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Completion & Moving
In this section:
Completion is the stage when the property purchase and sale are completed - the day when you finally get to collect the keys to your new home! This section provides a quick overview of the completion process.
Payment is made
Once the contracts are exchanged between yourself and the vendor the purchase of the property becomes legally binding. There can be no backing out now from either party as the funds start to move to the vendor.
The following outlines the Completion process in detail:
- The seller receives any deposit (if there is one) when contracts are exchanged.
- The seller's conveyancer finds out how much the seller still owes on his current mortgage - if any.
- The seller's conveyancer approves the transfer deed and arranges for the seller to sign it.
- Your mortgage company will send the balance of the purchase fund to the seller's conveyancer.
- The seller's conveyancer will send the transfer deed to your conveyancer.
- The seller's conveyancer will take his fee and expenses out of the funds the seller has received.
- The seller's conveyancer will clear the balance of the seller's mortgage.
- The seller's conveyancer will send the remainder of the money to the seller.
- Open the champagne, your purchase is now completely finished!
Moving Checklist
There are many things to try to remember when you finally get to the days preceding and during your move. To try to simplify the process Look4aProperty.com has compiled the following check-list:
One Month before your move
- Arrange for your post to be redirected to new address.
- Get quotes from removal/van hire companies. Refer to the British Association of Removers for more information on removal companies.
- Arrange for meter readings (electricity, gas) and disconnection of services at your current address.
- Arrange for phone service to end on moving day at your current address.
- Arrange for council to dispose of any large items that need to be thrown out before move.
- Start working through Contacts checklist to let them know your new address.
One Week before Move
- Confirm date and time with removal company.
- Start packing everything that is not an essential everyday item.
- Write out instructions for any appliances you are leaving behind at your current address.
- Settle any local bills (newspaper delivery, etc) at your current address.
- Plan process for moving your pets (i.e. fish can be challenging).
- Transfer utilities and phone accounts to your name at your new address.
Last Day before Move
- Make sure all your essentials are packed in one place.
- Put all your valuables and documents in a safe place (you may consider moving them yourself).
- Put down dust covers or plastic sheets to protect carpets.
- Insure all meters have been read, and services are disconnected at your current address.
- Go through every room, closet and cabinet to make sure you have not left anything behind.
Moving Day
- Put down dust covers or plastic sheets to protect carpets in your new home.
- Check that all the items listed in the inventory are in your new home and in condition you expected.
- Check for instructions on how to use all the appliances in your new home.
- Insure you have a final meter reading on electricity and gas from previous owner of your home.
- Go through every room, closet and cabinet to make sure you are satisfied that nothing has been left behind.