Between exchange and completion these are various steps which must be adhered to.
Your Property Lawyers must:
• carry out final searches with the Land Registry, either a Land Charges search or an Official Search and also report to your lender that the title to the property makes it a suitable security for their needs and request release of the mortgage advance
• be in possession of a signed mortgage deed and Transfer
• book/confirm your removers and provide a map with directions if necessary
• cancel newspaper, milk and other deliveries
• send details of your change of address to your bank and any credit card companies, DVLA, insurance companies, club memberships, doctor, health authority, etc.
Seven days prior to completion you will receive a completion statement which details exactly how much money is required to complete your purchase and any Stamp Duty Land Tax payable.
On the day of completion:
• your Conveyancing Solicitors will send the purchase amount less any deposit paid on exchange by bank transfer to the seller’s Conveyancing Solicitor. This process is usually instant but can take up to two hours depending on the bank
• Once the seller’s Conveyancing Lawyer has received the funds they will contact the Estate Agent and arrange for the keys to be released to you
• You are now the official owner
• Your Conveyancing Solicitor will arrange for any Stamp Duty Land Tax to be paid to HMRC within 30 days of completion. Upon receipt HMRC will provide your Property Solicitor with a certificate enabling Land Registry registration
• The Land Registry may take several weeks to complete the registration, however once everything has been checked your Property Solicitor will either send the deeds to you for safe keeping or, if you have requested that they store them on your behalf, retain them in their own strongroom and confirm any details to you
Contact our team of specialist Salisbury, Amesbury and Andover Property Solicitors today and we will guide you through the process with expertise.