Once a sale has been agreed, conveyancing solicitors or licensed conveyancers will be instructed by the buyer and seller. It is usual for the seller’s solicitor at this point to:
- Raise a contract for sale of the property
- Provide answers to what are called ‘pre contract enquiries’
- Offer proof of title (ownership)
- Set out a schedule for what is included in the sale
- Suggest a date when the sale will take place.
The buyer’s solicitor will act on the buyer’s behalf to:
- Make sure the title to the property is not faulty
- Check that the terms of the sale are reasonable and lawful
- Arrange for all monies to be made available both from the buyer (the deposit) and the buyer’s selected mortgage lender
Once the buyer’s solicitor is happy that all the legal issues have been resolved, the mortgage offer has been received along with the other monies required to pay the deposit, legal fees, and stamp duty, etc, then a date can be agreed to complete the sale. Once agreed, the buyer pays over their deposit and contracts can be “exchanged,” this is the legal point of no return. Completion is the date the seller will move out, the buyer will pay over all remaining monies for the purchase and collect the keys from the seller. This is legal completion
The completion date can be at any time and date agreed between all parties but given the need to arrange the transfer of utilities and to organise a moving company, etc, it’s normal for completion to be at least a week after the date that the contract is exchanged. Sometimes, solicitors agree to exchange contracts and complete on the same day. There is nothing wrong with this practice, but if the sale falls through at the last minute, before contracts have been exchanged, you could end up with removal lorries parked outside a home you do not own and with a great deal of expense incurred which you have no legal right to recover!
The benefit of exchanging contracts a couple of weeks before the completion date is that, if either party does not then stick to their obligations under the terms of the contract, they can be either sued by the other party and ask the courts to make the property sale proceed in accordance with the contract terms, or alternatively, sue for damages.
Usually, the seller would retain the buyer’s deposit and instruct his agent to remarket the property.
Next article: What does Completion Mean?
Recent posts
When will mortgage rates fall further?
Yesterday
Analysts are predicting further rate cuts this year, with the next one possibly coming down to 4% when the Bank of England’s Monetary Policy Committee meet on Thursday 7th August 2025.
The Financial Conduct Authority (FCA) has shared new changes to mortgage rules with the aim to simplify remortgaging, and encourage competition within the mortgage market.
Lloyds boost lending for first-time buyers
8 days ago
Lloyds Banking Group has jumped on the bandwagon to boost lending for first-time buyers as they allocate an additional £4 billion to help first-time buyers on to the property ladder.
As the Loan to Income (LTI) cap has been increased to 5.5 times income, applicants who fit the First Time Buyer Boost criteria could borrow up to 22% more.
The government is introducing mortgage reforms to boost homeownership, stimulate economic growth, and make the housing market more accessible, especially for first-time buyers.
Chancellor Rachel Reeves has announced the most significant mortgage reforms in over a decade—great news for those dreaming of homeownership.
Nationwide ease criteria for first-time buyers
11 days ago
Nationwide ease their ‘Helping Hand’ mortgage designed to help first-time buyers get onto the property ladder by allowing them to borrow up to six times their income.
Ways to save money over the summer holiday
17 days ago
Keeping the kids entertained over the six-week summer holidays isn’t always easy, especially with the cost-of-living making it even more difficult. Below is a list of fun, inexpensive ideas to do over the break
The Financial Conduct Authority (FCA) has published a discussion paper about the future of the mortgage market in a bid to improve access for first -time buyers, self-employed, and those borrowing in retirement.
Ever wondered where the most reasonably-priced towns for families to buy are? Property company, Zoopla has identified the top 10 towns for families to live in the UK by looking at the most affordable towns, and how many people are looking in that area.
More information
Trusted by
