Buying A House Or Flat

What do I need to do before completion?

What do I need to do before completion?

You will have a lot of things to do before completion takes place, though your conveyancer should prompt you to do all the necessary things.

 

Money:

You will need to make sure that you have given the correct amount of money to your conveyancer by, at the very latest, the day before completion. They must have cleared funds in their account before completion takes place. A personal cheque needs to clear, which takes five working days. If there isn’t time for it to clear then it won’t be accepted. Even cash on the day of completion is not sufficient – the money must be in their account. If it is not then you cannot complete and you will be liable for all costs incurred.

 

Mortgage:

Your conveyancer will need to request your mortgage funds. They should do this automatically - they do occasionally forget so it is worth checking - will cause enormous problems if they do

 

Insurance:

Make sure that if you need buildings insurance it is in force from exchange – you are responsible for insurance and it will be a condition of your mortgage – if you are buying a flat then it will probably be arranged by the freeholder – your conveyancer will advise if you need it, but if not then ask!

Arrange to move in!

Other frequently asked questions