completion date?

cey2007

Really confused, I'm a FTB, will be getting draft contracts in post tomorrow (hopefully). Who arranges the completion date? Me and seller or solicitor? Also, when do I pay all of my money (fees,costs,etc) over? On or before the day?

Being an adult is sooo confusing! :-):j

cattie

Completion date will be agreed before hand with you & vendor via both your solicitors. Usually the solictor will send you a form asking you to specify if you have any particular requirements as to setting the completion date.

It's a long time since I was a ftb, but I'm pretty sure I had to pay deposit etc before completion date

slipp_digby

Our completion date was agree mutually between us and the vendor (but would usually be via respective solicitors) and the balance of money (our deposit and solicitors fees) were transfered over in sufficent time so they were actually cleared in the solicitors accounts by the completion date.

They will then transfer the funds electronically on the day of completion by the solicitors.

Which is tomorrow!!!

chappers

deposits are paid on exchange of contracts, your solicitor will then ask you to pay all the extra funds into their client account before completion date and will liase with your lender to ensure their funds will transfer on that day too.
your solicitor will then arrange to transfer the funds on completion day to the vendor or his solicitor.
Make sure you are sure you can meet your completion date or there can be serious ramifications for yourself if you do not. If you have any queries just speak to your solicitor he will have done this hundreds of times and can talk you through the whole process.