How Am I Supposed To Complete?

Conan1Sett

So my current situation is that I have my beloved sister helping me with my mortgage. She isn't a professional or anything, she is a midwife, but I had asked her to pick up the keys from the agent should I ever complete. 

I don't want to do this any longer. 

Well, my occupation is one of seafaring and I am away for four months at a time. I am curious as to what "complete" actually entails? Do I physically need to walk into the property and stick a flag between the floorboards? Is it simply a money thing? Do I need to fully change responsibility of the services such as broadband, tv, gas, electricity, water and whatever else to myself? 

What I'm really asking is, can the agent hold the keys until I return from my sea trip? The trip could be Dubai, The Baltic, The Caribbean and so it's not possible to get home. My first responsibility is to my country. 

user1977

Conan1Sett said:

What I'm really asking is, can the agent hold the keys until I return from my sea trip?

Yes. It'll be your property, it's entirely up to you when you pick up the keys. Though obviously it is advisable not to wait too long before checking that everything's in order, take meter readings, etc etc. You'll also have conditions in your insurance (and mortgage) about not leaving the property unoccupied for long periods, though given your job I trust you've already thought about that.

Jeffrey_Shaw

Simple guide:

1. Exchanging contracts- when vendor (V) and purchaser (P) first become legally committed to the transaction.

P usually pays a deposit; it's usually 10%.

2. Completion- when P pays the balance purchase price and becomes the true owner.

P is entitled to vacant possession, assuming that the contract prescribes this.

So P's also then entitled to collect the keys from the Estate Agent (EA) or from whoever else holds them.

No, P's not obliged to collect them as long as someone representing P can do so; it's unwise to allow V's EA or V to retain them for reasons of trust at least! If you don't want your sister to be involved, perhaps your own solicitor?

Weathergirl_76

Can someone you trust collect the keys, arrange for locks to be changed, obtain meter readings etc within a few days of completion? I would also make sure you have insurance in place.  Make sure heating is off and water off too (just in case, to avoid leaks) 

Conan1Sett

Weathergirl_76 said:

Can someone you trust collect the keys, arrange for locks to be changed, obtain meter readings etc within a few days of completion? I would also make sure you have insurance in place.  Make sure heating is off and water off too (just in case, to avoid leaks) 

I can give power of attorney to a non-relative, right? 

user1977

Conan1Sett said:

Weathergirl_76 said:

Can someone you trust collect the keys, arrange for locks to be changed, obtain meter readings etc within a few days of completion? I would also make sure you have insurance in place.  Make sure heating is off and water off too (just in case, to avoid leaks) 

I can give power of attorney to a non-relative, right? 

You can give power of attorney to anybody you like, but it's not necessary to do anything that formal merely to authorise somebody to pick up keys on your behalf. Just tell the EA who is picking up the keys for you.

maisie_cat

Weathergirl_76 said:

Can someone you trust collect the keys, arrange for locks to be changed, obtain meter readings etc within a few days of completion? I would also make sure you have insurance in place.  Make sure heating is off and water off too (just in case, to avoid leaks) 

You can, although you should have buildings insurance in place prior to exchange

Redwino222

You should speak to your solicitor, they will be happy to talk you through this.  You pay them big bucks to handle the transaction, make sure you get the service you pay for.

Neil49

You need to set up building insurance from the day you exchange contracts as from that moment onwards you are committed to buy the property. It is important that they cover extended periods of time for the property to be unoccupied as many only cover maybe 30 days at a time. 

On completion day the seller should advise the utility companies (electricity, gas and water) of the meter readings at that time. These readings will be your opening readings which purchasers usually confirm to the utility companies. Obviously you can't do this so you will have to trust the seller to get them right.

Water is supplied by the company for the area your property is located and they will simply start billing you from the date of completion. Gas and electricity comes from a multitude of suppliers but you will be taken on by the company used by the seller at their standard rate (which is usually the most expensive).

You should get in touch with them online and set up an account in order to start paying for the daily charges that will be incurred. This doesn't need to be done on day one but they wouldn't be happy to wait for a month or more without some form of contact. Details of the suppliers will be held by your solicitors who can provide this information to you in advance.

There is also council tax to be paid. Once again it doesn't need to be set up on day one and should be possible to organise online. The seller should tell them when they are leaving and you will be billed from the day you complete.

Hope this helps.

[Deleted User]

@Conan1Sett I'm a bit confused. I thought you posted that your sale had completely fallen through / mortgage offer pulled due to personal reasons? Is it back on now?

Conan1Sett

Deleted_User said:

@Conan1Sett I'm a bit confused. I thought you posted that your sale had completely fallen through / mortgage offer pulled due to personal reasons? Is it back on now?

Why would you be confused? One failed attempt, sure. Am I not allowed to apply again, ever?