Many clients ask us this question so we thought that we would compile a simple breakdown of what the completion process is in relation to residential conveyancing…
- The mortgage advance (if applicable) is requested on exchange of contracts by a solicitor to clear in their account by completion which should accompany any further completion monies that are due from you.
- On the day of completion a solicitor will send the said completion monies (along with the mortgage advance if appliable) via telegraphic transfer to the seller’s solicitors.
- Once the funds have cleared in the seller’s solicitor’s client account they will telephone the buyer’s solicitors to formally confirm completion.
- The seller’s solicitor will then telephone the estate agent giving them the authority to hand the keys over to the buyer.
As a buyer you don’t have to be physically present at any solicitors’ offices. The only place that you will need to be will be at the estate agent’s office once your keys have been released so that you can move into your new home!
You also do not have to sign anything on completion as you should have signed any transfer deeds etc prior to exchange of contracts.
We are Residential & Commercial Conveyancing Specialists !
Ayesha Leslie, Partner
Ola Leslie Solicitors
The contents of this page are intended for general information purposes only and shall not be deemed to be, or constitute legal advice. We cannot accept responsibility for any loss as a result of acts or omissions taken in respect of this page.