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  • Step 3b - Buy the Property: Completion

    3rd October 2017

     

    On completion day you’ve reached the stage you’ve been aiming for since you started establishing your budget – ownership of the property is transferred to you and your funds are transferred to the seller.

    There are things you can do ahead of completion day to ensure it goes smoothly and ensure there are no delays. Whilst delays aren’t that common, they usually centre around missing funds required to pay your seller.

    • A lack of mortgage funds – check with your conveyancer that your mortgage funds have been drawn down before completion day
    • A lack of your funds – make sure you send any additional funds you need to provide for the purchase through to your conveyancer
    • A lack of buyer funds – if you are selling make sure your buyer has sent their funds to their conveyancer and checked that their mortgage funds have been drawn down ahead of completion so you aren’t delayed by them

    Checking that this is in place should help ensure completion goes ahead successfully without a hitch. Each buyer and seller in the chain should do the same to ensure that everything goes through smoothly on completion day.

     

    What happens if I cause a delay?

    You could be served a notice to complete by the seller giving you 10 working days to complete the transaction. You could have to cover the cost of the notice fee, sellers costs (e.g. hotels and removals), and interest on any outstanding funds. If you are also selling and your buyer delays then you can also service notice to complete.

     

    Find out what happens after moving in or go back to exchange of contracts.

    Progress: 88% complete