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It’s an ownership thing.
What Happens on Completion Day?
Finally, the big day is here and it’s almost time to collect your keys. You’ve found your dream home, had your offer accepted and signed on the dotted line. Well done, you’ve got the hard bit out the way! So, what’s next? Completion day of course! This is when the money is transferred, and you can officially say you’re a homeowner. It’s both an exciting and daunting time. We know you’ll be raring to move in now. However, before you start packing up, it helps to know what to expect.
Prior to Completion
Before completion day can happen, the exchange of contracts needs to take place. This makes the transaction legally binding, so that you can call your dream home yours. It’s up to the housing association to choose the date completion goes ahead. Just make sure it’s on a weekday, so it’ll go forward as smoothly as possible. Remember, if you back out after the exchange of contract, there may be some hefty penalties!
What is Completion Day?
On completion day, your conveyancer will transfer your purchase funds to the seller’s conveyancer. You’re now thinking - how long does it take to release mortgage funds? Well, just a heads up, sometimes you may come across a few stumbling blocks at this stage. If the money hasn’t gone through by 3pm, you’ll have to wait until the next working day. Don’t panic though! Your house isn’t going anywhere, and the sound of your keys jingling is only around the corner! Before you know it, you’ll be enjoying a cup of tea in your new home. Once the vendor confirms they’ve received the money, it’s time to start loading up the van.
If you’re a planner, you’ll probably be curious about completion day timings. It normally goes ahead at midday. If you’re lucky, sometimes it can even be as early as 10am! With new developments it’s usually earlier in the day than later. Absolute latest it takes place is 5pm. But that’s under very rare circumstances! If you’re going down the route of SharedOwnership, the process is pretty much identical. What’s the catch? There isn’t one! The only difference is you don’t need to worry about the price tag of the house, once you’ve found ‘the one’. If anything, that’s a bonus!
Collection of Keys
You’re probably sat browsing through keyrings, to clip onto the keys for your new abode. Before you get ahead of yourself though, get those important arrangements sorted out! Who are you getting the keys from? What time are you getting them? Is there anything you need to take? Preparation is key for collecting keys on completion! You can either get them from the housing association or sometimes your conveyancer’s office. It’s also a good idea to take some form of ID. You never know, they may ask for proof! If you’re still up to your ears in packing, a friend or relative can collect them on your behalf. Just let your conveyancer know.
House Completion During Coronavirus
Covid has got in the way of many things. But, we refuse to let moving into your dream home be one of them. Simultaneous exchange and completion (SIMS) is here to save the day. Yes that’s right - you can still make the exciting move! How, you ask? Well, this means exchange of contracts and completion happen on the same day. So, sit back and relax because SIMS minimizes any virus-related risks between the period of exchange and completion of your new home.
It's not unusual for conveyancers or mortgage providers to work at their own pace. Especially in the case of a global pandemic, where they may be working from home. You may be all-set and ready to go, but the legal side of things is lagging. First of all, breathe, there’s really no need to panic! Don’t be embarrassed to chase these people up either. After all, you’re paying them.
You’re probably wondering what the lowdown is, when using a removal service, during times like this. We’ve got three top tips for this situation:
- Do as much of the packing yourself
- Clean your belongings before they’re handled by the removals company
- Keep contact with the removal team minimized
This is going to be one of the most exciting days marked in your calendar. It’s a day of celebration. So, crack open the bubbly and leave the stress behind! And if you’re making the most of Shared Ownership, the stress should be minimal on this exciting day.
The Aster Process
Completion day will still be exactly the same when purchasing your Shared Ownership home, and it’s a great way of getting onto the property ladder! After all, the only thing better than moving into a new house, is moving into one that didn’t break the bank.
For more information on Shared Ownership with Aster, you can get in touch with our friendly team, and browse our developments.