Moving day can become far more stressful than expected if buyers and sellers assume they will receive their keys early in the morning. Whitaker Seager, independent Cotswold estate agents, says completion may not happen until late afternoon, particularly when a property chain is involved.
The agency says the legal completion of a property purchase does not happen when the keys are collected. It takes place when the purchase funds have cleared into the vendor’s solicitor’s account. The time this takes depends largely on the length of the chain and how quickly money is transferred between solicitors.
In one particularly long chain, completion may not take place until well into the afternoon. Whitaker Seager says it has seen chains where completion happened as late as 5.30pm.
Why the keys may not be ready
An estate agent cannot legally release the keys until the vendor’s solicitor has confirmed that the funds have cleared and completion has taken place. That means the estate agent may be waiting for the same confirmation as the buyer.
There is also a separate deadline for sellers. The contract will usually require them to have vacated their existing property by 12 noon or 1pm on completion day, depending on the terms agreed by their solicitors.
Completing the sale of a home does not guarantee that the purchase of the next property will complete immediately. This is particularly important for people planning to use one removal van to move directly from their old home to their new one.
Removal vans, delays and extra charges
A delay further up the chain can leave movers, their removal company and all their belongings waiting until the purchase completes. Sellers remain responsible for vacating their existing property by the agreed contractual time, so they should not assume they will be able to unload at the new address straight away.
Whitaker Seager advises discussing possible delays with the removal company before moving day. Customers should also check how long the company’s agreed access window lasts. If completion is delayed and the move runs beyond that period, additional charges may apply. In exceptional circumstances, the removal company may not be able to finish the move that day.
People who are moving themselves are advised not to underestimate how much they need to transport. Hiring a van that is too small can mean several journeys between properties, turning an apparent saving into a more expensive and exhausting option. The problem can be especially difficult when a chain is involved.
How movers can prepare
Where the budget allows, Whitaker Seager says a professional removal company can pack belongings a day or two before the move. This can reduce disruption and ensure everything is ready to load at the start of completion day.
Experienced removal teams may also be able to unload efficiently and, in some cases, reassemble essential furniture such as beds. That can help occupants settle in on their first night, even after a demanding move.
The agency’s central advice is to plan for uncertainty rather than build the day around an early key handover. Packing in advance, allowing plenty of time and discussing contingency arrangements with the removal company can reduce the impact of a delay.
There can also be legal and financial consequences if a seller fails to provide vacant possession by the contractual deadline. Once completion has taken place and the agreed time for vacating has passed, the incoming owner has a legal right to take possession of the property.
Completion day will still involve some uncertainty, particularly where several linked transactions are involved. However, understanding when completion legally occurs and planning for a late handover can help Stroud-area movers avoid preventable disruption at the start of their new chapter.