chain having to be available to complete at the same time) or will we be free to collect the keys as soon as our funds are sent (we are FTBs, at the bottom of the chain). My fear is that something goes awry due to peoples sloppiness up the chain, which would cause us major problems.

Thanks for your help.

TJ

kingstreet

Receipt of funds by your vendor's solicitor triggers your key release, not your solicitor sending them.

Funds can only be transferred in order from the bottom of the chain as each solicitor is relying on the funds from the previous link to purchase his.

TJParsons

Sorry, let me rephrase:

As we are the bottom of the chain, once our funds have been sent and received by our vendor, are we then free to collect the keys? Or can an issue further up the chain result in us not completing and moving in that day?

kingstreet

No. Once your vendor's solicitor has received your purchase funds from your solicitor and authorised key release, you have completed.

What happens elsewhere has nothing to do with you.

TJParsons

That's what I was hoping to hear!

Many thanks Kingstreet.

chopper78

It isn't unheard of for the key to be released, you get to your new house and find they haven't finished packing.

It happened to us.

PMurphy

Friends of mine moved last weekend, as they arrived, all packed and ready to roll. The people leaving hadn't even started packing the lorry! So my friends, helped them pack their house before unpacking their own stuff.