According to a survey by Yorkshire Bank, two-thirds
of us find moving house highly stressful, with
one in ten saying the experience actually made
them ill.
And the most challenging day of the whole process
must be completion day, when we actually sell,
buy, and move into our new properties.
Much of the stress lies in the lack of control
we have over the mysterious machinations of the
legal professions. But understanding what is actually
going on may help you to keep calm on the day.
Completion Day: The Solicitors' Relay Race
If you are buying a house with no chain, completion
day is very straightforward.
As soon as your vendor’s solicitors receive
your payment (which should be sent first thing
in the morning by your solicitor) you can collect
the keys from your estate agent and move in.
However, if you are in a chain, the solicitors
have to perform a sort of financial relay race,
starting at the bottom, with funds being passed
on and up the chain and the various sales completing
until the top is reached.
Robin Marcus, partner at online conveyancers easier2move.co.uk,
explains that most solicitors now have their own
bank terminals, so they just have to key in the
details and press the button to move the funds
along.
But some still do it manually, phoning or faxing
the instruction through to the bank, which can
leave their client vulnerable to human error.
This process should start at around nine in the
morning, with each transaction taking about 30
minutes to complete. Even in a relatively long
chain this should enable all parties to start
moving into their new homes around lunchtime.
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Make sure you arrive at the auction in time to check
the addendum for any changes relating to the lot
you want. Also, listen out for any announcements
about the lot in the auctioneer's opening remarks.
When the lot is sold
Before the hammer goes down, the auctioneer points
to the highest bidder and states the final amount
bid. Once the hammer falls, there is a binding
contract, which is subject to the conditions of
sale.
If you're the buyer, a member of the auction
team will then approach you to get the information
they need to complete the Memorandum of Sale and
other relevant documentation. They'll also ask
you to pay the deposit and supply your ID.
When the lot is unsold
If a lot doesn't reach its reserve price, the
auctioneer says it hasn't been sold and doesn't
bring down the hammer.
If this happens with your prospective lot, make
sure you leave your contact details with the auction
team so you can find out about any post auction
sale.
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