Completion day means that at last you will get the keys to your new property, or the balance of the money for your old property if you are just selling and not buying. You can move in, unpack and start to enjoy your new surroundings. For your conveyancer, however, there is still vital work to be done.
Post-completion work on a purchase
If you are buying a property then there is still a significant amount of work for your conveyancer to do once you have the keys. They will need to submit the Stamp Duty Land Tax (SDLT) return to HMRC on your behalf, and pay any necessary stamp duty. The SDLT certificate is required before your conveyancer can register the property in your name at the Land Registry.
The conveyancer will submit an application for registration to the Land Registry, and deal with any queries the Land Registry raise. Once the property has been registered in your name, your conveyancer will send you a copy of the Land Registry title documents to check. In earlier times property in the UK did not need to be registered. Registration is now compulsory. If your property is being registered for the first time this stage can take longer because the Land Registry need to check the details of the old deeds and ensure that all the necessary rights and obligations are carried over into their property registers. Registrations also take longer to complete if you are buying just part of a larger pre-existing title.
As a home owner you may need to attend to any work that your house survey detailed, particularly if this was flagged as urgent in the report. You may have read news on house surveys before you bought your property, for example news on house surveys, and now is the time to put all the important recommendations from your surveyor into practice!
What conveyancing work needs to be done after completion on sales?
If you have sold a property then on completion day your conveyancer will deal with paying off the mortgage on the property, and will send off the transfer document you signed to the buyer’s solicitor so that they can get on with their post-completion work. You will get a completion statement from your solicitor, and they will arrange to send you the balance of the funds.