Trusted Realtors in Bridgwater

Completion day is the best part of the home buying process. On this day you’ll pick up the keys for your new home in Somerset. But before completion day can happen, there are a few final checks needed. What Happens Before Completion? Prior to completion, solicitors will ensure that all of the mortgage conditions have been met and request the money from the lender. The lender will carry out some last minute checks to ensure there have been no significant changes to your credit rating. If you take out a loan to buy a new car for example, this could have very negative implications on your mortgage offer. On the other side, the seller’s solicitor will request a redemption certificate that’s calculated to the day of completion if the seller still has a mortgage on the property. This is a document that details what will happen to the outstanding balance on the mortgage when you take possession. In most cases, the seller will pay off the outstanding balance from the proceeds of the sale, while you will have a brand new mortgage. What Happens on Completion Day? The solicitors on both sides carry out their final checks. Outstanding invoices are raised, including the estate agent fees for the seller and any conveyancing costs that you haven’t paid. These will be due on completion. Once the final checks have been completed and signed off, your solicitor will transfer the money to the seller’s solicitor. When they’ve confirmed receipt of the funds, you have a new home!