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Completion is when the property changes ownership on a previously agreed date and usually at midday. On the day of completion, the money is transferred and the deeds of the property are transferred between each side’s solicitor or conveyance. Your solicitor / conveyancer will register the transfer of ownership with the Land Registry. Once we have been notified we can then hand over the keys to the property.

Mortgage
If there is a mortgage on the property, the mortgage company will have given you and your conveyancer/solicitor a precise redemption figure for your mortgage for the day of completion. Now that the buyer has transferred the money to your solicitor or conveyancer, they will pay off the mortgage for you.

Solicitor / conveyancer / estate agent costs
After completion, your solicitor/conveyancer will send you an account, covering all their costs and disbursements, as well as the sale price of the house and redemption of the mortgage. If you are buying and selling at the same time, the solicitor/conveyancer can settle up for both transactions at the same time, including paying any stamp duty for the house you are buying.

 

Congratulations - your property is now sold!

 

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