Well done! You've found your dream home, organised a mortgage, exchange contracts and are now busy preparing for the day of completion. It's now that you must pay attention to details to make sure no basic essential is overlooked or left to the last minute.
Have all the legal documents been signed, for example, and will your solicitor have all the necessary monies when required? Some papers, such as the transfer deed, often have to be signed by both the seller and the buyer, so sign them as soon as you receive them and get them to your seller's solicitor in good time. On completion there must be enough cleared funds in the buyer's solicitor's bank to send the balance of the purchase price electronically to the seller's solicitor's bank. There must also be money for stamp duty, land registration fees, legal costs and expenses.
As the buyer you must therefore pay your solicitor the balance of the monies by banker's draft, three or four working days before completion, to allow time for clearance or an electronic transfer (CHAPS) or bank's automated clearing system (BACS) payment. If you are getting a mortgage, your solicitor must tell the lender the date when the advance monies are needed, giving them the period of notice required (this varies). Most lenders now send the advance by CHAPS and BACS, but won't guarantee what time it will arrive. So your solicitor should make sure the monies are sent the day before completion so they are there for the big day. For the same reason, if you are sending monies to your solicitor, make sure they arrive by the day before completion. Philip Popeck is a partner at Curry Popeck, solicitors. Call him on 020 8907 2000, or email him at philipp@currypopeck.com.
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