This is what all your worry and work is about. Your new home is completed. You will be aware that the home is near ready by keeping in contact with the selling agent or visiting the site. Use your common sense in judging what stage you are at.
This the start of the move into your new home. Usually, the builder or his agent will invite to snag a week or so ahead of the completion. The letter is the notification that the home is completed to the builders standard and you are being invited to inspect and prepare the list of any issues (snags). You give a copy to the builder and keep a copy for your records. The builder sets about rectifying the snags.
As soon as the builder invites to snag they will also notify their solicitors to send the completion notice and closing statement to your solicitor. This is a formal legal notice.
When your Solicitor receives the completion notice they prepare your Closing Statement which includes your booking deposit, contract deposit, Help to Buy amount (if applicable), your loan amount, legal costs and finally the balance payable by you to complete.
You should check the closing statement as soon as you receive and ensure that you have your balance ready and available to you. You will be required to transfer your balance to your solicitor at least 3 clear days ahead of closing. Check that the amount you are transmitting is within the limits of your bank facilities.
Your solicitor will liaise with your bank to request drawn of your home loan. The drawdown typically takes 5 working days from request, however, at busy times of the year ( such as leading up to bank holiday weekends or Christmas) this may be longer. If there is any paperwork missing or preconditions not fulfilled the drawdown will be delayed. It is always worthwhile you checking with your bank to ensure that everything is in order “ducks in a row”.
Typically delays arise if:
This is your house so want to close on a date that suits you. This means agreeing on a date when the house is fully ready and you have all your finances are in place.
The closing is performed by your solicitor so you need to let them know what is happening and when you want to close. Your solicitor will check with the builder’s solicitors that all the closing documents are ready (signed and sealed etc.). If all is ready you move to the closing.
Balance – this is the amount you are required to pay into your solicitors to fund the completion of the purchase including stamping the purchase deed and registering ownership.