Once your conveyancing solicitor has sorted out any issues and finished all the local area searches required a completion date will be agreed by all parties.
When the completion date comes around your solicitor will receive the money you’re owed from your buyer.
You will need to vacate your property and your solicitor will then send over the signed documents of ownership to your buyer’s solicitor. At this point, your solicitor will pay off any remaining mortgage you may have, cover any estate agent fees, and deduct their own payment. You will then receive the remaining balance.
When should we start packing?
Once contracts are signed you will arrange a moving date. Once you have a date you can book a removal company (if you are using one).
An average completion takes 8 weeks so you can start collecting boxes and packing or disposing of any items you rarely use (especially seasonal items like the Christmas decorations).
Week 1: Instruct Attwells, pay money on account and complete the property information forms.
Week 2: Attwells issues the contract and ownership information to the buyer’s solicitors.
Week 3 to 6: Attwells agrees the contract and will help you satisfy all enquiries from the buyer’s solicitors.
Week 7 to 8: Moving date agreed and contracts exchanged – This makes the sale binding.
Week 9 to 11: You now have a guaranteed moving date. You can make arrangements and start packing. You will need to sign completion documents with Attwells. You will receive a statement showing the amount you will receive on completion.
Week 12: Complete. Move out and handover keys, any mortgage is redeemed and you should renew or make a will.
Week 1 to 2: Instruct Attwells, pay money on account and provide evidence of your cash funds. You should instruct your mortgage valuation and survey.
Week 3: Attwells will undertake searches of the local utilities and authorities. Attwells will receive a draft contract and ownership information from the buyer’s solicitors.
Week 3 to 6: Attwells reviews and approves the contract. We will also review the ownership information and raise enquiries with the seller and receive satisfactory replies. Attwells receives results of all searches of the statutory authorities.
Week 7 to 8: Attwells send reports on the property, contract, and mortgage and obtain confirmation of how you will own the property. Attwells will send you documents to sign and require a 10% deposit to be paid.
Week 9 to 11: The moving date is agreed. All documents and the deposit are received from you. The contract is now exchanged – the purchase is now binding.
Week 12: You now have a guaranteed moving date. You can make arrangements and start packing. You will need to sign the completion documents. You will receive from Attwells a statement as to the money required to complete. This must be transferred in good time for completion.
Please note: Attwells Solicitors have produced this timescale as a guide only. Your transaction may take longer depending on your circumstances. A leasehold may take 4 plus weeks longer. For more information, please contact your conveyancer. www.attwells.com.