Tips from a conveyancer – Exchange of contracts to Completion date

If you have not done so already, you should make your removal arrangements as soon as your conveyancing lawyer tells you that exchange of contracts has taken place and you are aware of a completion date.

Your conveyancing lawyer will prepare a completion statement showing any money due from you before exchange and any money due to you following completion.  

Money due from you should be sent to your conveyancing lawyer by telegraphic transfer, building society cheque or bankers draft.   It is generally not advisable to send personal cheques as they take far too long to clear.

You should check with your conveyancer the arrangements for the collection of the keys.   Keys can be handed over by the seller to the buyer or collected from the selling agent.

On the completion date money will be transferred via the banking system.   Conveyancing firms have no control over the banking system and it is not impossible for completion to be delayed until the end of the day if the banking system is busy.

On the completion date, if you are selling, your conveyancing lawyer should inform you when they have received the money from the buyer’s conveyancing solicitors.   The keys should only be released after receipt of the money by your conveyancer.

If you are buying, your conveyancer, on the completion date  will call you when they receive notification from the seller’s conveyancing solicitors that the money has been received and the keys have been released.

Following completion, if you are selling your conveyancing lawyer will discharge your mortgage and send to you any proceeds of sale.   The seller’s conveyancing lawyer  will pay the selling agent’s account unless otherwise instructed.

Following completion, if you are buying, your conveyancer should, on receipt of the title deeds from the seller’s conveyancing  solicitors, deal with any stamping and registration formalities.   If there is a mortgage the conveyancer will send the deeds to your lender and send a copy to you.   If there is no mortgage they will send the deeds to you. Some conveyancing firms can retain the deeds for safekeeping in their strong room.

You should advise the suppliers of all utilities such as water and electricity that you have moved.