Completion day questions - First time buyers

justworriedabit

Re MaryNB's post - just shows who some of these lot operate ie solictors and most do close for lunch, yes they still do, so pester them IMO on the morning.

MrBog

MaryNB said:

My solicitor was really annoyed because their solicitors had not be in contact to confirm the transfer of funds. By the time they called at nearly 4pm them they were like "oh yeah that was done hours ago".

That's exactly what I'm trying to avoid. I've asked our solicitor to send out the funds as early as reasonably possible in the morning and I'm going to meet with the vendors around noon so they can pester their solicitor as well. 

Flugelhorn

I have had assorted chain free purchases and sales, they have generally been 10.30- 14.00 ish. Sometimes earlier if there if it is not a busy completion day (ie avoiding Friday).  The frustrating bit can be waiting for people to move out - we were stuck for a couple of hours after completion waiting and the vendors turned away some mid afternoon deliveries for us as they claimed not to know who we were. 

Sunsaru

MrBog said:

We are due to complete tomorrow and we received confirmation our mortgage and balancing funds have reached our solicitor's bank account as of yesterday.
We are buying an empty house, no furniture and nobody to move out.
We have been dealing exclusively with the vendors after our offer got accepted. We're even supposed to get the keys from them tomorrow. 
I have a few questions which maybe a solicitor can help with:
1. On completion day do buyer's solicitors generally make the money transfer their first priority for the day, or whenever they get around to it? 

2. Would the vendor's solicitor communicate that the money has reached their account straight away, or whenever they get around to it? 

3. Given our situation who will tell us that the money has reached the vendor's solicitor account? Is this generally the EA's role?

I know I could ask my solicitor all these questions, but want to know what general expectations I should have. 

1 & 2 - You'd have to as a conveyancer for the honest answer.

3. I got a call at 10am to tell me to go get the keys. That was from the EA. My mortgage advisor was next on the phone and my conveyancer called 20 mins after. Took me an hour to leave the house to go get my keys!

Kyresa

MrBog said:

We are due to complete tomorrow and we received confirmation our mortgage and balancing funds have reached our solicitor's bank account as of yesterday.
We are buying an empty house, no furniture and nobody to move out.
We have been dealing exclusively with the vendors after our offer got accepted. We're even supposed to get the keys from them tomorrow. 
I have a few questions which maybe a solicitor can help with:
1. On completion day do buyer's solicitors generally make the money transfer their first priority for the day, or whenever they get around to it? 

2. Would the vendor's solicitor communicate that the money has reached their account straight away, or whenever they get around to it? 

3. Given our situation who will tell us that the money has reached the vendor's solicitor account? Is this generally the EA's role?

I know I could ask my solicitor all these questions, but want to know what general expectations I should have. 

1   Completions get priority.  Money will usually be sent in the morning.  Sometimes if you are further up the chain and you have to wait for money to arrive through the other parties completion can be 1 or 2pm.     If there is no chain and just your funds to go you can be completed quite early. 

2   They will communicate to your solicitor when they receive the money, or as near as possible thereafter. 

4.  When the money has reached the seller's solicitors account, they will tell your solicitor.  The seller's solicitors will release the keys with the agent at the same time.   This is why sometimes the estage agent will ring you before your solicitor does to tell you you can get the keys.  But, be assured that when either your solicitor or the estate agent rings to tell you you can get the keys, you have completed. 


Please don't ring your solicitors to say "make me priority"   There is no need and it doesn't help.   Most contracts stipulate completion is to be by 2pm latest.  Sometimes it goes over that if there is a long chain, but it isn't really usual.   

 

MrBog

Can our solicitor still ask questions or request documents from us on completion day? or are they legally required to have done all their due diligence by now and completion day is literally just about the money transfer?
Note that we have allowed for 7 days between exchange and completion so plenty of time for them to ask any outstanding questions. 
I'm asking because I had the pleasant surprise of being asked for proof of address(utility bills) one day before our exchange and 2 months into the conveyancing process
 Also tomorrow morning I'm driving to the property(2 hour drive) so I will unlinekly have access to a laptop with internet in case they need anything sent through urgently.

davidmcn

MrBog said:

Can our solicitor still ask questions or request documents from us on completion day? or are they legally required to have done all their due diligence by now and completion day is literally just about the money transfer?

They're not likely to give themselves the headache of a completion day without being reasonably certain they've got all they need.

Sotts

Im chain free moving into a new build. We exchanged around lunchtime but didn't get the keys till 4pm as ours was shared ownership and we had to wait for the HA to courier the keys to us as everyone was working from home