Completion Explained

4 coins on a table

Completion is the final stage of a house sale. It is when a buyer will get the keys to their new property with the help of a mortgage solicitor in London. It usually happens a few weeks after the exchange of contracts.

A mortgage solicitor in London, like Saracens Solicitors, will automatically undertake most of the processes involved in completion without prompting from their client. They agree dates and get details from the buyers and then make the necessary moves to ensure the house sale goes through smoothly.

What it means

A lot of financial transactions take place at completion. These are handled by each client’s mortgage solicitor.

These are some of the transactions that might be handled by a mortgage solicitor in London:

  • Stamp duty – currently, any residential property sale that is worth more than £125,000 is subject to stamp duty. This is a percentage of the worth of the home and the rates are different for first time buyers. Stamp duty is paid at completion by the buyer’s mortgage solicitor in London;
  • Solicitor’s fees – most solicitors will usually take a percentage of fees up front to cover searches and other work but the balance is often paid at completion;
  • The balance of the funds for the property – these are transferred from the buyer’s lender to the solicitor. Once this has happened, they can ask the selling agent to release the keys to the property;
  • Paying out any remaining funds to the client – this happens when a buyer has gained a bigger mortgage than the value of the house to release funds for renovations or similar. It may also happen if a seller has not bought another property and is simply collecting any money they have made on the sale of their property after their mortgage is settled.

Moving in

Once completion has taken place, the buyer can collect the keys and begin moving in. In the following weeks, they will receive a number of documents from their mortgage solicitor in London. These include a copy of all paperwork relating to the house sale, a breakdown of costs and financial transfers and a copy of the entry in the Land Registry that details their ownership of their new property.