On the date fixed for completion the balance of the amount for the purchase of the property is sent to the seller’s Solicitor.
When the seller’s Solicitors receive the monies they will telephone the estate agents and authorise them to hand over the keys. A seller has until 1.00pm to hand in his keys. If you are a purchaser you should base your plans around a completion time of about 1.00pm. If we are relying on monies coming in from your sale to complete your purchase, 1.00pm may not be possible and you may have to wait a little longer.
If you are selling, you must leave the property empty and the keys must be left with the estate agent by 1.00pm on that day. All items (including rubbish) must be removed from the property. When we receive the buyer’s money we will telephone the agents to ask them to release the keys to the buyer. Please do not hand the keys over yourself until you have spoken to us and we have confirmed that completion has taken place.
If there is a balance due to you upon completion of your sale we can transfer the money directly to your bank account by way of a CHAPS transfer. The monies will then be in your account on the same day and will be cleared. Our legal fees for this will be £30 plus VAT. This is usually more convenient to you as you will be able to use the funds straight away and you will receive interest on it with immediate effect. Please note that we do not transfer money to foreign bank accounts.
Alternatively we can send you a cheque or you can come in to collect it. We also offer Fast Pay/Next Day £20 plus VAT which is usually with your account the same day.
On the day of completion, we will send the estate agents a cheque in accordance with your instructions. We will also repay your mortgage. This is usually dealt with by way of CHAPS transfer to prevent any further interest to be paid. Most lenders require this now. Again our legal fee for this is currently £30 plus VAT which will be shown on your completion statement.