solicitor come back about completion?

ThePants999

You really need to either do some reading about the process you're following, or get your solicitor to properly explain what's going on to you.

LandyAndy

sparky130a wrote: »

Seriously?

You don't even know that? Wow.

Have you been on holiday?


I thought you'd been zapped, again.

saajan_12

Exchange = when you 'exchange' binding contracts to unconditionally agree to the purchase on a fixed date (usually pay a 10% deposit too)

Completion = when you actually pay the money, and the property is yours.

Here are the basic steps (I don't claim this is an exhaustive list)
1) Make sure all the checks are complete (legal, searches, surveys etc) and you have a mortgage offer. Pass your 10% deposit to solicitor ready for exchange.

2) Agree a date for completion (giving you enough time to arrange removals, etc) and then Solicitors exchange contracts to make the deal binding on both parties.

3) Give notice on your rental (don't do this before exchange as the vendor could still pull out)

4) Usually solicitor requests money from you and mortgage company just before completion day

5) Completion day: the solicitor passes all the money to the vendor's solicitor and they tell the vendor to release the keys to you (may be via estate agents). The transaction is complete. Mortgage advisor not really involved.

6) Property is yours to decorate/move in as you please

AnotherJoe

ktcoil wrote: »

I will have to check with my solicitor as don't think we have exchanged yet.

As said, you havent, because if you had, solicitor wouldnt ask you for a suggested* completion date. You have no doubt signed the documents, the final step before exchange (which is when its irrevocable and you cannot change your mind) is for the solicitor to get a preferred completion date from you.

Completion is when the final money changes hands, and you are officially the owner.

The gap between the two (it can be done on the same day) is because generally people like a notice period so with a week or three between exchange and completion they can arrange removals, broadband, electricity supplier etc.


* Note the date is up for negotiation, give your solicitor some leeway. You might prefer (say) May 20th your sellers might not want to move on that day, and so on up the chain. So for example better to tell them "we'd prefer a Thursday, but it must be after XX May. Then your solicitor knows what you are happy to give way on (eg it might not be a thursday in this example) and what you cant (eg you will not complete before xx May). All the solicitors chat amongst themselves and come to an agreement on the completion date, once thats done, then you exchange.

elverson

http://hoa.org.uk/advice/guides-for-homeowners/i-am-buying/how-do-i-exchange-contracts/

http://hoa.org.uk/advice/guides-for-homeowners/i-am-buying/completion-what-to-expect/

elverson

Even if you're not planning to move in on the completion day, it's still a good idea to pick up the keys and check that the property is vacant (and it's advised to change the locks too).

ktcoil

Hi Just a bit of an update she has come back this this,


I will suggest completion for the 23rd May 2017 for you. I will let you know whether the seller is happy to agree the date once I hear from the Sellers Solicitor.

I will send to you my Property Report and together with the documentation for signing. I can either email this over to you if you have access to a printer (there will be some documents which need to be printed) alternatively I can post them to you.

I will not need you to attend the office on the day of completion, I will need to speak to you on the phone and then you will collect the keys from the estate agents once the transaction has completed.

Depending on the sellers circumstances they may be happy with the 2 weeks’ notice from now or alternatively they may require this from exchange, exchange is when the transaction becomes legally binding.


We are not looking at moving in till the 3rd weekend of June but obviously will be decorating and sorting the house out etc beforehand, we was thinking of giving our 1 months notice to the landlord on 20th of this month, would this be ok do you think, with us signing contract before the 20th I am guessing its fine?


thanks

eddddy

ktcoil wrote: »

... we was thinking of giving our 1 months notice to the landlord on 20th of this month, would this be ok do you think, with us signing contract before the 20th I am guessing its fine?

Just to reiterate what others have said...

The contract isn't binding when you sign the documents. Completion dates can still change, or the purchase can still fall through.

The contract becomes binding when your solicitor exchanges contracts.

So to be absolutely safe, you should not give notice to your landlord until your solicitor has told you that contracts have been exchanged.

saajan_12

ktcoil wrote: »

We are not looking at moving in till the 3rd weekend of June but obviously will be decorating and sorting the house out etc beforehand, we was thinking of giving our 1 months notice to the landlord on 20th of this month, would this be ok do you think, with us signing contract before the 20th I am guessing its fine?

Check with your solicitor that you have exchanged contracts (not just signed them) before you give notice on your rental.

Also, check what type of tenancy you are on. If you are within the fixed term of if the last contract you had specified the terms of a periodic tenancy after the fixed term ended, you are on a CPT and must give notice as specified in the contract. If you are out of the fixed term and nothing was mentioned about it becoming periodic, you would be on a SPT. You'd have to give 1 tenancy period's notice, so typically 1 month in line with the date you started the tenancy.