4. Completion

Posted in 16th August 2022 by

Categories: Sales FAQs

Once contracts have been exchanged, and a legally binding completion date has been set, the purchaser’s solicitor will request funds from a mortgage lender in readiness for completion. The seller’s solicitor will request a final redemption figure from their mortgage provider, and if there is a charge registered against the property. If the property is leasehold, the seller’s solicitor will allocate the service charges and ground rent, and then send a completion statement to the purchaser’s solicitor.

In addition to this, the seller’s solicitor will also need to ensure that their client has signed a transfer in readiness to send to the purchaser’s solicitors on completion. The purchaser’s solicitor will send a completion statement to the purchaser, which will illustrate all outstanding monies to be transferred to the solicitor prior to completion. The statement will include a complete breakdown to include disbursements, solicitor’s and third-party fees.

Once in receipt of the purchase monies, the seller’s solicitor will redeem all charges registered against the property. They will also need to deal with restriction holders and pay third-party fees e.g., fees payable to estate agents.