34. Completion
The completion date is the day when the ownership of the property is legally transferred from the seller to the buyer, and it is an important milestone in the conveyancing process.
Here are some considerations for selecting a completion date:
- Mutual agreement: The completion date must be mutually agreed upon by both the buyer and the seller. It is usually discussed and decided during the negotiation process.
- Personal circumstances: Consider your personal circumstances, such as your moving plans, the end of your current lease (if applicable), and any work commitments or holidays.
- Logistics: Ensure you have enough time to pack and make necessary arrangements for the move. Coordinate with movers, utility companies, and other relevant services.
- Financial arrangements: Ensure all financial arrangements, including mortgage disbursements and the payment of any outstanding balances, can be completed by the chosen date.
Will your conveyancer meet the completion date?
Your conveyancer will work towards meeting your desired completion date, but there are several factors to consider:
- Communication: Keep open lines of communication with your conveyancer. Inform them of your desired completion date as early as possible so they can plan accordingly.
- Complexity of the transaction: The complexity of the transaction can affect the timeline. For instance, if there are issues with the property title, delays in receiving documents, or if the property is part of a chain, these factors can impact the completion date.
- Legal and regulatory requirements: Certain legal and regulatory steps must be completed before the transaction can be finalised. These include searches, surveys, and ensuring all paperwork is in order.
- Third-party involvement: Other parties involved, such as the buyer’s conveyancer, mortgage lenders, and local authorities, can also affect the timeline. Delays from any of these parties can impact the completion date.
- Preparation and documentation: Ensure you have all necessary documents ready and respond promptly to any requests from your conveyancer. This includes providing identification, financial information, and any relevant property documents.
- Flexibility: While you can choose a desired date, it is important to remain flexible and have a contingency plan in case unexpected delays occur. Being adaptable can help manage stress and avoid last-minute complications.
While you can choose a desired completion date, achieving this date depends on the coordination and efficiency of multiple parties involved in the transaction. Working closely with your conveyancer and maintaining flexibility can help ensure a smoother process and increase the likelihood of meeting your desired completion date.
Deadline for exchange of contracts or completion
A deadline for the exchange of contracts or completion refers to a specific date by which the legal formalities of selling a property must be finalised.
- Exchange of contracts: The exchange of contracts is a critical stage in the property sale process where both the buyer and the seller sign and swap the signed contracts. This action makes the sale legally binding, and a deposit (usually 10% of the purchase price) is paid by the buyer. If a deadline for the exchange of contracts has been imposed, it means there is a specific date by which the exchange must occur. This is often stipulated to ensure the sale progresses within a certain timeframe.
- Completion: Completion is the final stage in the property sale process when the remaining balance of the purchase price is paid, and ownership of the property is transferred from the seller to the buyer. The buyer can then take possession of the property. A deadline for completion means that the sale must be fully completed by a specified date. This is typically agreed upon during the negotiation of the sale and outlined in the contract.