What completion statement means?

What completion statement means?

a document showing the amount of money a buyer of a property owes the seller when the sale is complete: A few days before the completion date, the buyer will receive a completion statement showing the amount the buyer’s solicitor needs in order to complete the transaction.

What happens after a completion statement?

Upon completion, the conveyancer will update the HM Land Registry records that will confirm you’re the new owner. The fees vary depending on your property’s final sale price and whether it’s a new home.

When should I get my completion statement?

A draft completion statement is sent to you upon your conveyancer’s receipt of your mortgage offer or if buying with cash, before exchange of contracts when requesting deposit monies. A further second draft is sent between exchange and completion and a final is sent on completion.

Is a completion statement legally binding?

The main difference between exchange and completion is that ‘exchange’ is an exchange of contracts, which makes the matter legally binding between the parties, whereas ‘completion’ is the date the parties physically move and transfer legal ownership of the property.

WHO issues a completion statement?

The completion statement is a single document sent to you by your conveyancer. It is effectively the bill, as it lays out what you need to pay in order to complete the purchase of the property and get your keys. Any amount you may be paying towards keeping fixtures and fittings in the property.

What happens on completion day?

Completion day is when the buyer will pick up the keys for their new house. The ownership will be transferred from the seller to the buyer, and the seller must move out. The buyer can move into the house on completion day with the help of a removal company.

What happens on completion day no chain?

The buyer of the property does not require a mortgage, known as a ‘cash buyer’. The buyer does not need to physically move in on the completion day. You are not in a chain, so you are not reliant upon other transactions completing first.

Who provides completion statement?

What documents should I receive after completion?

These are:

• Title Deeds. Normally you won’t have title deeds – this is because the Land Registry records are now all digital.
• Copy of the lease.
• Management pack.
• Report on title.
• Property information form.
• Fittings and contents form.
• Warranty.
• Stamp duty receipt.

What can go wrong on completion day?

What can go wrong on completion day? When completion day rolls around, in most cases it should go smoothly. However, simple human error can sometimes throw a spanner in the works and cause delays. Many of these problems come from houses being bought and sold in a chain.

What happens if you don’t complete on completion day?

The notice to complete is generally served by the seller’s solicitor. The standard conditions provide that if the buyer fails to complete after a notice to complete has been served, the seller may rescind the contract, and, if the seller does so, it may forfeit and keep the deposit and accrued interest.

Who prepares completion statement?

A completion statement refers to the statement prepared by the seller’s conveyancing solicitor indicating the amount of money required to complete the transaction and how the figure is arrived at. This statement would have been requested by the buyer when he made a requisition on the title to the seller.