The Completion Process
The day of completion is an exciting day for both buyer and seller. But there is more to the process than simply moving in and out of the property.
The key element on the day of completion is for the buyer’s lawyer to transfer the balance of the completion funds to the seller’s lawyer. The funds are transferred electronically between the lawyers using the CHAPS system to ensure that the funds are released and received on the same day.
The key element on the day of completion is for the buyer’s lawyer to transfer the balance of the completion funds to the seller’s lawyer.
A buyer’s lawyer will have checked the account details with the seller’s lawyer to ensure these are accurate and often will use electronic verification software to protect against fraud.
Completion officially takes place when the completion funds are received by the seller’s lawyer. The seller’s lawyer will contact the buyer’s lawyer to confirm the funds have been received and will then speak to the Estate Agents to release the keys. It is at this point that the buyer can collect the keys and can start moving into the new property once the seller has vacated.
Following completion, the buyer’s lawyer will arrange for the purchase to be registered at the Land Registry and on completion of their application, they will make contact with the buyer to provide them with a copy of the updated title register – evidencing the buyer’s ownership of the property.
At the seller’s end, the seller’s lawyer will transfer the proceeds of the sale to the seller and arrange to redeem any mortgages.
