When it comes to buying a house, we know that the process is not only lengthy but can also be incredibly tiring and stressful at times. At FastCash4Houses, we hope that all of the advice we provide on our website can help relieve a great deal of the stress which tends to occur at the end of the process. In an ideal scenario, closing the deal will run quickly and smoothly without any complications. Nevertheless, we are not blind to the fact that sometimes life does not always go to plan and occasionally, things can fall through at the last minute. Therefore, in this article we have put together our best advice for how to prepare as best as humanly possible for any obstacles you may face on completion day.
What happens on completion day?
There is no beating around the bush- a great deal happens on completion day. Both the buyer and seller, as well as their respective legal representation, will have vital roles to play in closing the deal.
The buyers side
On the buyer’s side, the first step is for funds to be transferred from your solicitor to the seller’s solicitor. Thereafter, the seller’s solicitor will call the estate agents for the property keys to the house to be released. The final step is for you to be register as the owner of your new property and your solicitor will pay the Stamp Duty Land Tax to HMRC. This may seem like a lot, but thankfully for you the majority of this will be handled for you by legal professionals.
The sellers side
On the seller’s side, the initial step is to ensure that the property is fully vacated by the agreed time. You will then get a call from your solicitor to confirm you are moved out. They will then handle the discharge of your mortgage and settle any other outstanding fees (such as estate agent fees) before transferring the remaining sum to you and starting the process of changing the owner’s name with the Land Registry.
What can go wrong on completion day?
By the time completion day rolls around there is the chance that things may not go as smoothly as you hope. Some common completion day problems include:
1. Delays at the bank
When large sums of money are being exchanged, it could take a substantial amount of time for payments to be processed which means that funds may not reach you until much later than expected.
This is hard to avoid but the best way is to consult with your solicitor and the bank directly about the timing of payments you are responsible for.
2. Removal problems
When having to deal with a number of contract and banking processes, you may overlook the logistics of moving your belongings.
The best way to avoid this is to take the time to research and compare different removal companies to ensure you are entrusting your belongings in the right hands.
3. Sellers backing out
In some cases, sellers may pack up and move, removing fixtures and fittings from the house. This has the potential to cause an impasse where buyers refuse to release funds to the seller’s solicitors.
To avoid this problem, it is vital to be open and communicative at the early stages about what is and what is not included in the price of the house.
Overall, we hope that this article has made clear that completion day has potential complications which must be taken into consideration by both buyers and sellers. At FastCash4Houses, we are here to support you every step of the way to make buying or selling your home just that little bit easier.
