Step 9 – Exchange to completion

Exchange to completion

Completion, when keys are handed over and you can move in, is usually two weeks from exchange of contracts. The period can be longer or shorter. It can even be simultaneous with exchange. We will charge an additional fee for each day (under two weeks) that this period is reduced because shorter periods create difficulties both for us and with Removal Firms as well. We would urge you not to think about a very short period if you are involved in a “chain”.

In this period we will obtain an up to date redemption figure for your mortgage, obtain details of your agent’s commission and request the mortgage money. Most Lenders require at least five working days notice (Some longer). We will prepare and send to you Final Statements showing the balance we need or that will be due to you.

For Leasehold sales we will need proof of payment of rent, insurance and management or service charges to produce to the Buyer’s solicitors. We will split any payments in advance or arrear so that you only pay up to the date of completion.

We will ask both you and your Lender for cleared funds for the day before completion. We can then remit these funds to the Seller’s solicitors early on completion day through the Banking system. There is a cut off time (usually 2 p.m.) by which we must put cleared funds into the Seller’s solicitors Bank Account and the Banks, although aware of this time limit, refuse to accept any responsibility for delivering the funds by any time, other than by their close of business.

Conveyancing guide