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The Conveyancing Process For Buyers: Steps Four & Five

May 20, 2011

 

What Happens At Completion & After?

Buying a home can be daunting prospect, especially for first time buyers. Gordon & Rumsby, over the last few weeks, have been providing buyers with an overview of the  purchasing process known as conveyancing. This week we concentrate on the last two steps: Completion and After Completion. You can find our other blogs by using the menu on the right of this page. If you have a specific question that you can’t find an answer for, we would be happy to help you, and you can send your question via the Gordon & Rumsby Contact Page.

Step Four: Completion.

After the exchange of contracts and all matters have been finalised the sale is completed.

At this stage of the transaction the mortgage is funded and the buyer will:

  • Transfer the money to the vendor through the solicitor.
  • Pay any fees if not already paid.
  • Receive the legal proof of ownership documents.

Step Five: After Completion.

The buyer is now the new owner of the property and will receive the keys to the property on the agreed upon date. This could be immediately as would be most likely with a vacant property, or it could have been agreed to allow the vendor to move out a day or two after completion.

After completion the buyer needs to:

  • Inform their insurance company that the transaction has completed.
  • Pay Stamp Duty, if applicable to this transaction.
  • Register the new ownership with the Land Registry. The solicitor will provide details to do this.

Congratulations! It’s time to pack up and move.

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