With August falling in the summer school holidays, it is naturally one of the most popular months to move. In recognition, National Moving Day takes place on 19th August. The events focus is to enhance a customer’s experience in buying a property to bring together those involved in a successful home moving process, including Removal Services, Estate Agents, and Solicitors.
Moving home is a stressful time for many, there are numerous tasks to undertake, and to ease the process it is important for all parties to work together, ensuring the day of completion goes smoothly.
Should you be new to property transactions, you may wonder ‘what is a completion date’. Simply, it is the day that money will be transferred between the buyer and the seller, whereby the seller moves out and the purchaser moves into the property.
Estate agents and solicitors work together with the purchaser and seller to find an appropriate completion date. The date is agreed before exchange of contracts and on exchange the date is set. For those unaware, exchange of contracts is the point where both parties are legally committed to the transaction.
Up until the moving day, your solicitor would have already handled the legal side of the property transaction and will continue to do so, responsibilities of a solicitor on the day of completion includes:
- Funds – It is important to ensure that there are funds available for the transaction. Solicitors will check the source of funds as a first step in the process, but on the days leading up to completion they will advise on the exact amount needed to complete and on completion will transfer the monies to the relevant parties.
- Mortgage – When acting for the purchaser, solicitors will request monies directly from the mortgage company and will inform the mortgage company of completion. On sales, solicitors will use the sale proceeds to pay the outstanding mortgage charged to the property, and request that the charge is removed from the land registry.
- Estate Agents – Solicitors and estate agents will correspond regularly throughout the transaction. On the day of completion estate agents will hold the keys to the property and will not release them until they have the authority from the solicitors.
- Stamp Duty – Solicitors acting for the purchaser will submit the Stamp Duty Land Tax Form and will make payment if necessary.
- Land Registry – The Land Registry records who owns land and property in England and Wales. On receipt of the Transfer signed by the seller, the purchasing solicitor will arrange for the property to be transferred into the purchaser’s name with the Land Registry.
A key part to a successful move that solicitors will not be involved, is relocating your belongings. If you need the services of a removal company, it is important to choose a company that is reliable, and you will need to book them in advance. We always recommend that the removal company is booked before exchange of contracts, once the completion date is agreed. If you are selling your home, on the day of completion the property must be completely empty, therefore, it is crucial your removal company is aware of what needs moving - you do not want to come to the day of completion and find out your furniture does not fit in the removal van!
There are many steps to moving home, and this is why it is important to plan; to assist there are resources online providing useful checklists.
Should you wish to discuss this with one of our experienced conveyancers, please do not hesitate to contact us.