At Swift Financial, we’re committed to helping home buyers in Retford, Newark, and the surrounding areas navigate the often-complex journey to homeownership. Whether you’re a first-time buyer or looking to move to your next property, one of the most crucial milestones in the home-buying process is completion day. This is the day when the property is officially transferred from the seller to the buyer, and it's when the excitement of moving into your new home begins.
In this blog post, we’ll walk you through what happens on completion day, explain some essential aspects of the home-buying process.
What is Completion Day?
Completion day is one of the final stages of buying a home. It's the day when the property legally becomes yours. The buyer hands over the deposit, the mortgage funds are transferred, and once everything is in place, the keys to your new home are handed over.
Here’s a step-by-step breakdown of what happens on completion day, so you’re fully prepared for the big moment.
1. Final Checks by Your Conveyancer
Before completion day, your conveyancer will carry out one last set of checks to ensure there have been no changes to your circumstances or the property.
2. Transfer of Deposit
Once everything has been confirmed, the buyer will send the deposit to their conveyancer. For first-time buyers, some schemes may allow you to buy a home with a lower deposit, such as 5%, or in some cases, no deposit at all, so be sure to speak with a mortgage broker to understand what options are available to you. Your conveyancer will then transfer this deposit to the seller’s conveyancer. At this point, the sale becomes legally binding, and no further changes can be made. The conveyancer will also ensure that any outstanding fees or charges are paid, and the funds are in place for the mortgage to be finalised.
3. Redemption Certificate Request
On completion day, the seller’s conveyancer will request a redemption certificate to clear any remaining charges or mortgage debts on the property. This ensures that there are no outstanding loans attached to the property that could interfere with the transfer of ownership. Once the redemption certificate is in place, the transfer can proceed.
4. Transfer of Funds and Key Handover
After the deposit is paid and all checks are completed, the mortgage lender will transfer the remaining funds to the seller’s conveyancer. Once the full amount is received, the seller’s conveyancer will confirm the sale and release the keys to the buyer. This marks the moment when the buyer can officially move into their new home!
Can You Exchange Contracts Without a Completion Date?
No, you cannot exchange contracts without setting a completion date. The completion date must be clearly agreed upon in the contract before the exchange can take place.
Who Decides the Completion Date?
The completion date is agreed upon by both the buyer’s and seller’s conveyancer. It’s usually a weekday, and both parties must confirm that the date works for them. Your conveyancer will check several things before agreeing on the date:
All buyer and seller questions or queries must be resolved.
The terms of the sale need to be reasonable and lawful.
The buyer must have completed all payments, including the deposit and any legal fees.
The mortgage offer and any other financial agreements must be in place, with any outstanding conditions cleared.
After Completion Day: What Happens Next?
While you may have the keys to your new home, the process isn’t quite over. There are a few more steps to take care of once completion day is behind you.
1. Pay Stamp Duty
After completion, you have 14 days to pay any stamp duty on the property. Stamp duty is a tax the government imposes on property purchases, and the amount you owe depends on the property’s value and your status as a buyer.
For first-time buyers, you may be eligible for stamp duty relief if your new home is worth less than £425,000. If you're purchasing a property above this threshold, you’ll need to pay the appropriate stamp duty amount. Your conveyancer will calculate how much you owe and assist you with submitting the payment to HMRC.
2. Land Registry Registration
Once stamp duty is paid, your conveyancer will submit your details to the Land Registry. This confirms that you are the legal owner of the property. The Land Registry process can take anywhere from a few weeks to several months to complete, but rest assured, once this is done, you’re officially the property owner.
3. Moving In!
Now that all the paperwork is complete, it’s time to move in! Moving into your new home is an exciting step. It’s time to unpack, decorate, and make the house your own.
What to Know About Mortgages, Interest Rates, and Deposits
As a homebuyer in Retford, Newark, or anywhere in the UK, understanding mortgages and interest rates is crucial for ensuring you make the best financial decision. Your mortgage is a long-term commitment, and there are a few key things to keep in mind:
Interest Rates: Mortgage rates can vary, and the type of rate you choose (fixed or variable) can have a significant impact on your monthly payments. Swift Financial can help you find the best mortgage rates, whether you’re buying your first home or refinancing an existing one.
Deposit: The size of your deposit is another critical factor. The more you can put down, the better your mortgage deal is likely to be. First-time buyers can take advantage of various scheme that requires them to have a lower deposit amount.
Self-Employed Buyers: If you're self-employed, getting a mortgage can sometimes be trickier, but it’s definitely possible. You’ll need to provide proof of income, often in the form of tax returns or financial statements. A mortgage broker like Swift Financial can help self-employed individuals secure a mortgage tailored to their unique situation.
Why Choose Swift Financial as your Mortgage Broker?
At Swift Financial, we understand the local property market in Retford, Newark, and surrounding areas, and we're dedicated to helping buyers like you navigate the mortgage process. Whether you're a first-time buyer, self-employed, or looking to refinance your home, our team offers expert advice and support to ensure you get the best mortgage deal available.
We provide personalised mortgage advice, assist with deposit options, and help you understand interest rates so that you can make an informed decision.
Contact us today to discuss your mortgage needs and let us help guide you through the home-buying process with confidence.
📞 Call us today at Swift Financial to discuss your mortgage options in Retford and Newark!
✅ Phone: 01777 811 405
✅ Email: hello@swiftfinancial.co.uk
✅ Website: www.swiftfinancial.co.uk
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