What happens on completion day (simultaneous exchange & complete)

2020firsttimebuyer2020

Hi, we are FTB buyers simultaneously exchanging and completing on our new build property tomorrow (no chain) - eeek! 
We have used the help to buy scheme, along with a help to buy isa as our deposit. 

I have had confirmation from our solicitor that our lender (Barclays) will release funds in readiness for completion on Friday. Will our lender send the funds today in readiness for tomorrow, or will they not send them until tomorrow?

It’s just a waiting game for us now, but as we are completely new to the house buying process, can anyone advise on what actually happens on completion day when its a simultaneous exchange and completion? The nerves and anxiety are really kicking in now, Coronavirus has made me second guess everything and i’m frightened to death that it’s not going to happen, or we could have our mortgage offer withdrawn (you name it, I’ve worried myself over it!)

RelievedSheff

You will get a phone call from your solicitor in the morning asking if you are ok for them the exchange contracts. Assuming the answer is yes the solicitors will exchange contracts verbally and your solicitor will send the funds to the developers solicitor.

You then need to wait for the phone call from the developer to say that they have the funds and the house is legally yours. 

Be warned there is a lot of sitting around waiting for phone calls and it is frustrating. When the developer has the funds they will release the keys and the house is yours to do as you please.

We exchanged and completed on the same day on a new build this time last year. We exchanged at 9am and it was about 1pm by the time we were given the keys and could move in. We had our lives packed away in a van just waiting for the keys to the new place so that it could be unpacked again!

2020firsttimebuyer2020

RelievedSheff said:

You will get a phone call from your solicitor in the morning asking if you are ok for them the exchange contracts. Assuming the answer is yes the solicitors will exchange contracts verbally and your solicitor will send the funds to the developers solicitor.

You then need to wait for the phone call from the developer to say that they have the funds and the house is legally yours. 

Be warned there is a lot of sitting around waiting for phone calls and it is frustrating. When the developer has the funds they will release the keys and the house is yours to do as you please.

We exchanged and completed on the same day on a new build this time last year. We exchanged at 9am and it was about 1pm by the time we were given the keys and could move in. We had our lives packed away in a van just waiting for the keys to the new place so that it could be unpacked again!

Thank you!
so will our solicitor have the mortgage funds sent to them today in readiness for tomorrow, or will they not receive them til tomorrow?

eddddy

Are you planning to move in tomorrow (on completion)? 

If so, that's super-stressful. You've got all your belongings pack-up and you can't be sure if/when you'll get the keys. (It's still possible that a last-minute hiccup means you don't complete tomorrow.)

Do you know the process for collecting your keys (assuming completion happens)? Given that EAs, marketing suites and building sites are closed, I guess you'll have to meet somebody somewhere.  If you don't know, maybe give the developer a call today.

RelievedSheff

2020firsttimebuyer2020 said:

RelievedSheff said:

You will get a phone call from your solicitor in the morning asking if you are ok for them the exchange contracts. Assuming the answer is yes the solicitors will exchange contracts verbally and your solicitor will send the funds to the developers solicitor.

You then need to wait for the phone call from the developer to say that they have the funds and the house is legally yours. 

Be warned there is a lot of sitting around waiting for phone calls and it is frustrating. When the developer has the funds they will release the keys and the house is yours to do as you please.

We exchanged and completed on the same day on a new build this time last year. We exchanged at 9am and it was about 1pm by the time we were given the keys and could move in. We had our lives packed away in a van just waiting for the keys to the new place so that it could be unpacked again!

Thank you!
so will our solicitor have the mortgage funds sent to them today in readiness for tomorrow, or will they not receive them til tomorrow?

Yes. They usually draw down the funds the day before to try and prevent any last minute hiccups.

RelievedSheff

eddddy said:

Are you planning to move in tomorrow (on completion)? 

If so, that's super-stressful. You've got all your belongings pack-up and you can't be sure if/when you'll get the keys. (It's still possible that a last-minute hiccup means you don't complete tomorrow.)

Do you know the process for collecting your keys (assuming completion happens)? Given that EAs, marketing suites and building sites are closed, I guess you'll have to meet somebody somewhere.  If you don't know, maybe give the developer a call today.

We didn't find it stressful, more frustrating as we were sat around a long time waiting. We had a lot of McDonalds coffee that day!

We had the added extra of having to empty our old home that we had part exchanged which wasted an hour in the morning but the time still seemed to drag on.

We picked the keys up from the sales office but of course times were very different 12 months ago.

2020firsttimebuyer2020

eddddy said:

Are you planning to move in tomorrow (on completion)? 

If so, that's super-stressful. You've got all your belongings pack-up and you can't be sure if/when you'll get the keys. (It's still possible that a last-minute hiccup means you don't complete tomorrow.)

Do you know the process for collecting your keys (assuming completion happens)? Given that EAs, marketing suites and building sites are closed, I guess you'll have to meet somebody somewhere.  If you don't know, maybe give the developer a call today.

No we don’t plan on moving in tomorrow, we are first time buyers living at my parents so plan to start moving things in after we’ve got the keys - no rush. 

We are meeting our sales advisor on site tomorrow. The plot next to us received their keys last Friday and that was the process