Congratulations! You’ve reached a momentous milestone – completion day! After weeks of negotiations, legal checks, and a whirlwind of emotions, you’re finally on the cusp of owning your very own home. But what exactly happens on this big day? This guide will walk you through the key steps involved in finalising the property purchase and securing the keys to your dream home.
The Morning Jitters: Setting the Stage for Success
Ensure All Funds Are Readily Available: This includes the deposit, formal mortgage offer, solicitor fees, stamp duty (if applicable), and any moving costs. Make sure the funds are readily accessible and can be sent to your solicitor/conveyancer with ease and no delays.
Pack an Essentials Kit: While the house might be bare, pack a small bag with essentials like water, snacks, phone charger, and any documents you might need for last-minute reference.
Stay Connected: Maintain open communication with your solicitor and estate agent. They’ll keep you updated on the progress and be your points of contact if any last-minute issues arise.
The Big Moment: The Legal Exchange
The Contract Signing Ceremony (Not Quite): While the exchange of contracts has already taken place, completion day often involves signing additional legal documents related to the transfer of ownership. Your solicitor will guide you through this process. Please note, it is in some cases possible to do both exchange of contracts and completion on the same day! Your solicitor can advise on this.
Money Talks: The Transfer of Funds Once everything is signed and in order, the solicitor will transfer the agreed-upon purchase price to the seller’s solicitor (made up of your deposit plus the funds they will have received from your mortgage lender too). This is the moment ownership officially changes hands!
Keys in Hand: Claiming Your Castle
The Final Walk-Through (Optional): You might have the opportunity to do a final walk-through of the property to ensure everything is in the agreed-upon condition. This should be agreed in advance to make sure the seller doesn’t leave the property in a state you are not happy with (for example, leaving lots of items in there which you may have to dispose of as the new owner).
Keys Please! Once all legal formalities are complete and funds are transferred, you’ll receive the coveted keys to your new home! Congratulations, you’re officially a homeowner!
Post-Completion: Tying Up Loose Ends
Meter Readings and Utility Transfers: Don’t forget to arrange meter readings for electricity, gas, and water and contact utility companies to transfer the accounts to your name. Top tip: as soon as you get the keys, go to the property, take pictures of all meter readings in full and keep them as evidence of the readings when your liability started. Failing to do so could leave you in a situation where unpaid for bills are now yours to deal with (if the previous occupier didn’t take the proper steps to settle their accounts in full). The evidence you have can be provided when changing the accounts over to your name as proof of your starting balances.
Home Insurance Activation: Ensure your home insurance policy is active from the completion date to provide coverage for your new property. This will usually be a condition of your mortgage. And remember, you should always have home insurance in place throughout ownership of the property.
Moving Day!: The fun part! With keys in hand, you can now coordinate the moving process and start settling into your new home.
Remember: Completion day is an exciting culmination of your property buying journey. By staying organised, prepared, and communicating clearly with your solicitor, you can ensure a smooth and successful handover. So, take a deep breath, celebrate this momentous occasion, and get ready to write a new chapter in your story – within the walls of your very own home!
