It typically takes 10-12 weeks from the sale being agreed to completion of a freehold property. Whilst your Conveyancer is busy conducting the legal work, there are some steps that you can take to ensure that you are prepared for completion:
- Check your deposit
As part of your Conveyancer’s compliance requirements, you will need to provide evidence showing where any funds you are using towards the purchase are held and how the funds have been obtained (i.e. savings from employment, inheritance, sale, gift). It is recommended to provide this evidence as early as possible to avoid delay.
Your Conveyancer will usually request funds once a completion date is agreed and require payment before exchange of contracts. It also important to check how accessible these funds are to avoid delaying completion. Some accounts can take several weeks to process your withdrawal request.
For first-time buyers, your Conveyancer will need a copy of your closing statement and a First-Time Buyer Declaration in order to request your government Help-to-Buy bonus. If funds are held in a Lifetime ISA account, your conveyancer will usually need to request funds. Please check the withdrawal guidance for your account.
- Book a survey
Whilst your Conveyancer will check the seller’s documentation and raise legal enquiries, they will not visit the property and are not qualified to comment on the structural integrity of the property or any building works which may have taken place.
Therefore, it is strongly recommended that you obtain a survey on the property to identify any issues at an early stage. If defects are reported, you should obtain quotes for remedying the defects so you a) can negotiate a price reduction or the seller completing the works before completion, b) are aware of the future maintenance and repair costs or c) withdraw from the sale (if you deem the works to be too onerous/expensive).
Your estate agent will liaise with the seller to find a suitable time for the survey.
- Arrange a second viewing
It is advisable to arrange a second viewing before exchange of contracts to verify the information provided in the seller’s Property Information Form and Fittings and Contents Forms. You may also see something that you didn’t notice on your initial viewing or find it useful to take measurements to check your furniture will fit.
Your estate agent will be able to assist you arranging second viewing.
- Obtain Buildings Insurance Quotes
You will be responsible for the Buildings Insurance on your new property from the date of exchange. This is a requirement when having a mortgage.
Exchange of contracts can happen weeks, days or even hours before completion and your Conveyancer may require your authority at short notice. Comparison sites usually ask extensive questions about the property, so it is best to be prepared and obtain a quote early. If you have any queries about the property needed to obtain the quote, you will then have time to liaise with the seller/estate agent.
You may need to input a future commencement date when obtaining the quote, but you can amend this when purchasing the policy after your Conveyancer has confirmed that contracts have been exchanged.
- Start Packing
Completion can come around quickly, so packing your non-essentials early can help reduce the last-minute stress. When agreeing to a completion date, please consider how long it will take for you to pack all your belongings.
You should refer to the Fittings and Contents Form to ensure that you are not breaching the contract by taking items that are included in the sale. The buyer may also be entitled to recover the costs of removing items or rubbish left at the property which weren’t included in the sale.
The sale contract will usually require that you to vacate your property by 1pm on the completion day. Therefore, you may need to book professional removals to make sure completion day runs as smoothly as possible.
By Michael Hollingsworth
